Modern Technologies Translates to Modern Risks for Businesses
Commercial real estate companies are utilizing cutting edge technology solutions to streamline daily processes. One of the most impressive implementations of tech in the real estate world is “smart buildings.” Complex interfaces are allowing property managers to see a real time view of their facilities. From remote locations they are able to monitor and customize everything from HVAC to lighting to tenants’ specifications. These fully integrated buildings are a marvel of modern society, offering almost limitless opportunities. However this innovation and opportunity comes with a price — the buildings, their owners, and tenants are all far more vulnerable to cyber-attacks than ever before.
Modern Technologies Translates to Modern Risks
“Your state of the art building, offering all of the modern technologies a tenant could want, can quickly become a treasure trove for cyber criminals,” says Stuart Scheff, Lawley Real Estate Practice Group Partner. “A doorman can stop a physical intruder, but what are you doing to keep the cyber criminals out?”
While the commercial real estate sector was once considered to be less at risk from potential cybercrimes, those days are long gone. From your database of tenant information to transaction records, property management software is yet another possible target of cyber criminals. Factor in the possible utilization of cloud-based storage and the truth becomes crystal clear; cybersecurity is critical to your business’ success.
Protect Your Company, Your Employees, and Your Clients
Whether you are in property management or commercial real estate development, you have endless amounts of information in need of protection against cyber criminals and their impending attacks. Some of the most basic needs for effective cyber security include employee education, antivirus software, robust company password policies, and multifactor authentication.
After implementing all of these tools, many businesses are taking things to the next level with simulated cyber security attacks. These vulnerability assessments are the best way to evaluate your company’s defenses against data exposure. After a course of simulated attacks and stress tests, experts then present their findings and provide recommendations for improving network and data safety.
Why Choose Cyber Liability Insurance
If you’ve taken all of these tips into consideration and passed a simulated attack, it’s not time to drop your defenses and coast. Cyber security is an ongoing process. What worked to keep criminals out today might not work tomorrow. That’s where cyber liability insurance comes in.
According to Reggie Dejean, Specialty Insurance Director at Lawley, “There is no such thing as perfect security. Cyber security insurance can mean the difference between an attack being a minor inconvenience or a total disaster that ends your organization.” Not sure that you need a Cyber Liability policy? Consider this – do you have a hundred thousand or more dollars to cover the cost of a cyber-attack? Or what about the costs to resolve a breach? Cybersecurity insurance is designed to mitigate losses from cyber-attacks. These could include data breaches, business interruption, and network damage.
Want to learn more about cyber security insurance in regards to the real estate industry or any other industry? Give our specialty department or real estate practice group a call today to see what risks you may be facing.
