A large real estate network faced a complex security landscape with siloed data, legacy systems, and a geographically dispersed network of agents and brokers. This fragmented environment increased their vulnerability to data breaches and cyberattacks.
Careful Security implemented a comprehensive security strategy:
- Centralized security architecture: Consolidated security controls under a unified platform, streamlining management and improving visibility across the entire network.
- Data encryption: Encrypted sensitive data (property details, client information) to safeguard it from unauthorized access, even in the event of a breach.
- Multi-factor authentication (MFA): Enforced MFA for all user accounts, adding an extra layer of security to prevent unauthorized login attempts.
- Security awareness training: Provided ongoing security awareness training for agents and brokers to educate them on cybersecurity best practices.
The real estate network achieved a significantly reduced risk of data breaches and enhanced overall network security. Their centralized architecture facilitated efficient management, while robust data protection measures ensured the confidentiality of sensitive client and property information.
The Real State industry faces these challenges:
- Data breaches: Real estate organizations handle a wealth of sensitive data, including customer PII, financial information, and property details. This data is a prime target for cybercriminals who can use it for identity theft, fraud, or to disrupt real estate transactions.
According to the Identity Theft Resource Center (ITRC), real estate ranked as the third most common industry affected by data breaches in 2023 (you can update this number if you find a recent statistic). - Ransomware attacks: Real estate organizations can be crippled by ransomware attacks that encrypt their data and demand a ransom payment for decryption. This can disrupt operations, delay transactions, and cause significant financial losses.
- Supply chain attacks: Cybercriminals may target a real estate network’s vendors or partners to gain access to their systems and ultimately reach the network’s sensitive data.
Some of the regulatory requirements for this industry are:
- GLBA (Gramm-Leach-Bliley Act): Applies to financial institutions, including some real estate companies that handle mortgage loans. The GLBA requires these companies to implement safeguards to protect customer financial information.
- State-specific regulations: Some states have additional data security and privacy regulations that apply to real estate companies.