Cyber Security Issues and Commercial Real Estate – What Every Investor Should Know

 Posted on December 00, 0000 in Commercial Real Estate

As more and more cyber security breaches make headlines, investors find themselves asking when and how they may be vulnerable to threats. Interestingly enough, there are more areas of concern than real estate investors may realize. Learn more about the risks of cyber security breaches, including ways that you can protect your real estate investment empire.

Examining the Severity of the Problem

What do Target, Sony, Yahoo, and Heartland Payment Systems all have in common? Each one faced a cyber security breach over the past year – big enough ones that their companies landed in the news. If these multimillion dollar companies, armed with high-tech security systems are vulnerable to threats, then every business and individual should consider themselves at risk. Yet only 53 percent of all small companies place a high-priority on cyber security. In a world that is becoming increasingly reliant upon digital data and information, the lack of security is not just a risk; it is ultimately an invitation for trouble and, in turn, financial devastation.

Cyber Security and Commercial Real Estate

From emails, social media, and online banking to digital contracts and data storage, real estate investors of today are digitally connected to their attorneys, real estate brokers, and lenders. Those connections are portals that leave you, the investor, vulnerable. A single breach could significantly delay the closing on a property. It could wipe out any savings or investments you have made. Payroll for employees, such as contractors that you work with, could also be at risk.

Protecting Your Investments

The key to protecting your investment business is knowing when and where your property, closing, tenants, or the individuals you rely on and work with might be vulnerable. Have policies in place that address payroll issues and direct deposit drafts for terminated employees. Gain the knowledge you need to create a defense strategy for smart buildings, personal and company computers, cloud drives, and thumb drives. Know when data should be deleted, where it should be stored, and frequently scan for malware. Most of all, ensure you are working with a team of professionals who care just as much about your business as you do.

Contact Our Naperville Real Estate Lawyers

At Lindell & Tessitore, P.C., we work hard to preserve the best interest of our clients. Whether you need assistance with the closing process, due diligence, or ensuring you have a system in place to protect your investments, our Naperville real estate lawyers can help. Schedule your personalized consultation to learn more. Call 630-778-3818 today.

Sources:

https://cdn.theatlantic.com/assets/media/files/the-atlantic_whitepaper_v9_120516_(1).pdf

https://www.cnet.com/how-to/11-things-small-businesses-can-do-to-get-big-business-level-cybersecurity/

https://www.realcomm.com/advisory/687/1/cybersecurity-and-commercial-real-estate-a-growing-industry-concern

https://financialregnews.com/cybersecurity-concerns-real-estate-process-subject-illinois-conference/