The Latest Cybersecurity In The Commercial Real Estate Industry Statistics Explained
By 2025, the global cybersecurity market in real estate is expected to reach $15.8 Billion
The statistic states that the global cybersecurity market within the real estate industry is projected to grow to $15.8 billion by the year 2025. This indicates a substantial increase in investments and expenditures in cybersecurity measures within the real estate sector to protect against cyber threats and data breaches. The anticipated growth underscores the growing recognition of the importance of cybersecurity in safeguarding sensitive information and assets within the real estate industry. The significant monetary value suggests that real estate companies are increasingly prioritizing the implementation of robust cybersecurity measures to mitigate risks and ensure the security of their operations and data by the year 2025.
As of 2020, commercial real estate, including retail, has witnessed a 108% increase in data breaches
The statistic that commercial real estate, including retail, has witnessed a 108% increase in data breaches as of 2020 suggests a concerning trend of growing cybersecurity threats within the industry. This drastic rise in data breaches indicates a significant vulnerability in the security infrastructure of commercial real estate businesses, potentially exposing sensitive information such as customer data, financial records, and proprietary business information to cyberattacks. The fact that the percentage increase is over 100% highlights the urgency for organizations in the sector to prioritize and enhance their cybersecurity measures to protect against data breaches and mitigate the associated risks of financial losses, reputational damage, and legal repercussions.
Approximately 26% of all cyber-attacks target real estate businesses
The statistic that approximately 26% of all cyber-attacks target real estate businesses implies that real estate companies are a significant target for cybercriminals. This percentage suggests that the real estate industry is at a higher risk of experiencing cyber-attacks compared to other sectors. Factors such as the large amounts of sensitive personal and financial data stored by real estate firms, the value of real estate transactions, and the growing reliance on digital platforms within the industry may contribute to this heightened risk. Organizations in the real estate sector should prioritize cybersecurity measures to safeguard their data, systems, and clients from potential cyber threats.
The average cost of a breach for a US-based company in any sector is around $8.19 million
The statistic that the average cost of a data breach for a US-based company in any sector is approximately $8.19 million signifies the financial impact that organizations face due to cyber incidents. This cost includes various factors such as investigation, containment, recovery, legal fees, regulatory fines, and reputation damage. Such a substantial figure highlights the importance of investing in robust cybersecurity measures to prevent and mitigate breaches, as well as demonstrating compliance with data protection regulations. Organizations need to recognize the potential financial consequences of a breach and allocate resources towards enhancing their cybersecurity posture to safeguard sensitive information and maintain the trust of customers, stakeholders, and partners.
43% of cyber-attacks are aimed at small businesses, a vast proportion of which are in real estate
This statistic highlights the prominence of cyber-attacks targeting small businesses, particularly within the real estate industry. With 43% of cyber-attacks focusing on small businesses, it underscores the vulnerability of this sector to online security threats. The fact that a significant portion of these small businesses are in real estate suggests that this industry is a prime target for cybercriminals. This statistic underscores the importance of prioritizing cybersecurity measures and awareness within small businesses, especially those in the real estate sector, to mitigate the risks associated with cyber-attacks and safeguard sensitive information and assets.
The cyber security market in real estate will grow at a CAGR of over 14.8% up to 2025
The statistic indicates that the cyber security market within the real estate industry is projected to experience a Compound Annual Growth Rate (CAGR) exceeding 14.8% between the current year and 2025. This growth rate suggests a significant increase in the adoption and investment in cyber security solutions within the real estate sector over the specified period. Factors driving this growth may include the escalating frequency and sophistication of cyber threats targeting real estate assets, as well as regulatory requirements and evolving best practices necessitating robust security measures. Organizations operating in real estate are likely to prioritize enhancing their cyber security posture to safeguard sensitive data, protect critical infrastructure, and mitigate potential financial and reputational risks associated with cyber attacks.
38% of property industry professionals do not conduct cyber risk assessment on business partners, vendors, or third parties
This statistic reveals that a significant portion, specifically 38%, of professionals in the property industry do not engage in the crucial practice of conducting cyber risk assessments on their business partners, vendors, or third parties. This lack of evaluation exposes these professionals and their businesses to potential cyber threats and vulnerabilities. Cyber risk assessment is essential for identifying and mitigating potential security risks that could compromise sensitive data, systems, and overall operations. By neglecting this important step in their business processes, these professionals are potentially leaving themselves susceptible to cyber attacks and data breaches, highlighting the need for greater awareness and importance of cybersecurity measures within the property industry.
22% of real estate firms have experienced a cyber-attack in the past two years
The statistic ‘22% of real estate firms have experienced a cyber-attack in the past two years’ indicates that nearly one-fourth of real estate companies have encountered a cybersecurity breach within the recent two-year period. This finding highlights the susceptibility of the real estate industry to cyber threats and emphasizes the importance of implementing robust cybersecurity measures to safeguard sensitive data and prevent potential breaches. The statistic underscores the pressing need for real estate firms to prioritize cybersecurity awareness, training, and investments in protective technologies to mitigate risks and enhance their resilience against cyber-attacks.
