We’re hearing a lot about cyber crime lately, but what does that really mean, and should we be worried?
“Cyber crime is very real, and a growing threat to real estate professionals across Alberta and Saskatchewan,” says REIX CEO Lisa Sabo. “It’s emerging as a significant class of risk, which is why we’re continuing to urge our subscribers to use REIX’s Cyber Shield, our all-in-one cyber risk management solution.
The Canadian Anti-Fraud Centre (CAFC) reports that Canadians lost a staggering $567 million in 2023 alone from fraudulent activities, primarily as a result of identity theft, service fraud and phishing (emails and texts), an increase of more than $187 million since 2021. What about the threat to real estate professionals?
Real estate professionals are a prime target. The ad below – obtained by DynaRisk off the dark web shows cyber criminals offering wide open access to the computer system of a real estate/mortgage company for only $3,000. A small price to pay for access to this kind of personal information that could be used for a number of illegitimate aims.
Understanding the risks and demystifying cyber-crime jargon will help you protect yourself
Beyond social engineering, what other types of cybercrimes make real estate professionals prime targets for cyber criminals? A few of the more high-profile risks are:
- Data storage of sensitive documents: many of you hold large amounts of sensitive data, such as personal ID documents, financial information and verification details like passports, bills, IDs, mortgage information, and bank statements.
- Ransomware attacks: with the potential value of your client data, hackers can be attracted to gaining access and then threatening to release that information. The potential damage to reputation and the risk of legal battles can be devastating.
- Phishing: this type of attempted deception – typically where a user is deceived into clicking on an e-mail link from a person or organization they know and trust – can involve attackers posing as clients, colleagues, or other contacts to gain access to data. This is another way of opening access for a ransomware attack.
- System vulnerabilities: not keeping software systems updated and downloading the latest software patches, provides openings for cybercriminals to exploit these weaknesses. The more systems in use, the greater the risk, and the more you need to have the most up-to-date version of the software in place.
Take steps now to protect yourself and your clients
- Ensure you activate your DynaRisk account! It has been provided to you as part of REIX’s Cyber Shield program – this will ensure that DynaRisk continuously scans your online presence for breaches on the dark web. This cyber support tool provides you with high-quality, 24/7 protection which is a key part of the REIX Cyber Shield program.
Take action if you’ve been tricked by a cyber criminal
If you find yourself the victim of a cyber crime you need to:
- Report it to DynaRisk immediately – there are multiple ways you can reach out to our Cyber Shield providers including:
- 24/7 Cyber Helpline at 1-855-615-1083
- Via e-mail to Dyna Risk: reix@dynarisk.com
Taking a few minutes now will save you time and money down the road
Ultimately, the best way to protect yourself is by taking action BEFORE you’ve become a victim. Take a few minutes to activate your account with DynaRisk. Cyber Shield is free to REIX subscribers so please take advantage of all of the protection that Cyber Shield offers.