Like most industries present in the Philippines, the real estate market has been adopting technology in their industry. Online listing platforms, virtual tours, and digital marketing strategies have been transforming how properties are managed. However, this integration of technology presents a growing challenge—cybersecurity in the real estate sector.
So, Why are Real Estate Developers Targets for Cybercriminals?
The data exchanged in the real estate industry is generally quite valuable. Personal client information, property details, financial transactions, and even your company secrets like potential sale profits and production costs all reside within your digital systems.
So, it cannot be overstated that the importance of data protection is vital for ensuring your operations, reputation, and the financial stability of your firm.
The Significance of Cybersecurity in Real Estate
Since most data are now interconnected and easily accessible online, cybersecurity plays a critical role in safeguarding your organization’s information assets. Without secure networks, a breach of data can lead to financial losses and legal liabilities for your company.
Other than that, the Philippine real estate sector is subject to the regulations of the Data Privacy Act of 2012. This law mandates the protection of personal data and imposes penalties for its non-compliance. Your company’s failure to implement cybersecurity measures can result in regulatory fines, legal consequences, and damage to your credibility as a real estate company.
Common Cyber Threats in Real Estate
With the fast-paced innovation in technology, cybercriminals are not one to be outdone. They are also constantly developing new tactics for fraudulent activities, and the real estate sector faces diverse threats:
1. Phishing Attacks
The most prevalent cyber threat afflicting Filipinos nationwide are phishing attacks. In the first half of 2022 alone, there were reports of 1.83 million phishing scams in the country.
Through deceptive emails or messages, fraudsters can impersonate legitimate institutions like banks, governments, or even real estate firms. They do this to trick unsuspecting victims into revealing login credentials or clicking malicious links that download malware—under the guise of reputable institutions.
2. Social Engineering
This particular tactic is used to manipulate your employees through psychological deception. Cybercriminals can pose as potential buyers, sellers, or customer service representatives to trick your company workers into revealing confidential information or taking actions to compromise your network security.
3. Malware Infections
Malicious Software (or Malware) are programs or applications downloaded through phishing attacks or malicious websites where cybercriminals steal data, disrupt your operations, and compromise your system. They generally come in various forms including your typical viruses, digital worms, ransomware, or spyware.
3. Ransomware
Attacks through ransomware are when hackers encrypt your data to make it inaccessible. To regain access, they will demand a ransom payment from your firm to decrypt the data. This is an especially devastating attack that can cause significant financial losses while stopping your operations.
By understanding the potential risks your digital systems face, you’re prioritizing the security of your firm’s data. The next step is implementing the best practices in cybersecurity to ensure your confidential information remains safe.
Important Cybersecurity Practices in the Real Estate Industry
Creating a comprehensive prevention and mitigation plan for cyberattacks requires a multi-layered approach. Some of the computer security best practices you can implement in your organization include:
- Employee Training and Awareness: Educating your real estate agents, brokers, and staff about securing their data can significantly reduce cyberattacks in your firm. Seminars on how to recognize phishing attempts, create strong passwords, and learn to secure sensitive information are worthwhile investments in attack prevention.
- Secure Network Infrastructure: Using one of the top products in firewall and network security like Fortinet NGFW can effectively protect your infrastructure. Through intrusion detection systems and encryption protocols, you can safeguard your real estate information from unauthorized access and cyber threats.
- Regular Security Audits and Updates: Once you’ve integrated secure systems, remember to conduct regular audits, vulnerability assessments, and software updates. This practice identifies and remediates any weak points in your security and applications.
Cybersecurity is not a one-time fix. It’s an ongoing process that requires your adaptation to new technologies and vigilance to new scams. Prioritizing the protection of your data can enable you to build digital strongholds that safeguard your information and ensure the continuation of your real estate firm.
Partnering with Kital for Secure Network Solutions
At Kital Philippines, we understand the unique challenges that you face as a real estate firm operating digitally. Improving your internal and external communications, all while securing your digital ecosystem can prove to be difficult without the right partner. So, to provide an effective network solution, we offer a comprehensive suite of cybersecurity solutions designed to protect your data and infrastructure.
Our team of experts can implement robust security measures, educate your staff, conduct regular assessments, and stay compliant with the Data Privacy Act regulations. By partnering with us, you can gain peace of mind knowing your organization is protected from cyberattacks.
Contact us today to learn more about our products and services!
