The Latest Cybersecurity In The Real Estate Industry Statistics Explained
Almost 90% of small business owners feel their business is not at risk of experiencing a data breach.
The statistic indicates that nearly 90% of small business owners believe that their businesses are not vulnerable to a data breach. This perception among small business owners may stem from a lack of awareness or understanding of cybersecurity threats and risks. It could also reflect overconfidence in their current security measures or simply a belief that their business is not an attractive target for cybercriminals. However, this perceived low risk could potentially lead to inadequate investment in cybersecurity measures, leaving these businesses vulnerable to data breaches and cyber attacks in reality. It highlights the importance of increasing awareness and education around cybersecurity for small business owners to protect sensitive information and maintain business continuity.
Commercial real estate entities face an average cost of $3.86 million globally per data breach incident.
The statistic indicates that commercial real estate entities experience an average financial impact of $3.86 million for each data breach incident that occurs worldwide. This metric provides insight into the significant financial burden that data breaches can place on the commercial real estate sector. The cost factors in various expenses such as incident response, remediation efforts, regulatory fines, legal fees, and potential loss of business due to reputation damage. It underscores the importance for commercial real estate entities to invest in robust cybersecurity measures to prevent and mitigate the financial repercussions of potential data breaches.
In 2020, the real estate industry ranked sixth in terms of industries threatened by cyber attacks.
The statistic “In 2020, the real estate industry ranked sixth in terms of industries threatened by cyber attacks” indicates that among various industries, real estate was identified as the sixth most vulnerable sector to cyber threats in that year. This ranking suggests that real estate companies were targeted more frequently by cyber attackers compared to other industries. The implication is that the real estate sector faces significant cybersecurity risks that could compromise sensitive data, lead to financial losses, and disrupt operations. This statistic highlights the importance of implementing robust cybersecurity measures to safeguard against potential cyber threats in the real estate industry.
The real estate industry witnessed almost 2.8 billion exposed records due to data breaches in 2020.
The statistic stating that the real estate industry experienced nearly 2.8 billion exposed records as a result of data breaches in 2020 highlights a significant and concerning cybersecurity issue within the sector. This figure signifies the vast amount of sensitive information, such as personal and financial details, that has been compromised, potentially putting millions of individuals at risk of identity theft, fraud, and other malicious activities. These data breaches could have serious repercussions for both real estate companies and their clients, underscoring the urgent need for robust cybersecurity measures and protocols to safeguard sensitive data and prevent such breaches in the future.
68% of business leaders feel their cybersecurity risks are increasing.
The statistic stating that 68% of business leaders feel their cybersecurity risks are increasing indicates a widespread concern among business executives regarding the evolving threats to their organizations’ digital security. This perception likely stems from various factors such as the growing sophistication of cyberattacks, the expanding digital footprint of businesses, and the increasing reliance on technology for operations. The fact that a significant majority of leaders perceive an upward trend in cybersecurity risks highlights the importance of prioritizing cybersecurity measures and investing in robust defenses to safeguard sensitive data, protect against potential breaches, and ensure the resilience of their organizations in an increasingly digitized landscape.
Real estate wire fraud scams have increased 1,100 percent between 2015 and 2017.
The statistic stating that real estate wire fraud scams have increased by 1,100 percent between 2015 and 2017 indicates a significant surge in fraudulent activities within the real estate sector over the two-year period. This substantial percentage increase reflects a concerning trend of criminals targeting real estate transactions for financial gain. The sharp rise may be attributed to advancements in technologies that make it easier for scammers to carry out wire fraud schemes and exploit vulnerabilities in payment processes. This statistic underscores the importance of vigilance and enhanced security measures to protect individuals and businesses involved in real estate transactions from falling victim to such fraudulent activities.
Ransomware attacks have increased by 97% in the past two years in the real estate industry.
The statistic ‘Ransomware attacks have increased by 97% in the past two years in the real estate industry’ indicates a substantial rise in cyber threats targeting the real estate sector. This suggests that the industry has experienced a significant surge in malicious attacks involving ransomware, a type of malware that encrypts a victim’s data and demands payment for its release. The 97% increase over a two-year period underlines the growing risk posed by cybercriminals to real estate businesses, potentially leading to data breaches, financial losses, and reputational damage. This statistic underscores the importance of implementing robust cybersecurity measures and investing in cyber defenses to mitigate the escalating threat of ransomware attacks in the real estate industry.
Only 5% of the companies’ folders are properly protected, on average, in the real estate industry.
This statistic indicates that, on average, only 5% of companies in the real estate industry have properly protected folders. This suggests that a significant majority of companies in the real estate sector do not have adequate security measures in place to protect their important documents and information stored in folders. This lack of protection could potentially leave these companies vulnerable to data breaches, unauthorized access, or loss of critical information. It highlights a potential area of concern for the industry in terms of data security and the need for improved measures to safeguard confidential information.
A study found that 53% of companies found over 1,000 sensitive files open to every employee.
The statistic that 53% of companies found over 1,000 sensitive files open to every employee implies a concerning lack of data security measures within organizations. This finding suggests that a substantial portion of companies are failing to adequately protect their sensitive information, leaving them vulnerable to data breaches and potential threats to data confidentiality. The high percentage of companies with such security vulnerabilities highlights the importance of implementing robust data protection policies, access controls, and regular security audits to safeguard sensitive information and mitigate the risks associated with unauthorized access to confidential files.
