Businesses today rely heavily on technology to run their operations and store sensitive information.
As a result, they have become vulnerable to cyber threats that can compromise their data, harm their reputation, and cost them a lot of money.
Cybercrime is becoming more sophisticated and more frequent, posing a serious threat to the survival of businesses.
The sad reality is that many businesses have neglected the importance of network security and have not taken the necessary steps to protect themselves from cyber threats.
They are still using outdated security measures, such as firewalls and antivirus software, that are no longer effective against today’s cyber threats.
In fact, according to a report by the Verizon Data Breach Investigations Report, nearly two-thirds of data breaches in 2020 were caused by weak or stolen passwords.
Moreover, businesses are not prepared for the growing threat of ransomware attacks, which have become a major source of revenue for cybercriminals.
Ransomware attacks involve hackers encrypting a company’s data and demanding payment in exchange for the decryption key.
In many cases, businesses have no choice but to pay the ransom, which can cost them thousands of dollars.
In 2017, Equifax suffered a data breach that exposed the personal information of over 140 million people.
This breach was caused by a vulnerability in Equifax’s network security, which the company failed to patch in a timely manner.
The result was a massive loss of trust from consumers and a major blow to Equifax’s reputation.
In 2021, the Colonial Pipeline suffered a ransomware attack that shut down its operations for several days.
The company was forced to pay a ransom to the attackers to regain access to its systems, resulting in a significant financial loss.
Real estate and network security in Australia
The real estate industry in Australia relies heavily on technology to manage property listings, communicate with clients, and store sensitive information.
This reliance on technology makes real estate businesses vulnerable to cyber threats that can compromise their data, harm their reputation, and cost them a lot of money.
Unfortunately, many real estate businesses in Australia have not taken the necessary steps to protect themselves from cyber threats.
In 2020, a real estate company in Australia was hit by a ransomware attack that shut down its operations for several days.
The company was forced to pay a ransom to the attackers to regain access to its systems, resulting in a significant financial loss.
In 2021, a real estate agency in Australia suffered a data breach that exposed the personal information of hundreds of its clients.
The breach was caused by a vulnerability in the agency’s network security, which it failed to patch in a timely manner.
This resulted in a loss of trust from its clients and a major blow to the agency’s reputation.
They are still using outdated security measures, such as firewalls and antivirus software, that are no longer effective against today’s sophisticated cyber threats.
This puts their clients’ personal information, such as financial and contact details, at risk.
Moreover, real estate businesses are not prepared for the growing threat of ransomware attacks, which have become a major source of revenue for cybercriminals.
Ransomware attacks can result in a complete shutdown of a real estate business operations, causing significant financial loss and harm to its reputation.
To address these concerns, real estate businesses in Australia need to take network security seriously and implement a comprehensive security plan that includes the following:
Multi-factor authentication
This adds an extra layer of security to passwords and helps prevent unauthorized access to sensitive information.
Regular software updates
Software updates are crucial to fixing vulnerabilities in your system and keeping your data secure.
Backup and disaster recovery
Regular backups of your data can help you recover quickly in the event of a ransomware attack or other cyber threat.
Employee training
Employees are the first line of defense in preventing cyber threats. Regular training on best security practices and awareness of the latest threats can help minimize the risk of a data breach.
Network segmentation
This involves dividing your network into smaller, more secure segments to prevent the spread of malware and limit the damage of a potential breach.
Act now before it’s too late
Real estate agencies in Australia can get the best network security support by taking the following steps:
Hiring a managed IT service provider
A managed IT service provider (MSP) can offer a comprehensive security solution that includes firewall protection, antivirus software, and regular software updates to keep your network systems safe and secure.
Implementing network security best practices
Real estate agencies should implement best practices, such as multi-factor authentication, regular backups, and employee training, to minimize the risk of a data breach.
Staying informed about the latest security threats
Cyber threats are constantly evolving, and real estate agencies need to stay informed about the latest threats to stay ahead of the game.
This can be achieved through regular security updates from their MSP, attending cybersecurity conferences and webinars, and subscribing to security-focused newsletters and blogs.
Conducting regular security assessments
Regular security assessments can help identify vulnerabilities in your network systems and help you take the necessary steps to address them before they are exploited by cybercriminals.
Business continuity and disaster recovery planning
A disaster recovery plan and business continuity plan can help real estate agencies quickly recover from a cyber attack or other disruptive event and minimize the damage to their operations and reputation.
By taking the necessary steps to protect their networks, businesses can minimise the risk of a data breach and safeguard their sensitive information.
Real estate agencies in Australia need to invest in network security support to ensure that their network systems are safe and secure.