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Real Estate Businesses Under Siege by Cyberattacks


As computer hackers become more sophisticated every day, there are few businesses that are completely immune to their attacks.

Banks and other financial institution have upped their cyber security game over the past few years, and regulators at the state and federal levels have mandated much of the effort; but the real estate industry has not kept pace. According to a disturbing rent report, only 50 percent of surveyed businesses in the real estate industry believe they are adequately prepared to prevent a cyber attack. The other 50 percent could fall victim to hackers.

Criminals are using a wide variety of attacks. Here are just a few of them:

Business email compromise

A business email compromise (BEC) is an attack that convinces businesses to wire money to fake bank accounts pretending to be business vendors or real estate sellers. The FBI believes there have been over $3 billion in losses attributable to BEC.

Ransomware

Ransomware is a favored means of cyber attack. It’s extremely profitable and is proliferating at an accelerated rate. Hackers enter your computer through an email or open internet browser and send in malicious code which encrypts the data stored on your system; that means until you pay them what they ask for, you have no access to your data.

In 2017, global attacks have increased by up to 50 percent. Like most businesses, real estate companies rely on electronic information and systems to run their operations. An unwitting employee who clicks on one malicious email can bring revenue generation to a grinding stop until a ransom is paid and the data restored.

There can be no complacency when it comes to cyber security. Real estate companies that fail to heed the warnings are playing with fire.

For the full article click HERE:

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.

Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

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