It is estimated that cyber risk in the real estate sector is understated by a factor of 10.
This statistic suggests that the level of cyber risk facing the real estate sector is significantly higher than what is commonly acknowledged or reported. Specifically, the estimate indicates that the actual magnitude of cyber threats, vulnerabilities, and potential breaches within the real estate industry is ten times greater than what is currently perceived or recognized by most stakeholders. This implies that real estate companies may be more susceptible to cyber attacks, data breaches, and other digital security incidents than they realize, highlighting the critical need for enhanced cybersecurity measures, risk assessments, and awareness within the sector to protect sensitive information, financial assets, and overall operations effectively.
75% of respondents to an AIG poll thought the property industry was the most at risk for cyber attacks.
The statistic ‘75% of respondents to an AIG poll thought the property industry was the most at risk for cyber attacks’ indicates that a significant majority of individuals surveyed believed that the property industry is highly vulnerable to cyber attacks. This suggests that there is a widespread concern among the respondents regarding the cybersecurity risks faced by the property sector. The finding highlights a perceived need for increased cybersecurity measures and awareness within the property industry to mitigate potential cyber threats and protect sensitive information. The statistic serves as a valuable insight for stakeholders in the property industry to prioritize and enhance their cybersecurity practices to safeguard their assets and data from cyber attacks.
Companies in the real estate industry have almost tripled their spending on cybersecurity in the past five years.
The statistic indicates a significant increase in cybersecurity spending within the real estate industry over the past five years. Specifically, companies in this sector have nearly tripled their investments in cybersecurity measures, suggesting a growing recognition of the importance of protecting sensitive data and digital assets. This upward trend in spending demonstrates a proactive approach by real estate businesses towards strengthening their defenses against cyber threats and potential security breaches. The substantial increase in cybersecurity expenditures reflects a heightened awareness of the evolving cyber landscape and the need for robust security measures to safeguard critical information and maintain the trust of clients and stakeholders within the industry.
Only 38% of global organizations claim they are prepared to handle a sophisticated cyber attack.
The statistic indicating that only 38% of global organizations claim they are prepared to handle a sophisticated cyber attack highlights a concerning lack of readiness in a significant portion of the business world. Cyber attacks have become increasingly sophisticated and prevalent in recent years, posing significant risks to data security, financial stability, and reputation. The low preparedness rate suggests that a majority of organizations may be vulnerable to cyber threats, which could result in data breaches, financial losses, and disruptions in operations. This statistic underscores the importance of investing in robust cybersecurity measures, regular training for employees, and proactive risk management strategies to enhance organizations’ resilience against cyber attacks.
43% of cyber attacks target small business, which includes many independent real estate firms.
The statistic that 43% of cyber attacks target small businesses, including independent real estate firms, indicates that these types of organizations are particularly vulnerable to cyber threats. This suggests that small businesses, such as independent real estate firms, may not have the same level of resources or cybersecurity protections as larger corporations, making them attractive targets for cybercriminals. As such, it is crucial for small businesses to prioritize cybersecurity measures to safeguard their sensitive data and operations from potential attacks, which could have significant financial and reputational consequences.
70% of organizations say that they believe their security risk increased significantly in 2017, highlighting the growing concern in the real estate industry.
The statistic that 70% of organizations believe their security risk increased significantly in 2017 signifies a widespread perception within the real estate industry that the level of threat to their security systems and data has escalated over the past year. This suggests that a majority of organizations in the real estate sector have experienced challenges and vulnerabilities in safeguarding their operations against potential security breaches and cyberattacks. The notable increase in the perceived risk points towards a growing concern within the industry regarding the need to enhance security measures and adopt more robust strategies to protect sensitive information and assets from evolving threats in the digital landscape.
It takes an average of 206 days to identify a breach in the real estate industry.
This statistic suggests that in the real estate industry, it typically takes about 206 days on average to detect a security breach. This means that from the time a breach occurs to when it is actually discovered and addressed, it takes roughly 7 months. This information highlights the potential vulnerability of real estate companies to cyber threats and the importance of strengthening their cybersecurity measures to detect and respond to breaches more promptly. A long detection time could result in more severe consequences such as data loss, financial damage, reputation harm, and compliance issues. Therefore, efforts should be made to enhance cybersecurity protocols and improve incident response capabilities within the real estate sector.
Only 31% of real estate businesses are doing enough to prepare for cyber threats.
The statistic stating that only 31% of real estate businesses are adequately preparing for cyber threats suggests that a majority of companies in the industry may be lacking sufficient measures to protect themselves from potential cyber attacks. This could indicate that many real estate businesses are not investing enough resources in cybersecurity measures such as implementing strong data encryption, regularly updating security protocols, conducting employee training on cybersecurity best practices, or investing in advanced threat detection tools. As cyber threats continue to evolve and pose a significant risk to businesses of all sizes, it is essential for real estate companies to prioritize cybersecurity efforts to safeguard sensitive data and maintain the trust of their clients and stakeholders.
References
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