Whether residential or commercial real estate, there are significant implications associated with managing sensitive client information, property details, and confidential financial information. And, for small real estate or title companies, a data breach could be enough to force the organization to close its doors. According to a recent market data report, “68% of business leaders in the real estate industry feel their cybersecurity risks are increasing” and “approximately 26% of all cyberattacks target real estate businesses.” In 2023, for example, the real estate market in San Francisco found itself at the mercy of a cyberattack, followed closely by a housing market crash.

The real estate industry, like many others, has undergone a significant digital transformation. While it is still a business built on relationships, requiring industry professionals to form a connection with their buyers and sellers and serve as trusted advisors, it has evolved to deliver services using digital technologies. For example, clients can input their sensitive information using an online client portal, view and save preferred properties, engage with a variety of stakeholders during a transaction, and more. Each digital entry point, user, or software platform can provide an opportunity for cybercriminals to gain access to protected systems. 

Cybersecurity Checklist 

The National Association of Realtors shared a basic cybersecurity checklist to help real estate industry professionals be better prepared. A couple of the items noted within that checklist include: 

• Ensure proper email and password hygiene
• Maintain antivirus and firewalls 
• Keep up with software and operating system patches 
• Maintain frequent backups of data
• Establish and document cybersecurity, disaster recovery, and data breach response policies

These are all great reminders and help to establish a foundation for cybersecurity, but they aren’t the only items to consider. 

Whether you’re a real estate agency leader or a title company that works with specific real estate organizations, establishing a strong cybersecurity strategy is essential to your long-term success. We recommend that you expand your cybersecurity checklist to include:

• Adopt robust security protocols, including firewalls, multi-factor authentication, password management, data encryption, and others. 
• Deliver cybersecurity awareness and response training to employees to help your employees become a strong first line of defense. 
• Conduct vulnerability and penetration testing to identify weaknesses that the team can proactively address.
• Enhance supplier management with an emphasis on cybersecurity protocols, letting your supply chain know that cybersecurity is a top priority with legally binding language in your contract details.
• Monitor third-party vendors and partners for potential cybersecurity risk points, emphasizing the importance of cybersecurity measures across any suppliers, including property management, financial services partners, and others.
• Standardize and streamline processes to not only mitigate risk but also enhance efficiency and productivity. 
• Outsource cybersecurity to specialized teams – like GainSide – to help balance the workload on internal teams and ensure a high level of cybersecurity expertise and protection. 

Real estate deals are often complex, with several stakeholders and systems involved. The reality is, that the more people and systems you use, the more risk you introduce into the process. And, for many real estate and title companies, there is simply not enough time or resources available to properly manage and monitor for cybersecurity threats. Luckily, there is a solution – working with the experts at GainSide. 

The GainSide Difference  

When time and resources are stretched thin, it can be difficult to focus on your cybersecurity needs. That is unless you have a strategic partner like GainSide in your corner. We act as an extension of your team, offering the cybersecurity and IT support you need to mitigate risk and ensure your business is secure.

At GainSide, we believe in delivering the best solutions for our clients and maintaining full transparency into which solutions we use to protect our client’s data. 

Cyber threats come in many forms and levels of severity. We have a proven track record of protecting our clients from: 

• Phishing
• Ransomware
• Malware
• Insider threats
• Cyber espionage
• Man-in-the-Middle attack (MITM)
• Distributed Denial of Service (DDOS) attack

Real talk: Don’t leave the security of your business to chance. Let GainSide step in as your cybersecurity right hand, with years of experience and a team of professionals who are laser-focused on providing the best cybersecurity solutions for your business.