In this modern age, many parts of real estate transactions are conducted online.
You can search for properties and agents online, approve and sign documents with e-signatures, and use these conveniences from anywhere with an internet connection. Many think that cybercrime targets mainly technology businesses but real estate companies are not immune.
Miami Agent Magazine reported that: Earlier this year, the FBI released data showing that cyberattacks in real estate transactions had grown at a staggering rate. In 2016, there were $19 million in reportedly fraudulent real estate transactions from cyberattacks – and in 2017, the number had grown to almost $1 billion ($969 million).
Some large agencies may think that they have impenetrable cybersecurity practices in place, while smaller agencies and clients may believe that they are “small potatoes” and no cybercriminal would bother with them. The important thing to remember, no matter the size of the company or amount of money you work with, is to always exercise caution and remain on guard against a cyber attack.
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The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.