27 Apr Protecting Real Estate Professionals From Ransomware
This week in cybersecurity from the editors at Cybercrime Magazine
– Read the Full National Association of Realtors Story
Sausalito, Calif. – Apr. 27, 2024
Ransomware attacks on organizations occurred every 11 in seconds in 2021, and by 2031, Cybersecurity Ventures predicts the rate will increase to every 2 seconds.
No business is fully immune to these attacks and their fallout, including the real estate domain. Attacks can hobble organizations, infrastructures, and even cities for days, weeks, and months, according to the National Association of Realtors.
In Aug. 2023, a popular MLS service provider that supplies MLS services to regional real estate groups nationwide was hit by a ransomware attack that left it inaccessible for weeks. At that time, the affected real estate agents couldn’t list homes, change prices, mark homes as pending/contingent/sold, or list open houses. The attack impacted an estimated 5 percent of real estate agents nationwide.
The business impact of ransomware attacks is real and quantifiable. And so is the risk. But by building awareness and knowledge, there are things real estate professionals can do to make their businesses less vulnerable to attacks and more resilient should they be targeted.
If an agent or brokerage does experience a ransomware attack, immediate action must be taken. Ransomware is a crime, so take a photo of the ransomware message with a smartphone or via screenshot to include when reporting the incident.
The National Association of Realtors has advice on the best cyber defenses for realtors, what to do in the event of an incident, and how to report an attack.
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