The Rise of Cybersecurity Threats in the Real Estate Industry

In our constant engagement with the real estate sector, a common sentiment from companies often echoes: “Our tenant and resident payment activity is housed in a secure, web-based environment through our accounting platform. I’m sure our third party vendor has all this proprietary information properly secured. We are not a high value target for hackers.”

Unfortunately, the exchange of this information takes place through email and often gets stored on the company’s network. This perception that a cyberattack is not likely is far from reality and underscores the threat of cyber crime to real estate firms. It is true that many breaches in the Real Estate market go unpublicized due to concerns about backlash and potential damage to reputation.

This can be attributed to several key vulnerabilities:

• Absence of Regulatory Oversight: Unlike sectors such as healthcare and finance, there is virtually no mandatory regulatory oversight that governs data management in the real estate industry. This lack of regulation often leads to security gaps and a minimalist approach to network security, contributing to the industry’s vulnerability to cyber threats.
• Standalone Systems & Apps; Ransomware: Another big threat in Real Estate is ransomware. Hackers are attacking stand alone systems or apps that control major building components, like elevators and HVAC systems. A ransomware attack on an elevator in a 10 or 20 story building will hold a company hostage and the company will have no choice but to adhere to the attack if they are not properly secured.
  Most firms in the real estate sector, especially in major metropolitan areas, tend to secure their corporate networks while often overlooking the security of applications and additional products that control major building components. This oversight is becoming increasingly common as more building companies rely on various cloud-based applications for their operations. The focus on enhancing security for these individual components is paramount in preventing potential threats and vulnerabilities.
• Outdated Hardware and Software: A key vulnerability in the real estate sector is the continued reliance on outdated hardware and software. This creates significant opportunities for cyber attackers, making real estate firms an attractive target for cybercriminals.
• Handling Sensitive Information: Real estate firms handle and store vast amounts of sensitive information, such as personal and financial data. While many firms may not view this as making them attractive targets for hackers, due to the lack of handling credit card information, this is a misconception. The Personally Identifiable Information (PII) and client financial information they handle are highly valued by cybercriminals.
• Lack of Employee Training: Employee awareness is another significant factor contributing to the industry’s cybersecurity vulnerabilities. Employees often lack sufficient cybersecurity training, leading to unintentional insider threats and increasing the sector’s susceptibility to attacks.
• High-Value Transactions: The high-value financial transactions that are commonplace in the real estate industry make it a prime target for cybercriminals. Coupled with the industry’s rapid digital transformation and reliance on third-party cloud providers and Managed Service Providers (MSPs), these factors heighten the risk of cyberattacks.
• The Rising Threat Landscape: The ongoing digital transformation in the real estate industry, while improving efficiency, has exposed it to an escalating range of cybersecurity threats. These cyberattacks can lead to more than just stolen credit card information, resulting in the loss of PII and financial damage. The resulting reputation damage can have long-term impacts on the business, emphasizing the critical need for robust cybersecurity measures in today’s real estate firms.

CyBourn’s Comprehensive Approach

At CyBourn, we excel in identifying both external and internal attack surfaces, uncovering security gaps, recommending necessary controls, and proposing specific actions for remediation and improvement.

Continuous risk assessment evaluations form a crucial part of our approach. By regularly diagnosing potential vulnerabilities in your systems and utilizing real-time attack surface monitoring, we provide proactive defenses against potential ransomware and phishing attacks.

Our comprehensive approach enables our clients to develop a roadmap for enhancing their cybersecurity posture, tailor-made to the threats they face. Our dedicated, human-led incident response team operates from our 24/7/365 Security Operations Center, utilizing industry-leading tools for real-time system and network monitoring. We ensure early detection and prompt response to potential cyber threats, significantly mitigating any possible damage.

CyBourn’s Customized Solutions for Real Estate Businesses:

At CyBourn, we understand the unique cybersecurity challenges facing the real estate industry, including those associated with third-party vendors. Our comprehensive, integrated approach combines cutting-edge technology, expert advisory, and around-the-clock monitoring to protect your organization from both existing and emerging threats

• Vulnerability Assessments & Security Audits: Our team performs comprehensive assessments to identify potential weak spots in your systems, followed by detailed audits to ensure your security infrastructure is robust.
• rehensive 24/7 Managed Detection and Response with EtherLast™: Our proprietary EtherLast™ platform powers 24/7 monitoring, threat detection, and response. Our SOC team employs machine learning, customized automation, and existing tools integration for efficient, cost-effective security.
• Incident Response: Our specialized CSIRT (Computer Security Incident Response Team) delivers a robust, swift, and human-led incident response service. We prioritize active remediation, thorough analysis, and expert guidance, emphasizing human-centric solutions over automated incident handling.
• Security Tool Configuration and Management: We help select and configure security tools and often serve as an extended part of client IT teams managing infrastructure.
• Compliance Advisory: We guide businesses through complex regulatory landscapes to ensure compliance with relevant laws and standards.
• Penetration Testing: Through rigorous testing, we identify vulnerabilities that could be exploited by attackers.
• Proactive Threat Hunting: Our team proactively seeks out and neutralizes threats before they can impact your business.
• Vendor Risk Management: CyBourn offers robust vendor risk management, conducting security assessments, continuous threat monitoring, and swift incident response to safeguard organizations from third-party vulnerabilities.
• Prioritizing Insider Threats and APTs: We target insider threats and Advanced Persistent Threats (APTs) by employing proactive threat hunting, behavioral analysis, and comprehensive staff training, thereby reducing the risk of inadvertent data breaches.

CyBourn’s Comprehensive Approach

At CyBourn, we excel in identifying both external and internal attack surfaces, uncovering security gaps, recommending necessary controls, and proposing specific actions for remediation and improvement.

Continuous risk assessment evaluations form a crucial part of our approach. By regularly diagnosing potential vulnerabilities in your systems and utilizing real-time attack surface monitoring, we provide proactive defenses against potential ransomware and phishing attacks.

Our comprehensive approach enables our clients to develop a roadmap for enhancing their cybersecurity posture, tailor-made to the threats they face. Our dedicated, human-led incident response team operates from our 24/7/365 Security Operations Center, utilizing industry-leading tools for real-time system and network monitoring. We ensure early detection and prompt response to potential cyber threats, significantly mitigating any possible damage.

In Summary:

In an industry increasingly targeted by cybercriminals, CyBourn offers the expertise, technology, and services required to shield your organization. Together, we can navigate the complex cybersecurity landscape, ensuring your real estate business remains resilient, protected, and compliant in the face of evolving cyber threats.