The digital age is here, and Realtors and real estate agents are using it to their advantage. From online listings to social advertising, there are many benefits to selling homes using the Internet. On the other hand, the digital age has also opened agents up to new vulnerabilities. Cybersecurity, in particular has quickly become a growing problem with large impacts to the consumer. The Orlando closing agents at Real Estate Closing Solutions have compiled this resource with information and mitigation techniques in relation to cybersecurity.

Cybersecurity is a Growing Issue

Real estate agents have a variety of personal information on their clients, which makes agents a prime target for cyber criminals. Threats come from a variety of sources including external threats, like hackers, but also internal threats. Employees can both accidentally or intentionally harbor or release personal information. Vulnerability is growing for a number of key reasons:

  • The creation, storage, and sharing of a greater amount of information.
  • Increased usage and reliance on technology within the industry.
  • The common use of Internet-based applications.

If vulnerabilities are not addressed, data loss can cause increased expenses, lawsuits, reputation damage, and more. There are ways to combat cyber threats.

Increased Cybersecurity Efforts

Hundreds of data breaches occur each year, and they come in many forms including malware, phishing, social engineering, and more. Real estate agents, property managers, and others in the real estate business have a variety of personal information like credit reports, addresses, and more, this makes them a prime target. Using security software can significantly reduce risk. Contact a cybersecurity expert and craft a solution that addresses items like data encryption, next-generation antivirus, email protection, and more.

Establish and Maintain Best Practices

In order to responsibly manage personal data and prevent any data loss, best practices can be identified, established, and maintained.

  • Follow the Fair and Accurate Credit Transaction Act (FACTA) which requires records to be shredded.
  • Train employees on how to identify fraudulent emails and manage sensitive data.
  • Store data responsibly. If stored in a physical location, make sure the location and devices are secure. If stored in the cloud, make sure data is protected by encryption.
  • Periodically assess your risk.

As cybersecurity becomes more of a concern for Realtors and real estate agents, the Orlando closing agents at Real Estate Closing Solutions are here to provide information. For more helpful resources, consult our education center. We recommend carefully choosing your partners in the transaction and choose companies that take cyber security very seriously.