68% of business leaders in the real estate industry feel their cybersecurity risks are increasing
The statistic “68% of business leaders in the real estate industry feel their cybersecurity risks are increasing” suggests that a significant majority of decision-makers in the real estate sector perceive a rise in the potential threats to their digital security. This perception likely arises from a variety of factors such as the increasing adoption of technology, the growing sophistication of cyber attacks, and possibly recent incidents or breaches within the industry. The statistic highlights a concerning trend that real estate organizations are becoming more aware of the importance of cybersecurity in protecting their data, systems, and assets from potential malicious actors in an ever-evolving digital landscape. This growing awareness may prompt these leaders to invest more resources and efforts into enhancing their cybersecurity measures to mitigate risks and safeguard their business operations.
By the end of 2021, cybercrime will cost the world $6 trillion annually
The statistic ‘By the end of 2021, cybercrime will cost the world $6 trillion annually’ suggests that cybercrime is a significant and growing threat to global economies. This figure represents the estimated financial impact of cyberattacks, data breaches, and other malicious online activities on businesses, governments, and individuals worldwide. The $6 trillion annual cost underscores the scale of the problem and highlights the need for increased investment in cybersecurity measures to protect against cyber threats. The statistic serves as a stark reminder of the importance of safeguarding digital assets and personal information in an increasingly interconnected and digital world.
The global average cost of a data breach is up to $3.86 million
The statistic “The global average cost of a data breach is up to $3.86 million” denotes the estimated financial impact that organizations face when experiencing a breach of sensitive information. This figure encompasses various expenses incurred as a result of the breach, including direct costs such as investigation, notification, and recovery, as well as indirect costs like reputational damage and potential loss of customers. The increasing prevalence and sophistication of cyber threats have led to a rise in the overall cost of data breaches, highlighting the importance for organizations to invest in robust cybersecurity measures to mitigate these risks and safeguard their sensitive data effectively.
95% of breached records came from only three industries, one of which was real estate
The statistic that 95% of breached records came from only three industries, one of which was real estate, highlights a concerning trend in data security. This suggests that a disproportionate amount of breaches and compromised records are concentrated in just a few sectors, including real estate. The implication is that these industries may have weaker cybersecurity measures in place or may be specifically targeted by cybercriminals. This statistic underscores the critical importance of implementing robust data protection strategies and investing in cybersecurity measures, particularly for industries like real estate that are vulnerable to breaches. Organizations within these sectors should prioritize data security to safeguard sensitive information and prevent potential data breaches.
The number of ransomware attacks increased by 148% in March 2020
The statistic “The number of ransomware attacks increased by 148% in March 2020” indicates a significant surge in the frequency of ransomware attacks during that specific month compared to the previous period. A 148% increase implies that the number of attacks more than doubled, reflecting a concerning escalation in cyber threats targeting individuals and organizations. The sharp rise could be attributed to various factors such as increased reliance on digital technologies, vulnerabilities in cybersecurity defenses, and the opportunistic nature of cybercriminals. This statistic underscores the critical importance of robust cybersecurity measures and vigilance in protecting against ransomware attacks to safeguard sensitive data and prevent potential financial losses.
In 2020, 58% of the victims were categorized as small businesses, of which a sizeable amount were real estate companies
In 2020, 58% of the victims of some adverse event or condition were classified as small businesses. This indicates that a majority of the entities impacted by the event were smaller in scale and likely had relatively fewer resources compared to larger corporations. Furthermore, it’s noted that within this group of small businesses, a significant portion were real estate companies. This highlights the vulnerability of the real estate sector to the aforementioned event and suggests that a notable portion of small businesses affected were operating within this industry. The statistic underscores the importance of understanding the specific industries affected by the event in order to tailor appropriate support and mitigation strategies targeting the most impacted sectors.
The average cost of cyber-attacks on small and medium-sized businesses is $200,000
The statistic that the average cost of cyber-attacks on small and medium-sized businesses is $200,000 refers to the typical financial impact that such businesses face as a result of cyber security breaches. This figure encompasses a range of expenses incurred by businesses, including those related to investigating the attack, recovering and restoring data, notifying customers, implementing security measures, and potential loss of revenue. Cyber-attacks can have devastating consequences on the operations and reputation of small and medium-sized businesses, highlighting the importance of investing in robust cybersecurity measures to protect against such threats and minimize financial losses.
By 2031, it’s projected that cybercrime will cost us more than $10.5 trillion annually
The statistic stating that by 2031, cybercrime is projected to cost over $10.5 trillion annually emphasizes the staggering impact of cyberattacks on the global economy in the near future. With the rapid growth of digital technology and interconnectedness, the vulnerability to cyber threats has escalated, resulting in substantial financial losses for businesses, governments, and individuals worldwide. This projection serves as a stark reminder of the critical need for robust cybersecurity measures and investments to mitigate the escalating risks posed by malicious cyber activities. It underscores the urgency for organizations and policymakers to prioritize cybersecurity efforts to safeguard against potential catastrophic economic consequences and to protect sensitive data and critical infrastructure from cyber threats in the digital age.
References
0. – https://www.www.verizon.com
1. – https://www.www.prweb.com
2. – https://www.www.accenture.com
3. – https://www.www.ibm.com
4. – https://www.www.corelogic.com
5. – https://www.www.globenewswire.com
6. – https://www.constructionreviewonline.com
7. – https://www.rsmus.com
8. – https://www.www.cnbc.com
9. – https://www.www.comparitech.com
10. – https://www.www.kroll.com
11. – https://www.www.carbonblack.com
12. – https://www.cybersecurityventures.com
13. – https://www.www.iii.org
