Cyber-security

Types Of Threats Real-Estate Businesses Have To Defend Against Using Cyber-security

BEC scams, malware, ransom-ware are most of what cyber-security has to be worried about. These are actually some of the threats that are always threatening the integrity of a lot of agencies. Cybercriminals actually use the above against a lot of real-estate agencies. In this article, I have provided some security advice; this includes scam prevention tips which have directly come from the FBI.

Real-estate companies have been known to have the lowest-hanging fruit if we are talking about things in a digital way, and cybercriminals always take advantage of this. The days where hackers target retailers are over; they are now targeting everyone and anyone who is vulnerable to threats. They have started targeting businesses in any industry and especially those that are not exactly very keen on cyber-security. There is a reason why there is a lack of cyber-security in the profession of real-estate and here is why.

–    Federal laws require that some industries like banks and even hospitals to have at least some security in place, but real-estate has always been known to be incredibly vulnerable.

 
BEC (business email compromise) is a very well known attack focused on the main way of tricking employees of real-estate businesses into wiring some money to the attacker’s bank account without even knowing about it. The FBI has found that there have been losses that have amounted to millions of dollars and all of it can be attributed to BEC. This is indeed scary because, real-estate is indeed the place where transactions worth millions would usually take place. In 2018 the FBI stated that US real-estate companies ended up losing $1.3 billion because of BEC scams.

Mortgage-closing wire scam is also another kind of scam that has been plaguing the real-estate agencies. It may seem impossible but, scammers have actually been successful at stealing mortgage down payments by just sending a very realistic-looking email about instructions on how to wire the money and also where to wire it to. People have actually fallen for it and have ended up sending significant amounts of money to these scammers.

Threats

Ransom-ware has been known to be one among many insidious scams which are played on real-estate companies. They have been known to send out malicious emails similar to the ones that are used in BEC attacks, and the criminal actually requires that victim to click on the link which he had sent in the email, and if everything goes according to the attacker it will start encrypting the data which is owned by the victims. The criminal makes it so that it cannot be unlocked and unusable until a ransom is paid to the attacker.