The real estate industry has become a common target for cyber-attacks with 26% of cyber incidents in real estate caused by malware, according to Chubb. Commercial real estate businesses are not mandated by federal law to implement information security programs, leading to many companies not investing enough resources in securing their online systems.
Here are some ways to protect your real estate company from cybercrimes:
- Cyber liability insurance: A crime policy covers computer crime and funds transfer fraud (FTF) at full policy limit and often covers social engineering fraud (SEF) at a sublimit. FTF and SEF are also often found in cyber policies but always sub-limited.
- Business interruption coverage: If your real estate company relies on technology to run operations such as elevators and security systems, you need business operation coverage in your cyber policy in case of an incident where you can’t access information.
- Take precautions against wire fraud: An indicator of wire fraud is an email that makes any reference to a Society for Worldwide Interbank Financial Telecommunication (SWIFT) wire transfer which poses as an overseas destination for funds. To help protect your firm and clients, contact the recipient of the funs via phone. If an email is the only way to communicate, ensure emails are encrypted.
Ensuring you have a clear knowledge of where information is being stored and who has access to it can help prevent a cyber claim. For more information on avoiding cybercrimes in your real estate firm, check out or cyber playbook.
Question? Contact an Marsh McLennan Agency (MMA) advisor today.
