Commercial real estate professionals are at greater risk for cyber attacks than ever before. Increase your company’s security by expanding your knowledge.
Cybercrime is here to say. This can be said with confidence because of how much money that businesses globally are spending to secure their digital assets. According to the latest Cybersecurity Market Report released by Cybersecurity Ventures, worldwide spending on cybersecurity products is expected to be greater than $1 trillion over the five years between 2017-2021.
Many companies in the Texas Commercial Lending industries that have already taken a proactive approach to securing their company and their client from digital intrusions. Others have taken a less diligent approach to proofing their operations against cyber threats, making these companies are among the most vulnerable. Regardless of what approach your company has taken toward cybersecurity, there’s always time to correct the course. These tips will help commercial real estate companies back on the right track.
1. Don’t Underestimate The Threat – One of the many reasons that commercial real estate professionals fall prey to cybercrime tactics is because they believe that their operation is of no interest to a hacker. Alternatively, they may believe that the investments they have already made are sufficient to protect them from attacks. This naive approach belies the interconnected nature of the industry. Even if one of your colleagues or industry partners is at risk, there’s a good chance your company is at risk as well.
2. Understand Where Cyberattacks Start – One of the most difficult parts of protecting a commercial real estate firm from digital threats is covering every angle of attack. Data breaches can occur because hackers take a hard look at a company and decide to dig in and overcome their firewalls. On the same token, data breaches can occur because an employee working remotely accidentally loses their login credential at a coffee shop. A malicious virus stored on a client’s computer systems may even transfer over by way of email or a shared digital document. There are so many points of entry that without a dedicated team of specialists, your company must simply accept a certain degree of vulnerability.
3. Take Care When Financing Smart Buildings – If your company plans on financing a commercial real estate asset or building one from the ground up, special care must be taken around the installation of “smart” or Internet-of-Things technology. These devices, meant to interconnect a variety of consumer products via streamlined app functionality, offer value in that they can potentially make a workplace more efficient. They also represent a critical cybersecurity risk, as most smart products lack the necessary encryptions necessary to safely link them to the company’s network.
Ignoring Cyber Threats Won’t Make Them Go Away
Don’t put off securing your company from digital threats. The Texas Commercial Lending industry is competitive enough without setbacks caused by malicious hackers. It’s best to assume your company is a target, even if you don’t understand what hacker would be targeting.
Protecting real estate investments from hackers is easier when your lender has your back.
Lenders who are familiar with the nuances of smart technology are savvy enough to know you’ll need extra help securing your state-of-art building when you finance. If relevant, be sure to bring up your concerns about cybersecurity directly at the negotiating table.
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.