AI-Powered Cyber Defense: The Future of Real Estate Security

Tuesday, June 13, 2023

The real estate industry, with its high-value transactions and vast amounts of sensitive information, is a prime target for cybercriminals. As a real estate professional, understanding the threats and taking appropriate measures to mitigate these risks is paramount to protecting your business and your clients.

Why Real Estate is a Target for Cybercriminals

There are several reasons why the real estate industry is an attractive target for cybercriminals:

  1. Large Financial Transactions

    Real estate transactions involve significant amounts of money changing hands, making them lucrative targets for cybercriminals who can intercept or redirect these funds.

  2. Sensitive Information

    Real estate professionals handle sensitive data such as client's personal and financial details, which if fallen into wrong hands can lead to identity theft or fraud.

  3. Wire Fraud

    With the reliance on wire transfers for payments, criminals can execute email phishing schemes to deceive any involved party into wiring funds into fraudulent accounts.

  4. Networked Business Operations

    Real estate agents work with a vast network of individuals and entities such as brokers, clients, banks, and insurance companies. This broad network presents multiple avenues for potential cyber threats.

  5. Public Wi-Fi Usage

    The mobile nature of real estate work often involves using public Wi-Fi networks, which can be insecure, putting sensitive data at risk.

Securing Your Real Estate Business Against Cyber Threats

Awareness of the threats is the first step to cybersecurity. However, it is equally important to actively work towards mitigating these risks:

  • Implement Robust Security Measures

    Equip your systems with robust security software that can guard against common threats like malware, ransomware, and viruses. Keep all software, including security tools, regularly updated to ensure they are equipped to deal with the latest threats.

  • Secure Communications

    Be cautious about sending sensitive information via email or other messaging platforms. If necessary, use encryption for additional security.

  • Educate Your Team

    Provide regular training to ensure your team members can recognize and avoid common cyber threats. This should include awareness of phishing attempts and the importance of strong, unique passwords.

  • Use Secure Networks

    Avoid using public Wi-Fi for sensitive transactions or communications. If it's necessary, use a Virtual Private Network (VPN) to provide an extra layer of security.

  • Verify Transaction Details

    Given the prevalence of wire fraud in the real estate sector, always verify payment details directly with the involved parties, preferably through a phone call or in-person conversation, before transferring funds.

  • Cyber Insurance

    Consider investing in cyber insurance. It can provide coverage in the event of a breach, helping to cover costs related to recovery, liability, and notification to affected parties.

  • Partner with Cybersecurity Professionals

    If you lack the expertise in-house, it's worthwhile to consult with cybersecurity professionals. They can help you assess your vulnerabilities and implement a comprehensive cybersecurity strategy.

How Lockwell Helps Real Estate Professionals Stay Safe from Cyber Threats

Lockwell's AI Security Engine is designed to monitor four separate modules that work together to provide comprehensive protection against cyber threats. Here's how it can help real estate professionals like you stay safe and secure:

Account Management Module: This module includes a password manager, easy employee onboarding and offboarding, and account monitoring. It ensures that only authorized users have access to sensitive information and systems, reducing the risk of unauthorized access and data breaches.

VPN Module: The VPN module protects your network security by providing a dedicated IP address and encrypted connections. This is especially important for real estate professionals who often use public Wi-Fi networks while on the go. With the VPN module, you can securely access sensitive data without worrying about potential eavesdropping or data interception.

Device Security Module: This module offers anti-malware protection, real-time threat analysis, and remediation. It helps keep your devices safe from common cyber threats like viruses, ransomware, and phishing attacks, ensuring that your sensitive information and client data remain secure.

The dark web is a hotbed for stolen data and illicit activities. The dark web monitoring module constantly scans the dark web for any company data, alerting you if your information has been compromised. This enables you to take immediate action to prevent further damage.

The AI Security Engine constantly monitors these modules, and when a threat is detected in any one of them, it automatically alerts the affected employees with instructions on how to quickly remediate the issue. It also alerts company owners and admins when needed, but largely operates autonomously, working directly with employees to maintain company security health. This means you don't need a dedicated technical staff, as the AI Security Engine takes care of it all!

Wrapping Up

With Lockwell, real estate professionals can enjoy a comprehensive cybersecurity solution that proactively guards against threats, keeping your business and clients safe and secure. So, let the AI Security Engine handle the cyber baddies while you focus on what you do best - helping your clients find their dream homes!