Real Estate Cybersecurity Risks for Buyers in 2024
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The cybersecurity risks of buying a manufactured home can be complicated and difficult to understand, especially when many buyers prioritize consuming more than inspecting products. In real estate, it is predominantly a serious case with a large sum of money involved, making it an easy target for cybercriminals. This article explores recent cybersecurity risks that buyers must be aware of.
What is Cybersecurity in Real Estate?
Cybersecurity in the context of real estate varies from protecting thousands of personal client information to securing financial transactions from multiple stakeholders. A lack of secured storage of data on digital platforms also poses a threat to the reputation of a company as a trustworthy service. Choosing the right software, tools, and systems is essential to data privacy and security. The following cybersecurity risks of buying a manufactured home are just some of the threats that must be accounted for.
1. Threats from IoT Devices
The Internet of Things (IoT) involves devices connected with one another through shared software for efficient use of energy. These devices range from electronics to home appliances and vehicles that smart home technology thrives on. Without a powerful cybersecurity measure that blocks unauthorized access to these devices, hackers could potentially monitor you and acquire private information without notice, posing the risks of buying a manufactured home.
Want to understand more about the role of technology for real estate companies? Consider reading “Good to Great: Why Some Companies Make the Leap…And Others Don’t” by Jim Collins. This book details how you can emulate prominent companies in their use of technology.
2. Phishing and Ransomware Attacks
Phishing involves fake identities luring people to open harmful links in emails and text messages, while ransomware is malicious software that locks access to confidential data until the ransom is paid. Phishing and ransomware are some of the most common cybersecurity risks of buying a manufactured home. In fact, 58% of real estate companies have been threatened by phishing attacks in the past year, making it a serious threat to privacy.
3. Data Breaches and Espionage
Disclosing information without authorization can be done in different ways, namely data breaches and espionage. Data breaches refer to unusual network access and communication that lead to exposing private information. Espionage follows the same formula, where information is disclosed from spying on private corporate deals. Risks of buying a manufactured home can easily pose legal consequences and reputational damage.
4. Lack of Data Privacy Practices
Strategies employed to counter the risks of buying a manufactured home go beyond controlling the cyberspace with more advanced security technology. Cybersecurity risks can also be tackled with rigorous training for employees to practice data privacy measures and updates. Strict alerts and compliance can prevent threats from advancing as they arise.
Watch our video on “The Future of Financial Technology” to learn more about countering the risks of buying a manufactured home.
Takeaways
- The risks of buying a manufactured home are prevalent threats that we must continuously guard against, especially in the real estate industry.
- Vulnerabilities from IoT devices can provoke risks of buying a manufactured home and cause unauthorized monitoring of buyers.
- Phishing and ransomware are common cybersecurity risks requiring up-to-date software and vigilance when clicking links.
- Data breaches and espionage are unwarranted disclosures of sensitive data that can cause loss of finance, reputation, and legitimacy.
- The risks of buying a manufactured home must be countered by multiple strategies involving the security of all employees and platforms to ensure a more complete prevention.
Disclosure: This article contains affiliate links. Clicking on these links and buying these products may result in us receiving a commission at no additional cost.
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Lindner, J. (2024, August 6). Cybersecurity in the commercial real estate industry: shocking statistics. WifiTalents. Retrieved August 29, 2024.
Lucarelli, M. (2024, February 23). Opinion: There is a crucial need for real estate cybersecurity. HousingWire. Retrieved August 28, 2024.
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