6 Tips for Preventing Malware and Ransomware for Realtors®

Cybercrimes are a serious threat in the real estate industry, and they were up last year in Pennsylvania, resulting in $7.2 million in victim losses. 

By nature, real estate professionals handle a lot of personal and financial data, making them high-risk targets for various cybercrimes, including malware and ransomware. Here are six tips for preventing these threats and protecting clients, from PAR Preferred PARtner Pearl Insurance.  

But first, what is malware? 

Malware, short for “malicious software,” is an all-encompassing term for any type of harmful software designed to infiltrate, damage or disable devices and networks. 

Common malware threats in real estate include: 

• Email account compromise 
• Fake property listing inquiries 
• Fraudulent wire transfer requests 
• Impersonation of trusted entities 
• Lockbox code change requests 

What about ransomware? 

Ransomware, one of the most prominent types of malware, encrypts a victim’s data. The cybercriminal then demands a ransom, or payment, to restore access to their files and network. 

Real estate professionals are at risk of ransomware specifically due to their business with high-value transactions, time sensitivity and urgency to close deals and involvement with multiple stakeholders, like clients, lenders and title companies. They’re commonly targeted through: 

• Phishing emails, which can look very convincing but contain malicious links 
• Insecure remote access, like weak or exposed remote desktop protocol configurations 
• Outdated software, such as unpatched systems and plugins 

How do I prevent these cyberattacks? 

Being proactive is the number one best way to prevent malware and ransomware attacks. As Realtors®, keep yourselves and your clients safe and: 

1. Educate your team. Implement regular training to recognize phishing attempts and other suspicious cyber activities. 
2. Create an incident response plan. Have protocols prepared for potential breaches. 
3. Implement strong passwords. Passwords should be complex and changed regularly. 
4. Backup, update and patch systems. Ensure all software, operating systems and applications are up to date. 
5. Limit access. Only grant system access to necessary personnel.  
6. Invest in cybersecurity technology. Implement firewalls and other protective software.