Real Estate and Title & Escrow companies are a growing target for cybercriminals. In fact, according to the FBI, the financial industry is one of the top targets for cyberattacks. Since settlement services handle large amounts of money daily and are often not well-protected by traditional security measures, they make an easy target for hackers looking to steal information or cash in on ransom demands. Most people think of hackers as the stereotypical teenager sitting in their basement, seeking fame or notoriety by breaking into other people’s computers. But the truth is much scarier: It’s a multibillion-dollar industry with many large and small players.
The bottom line is that if your company isn’t protected, you’re putting your customers and employees at risk. And with the rise of ransomware and other types of cyberattacks, failing to secure your business could result in serious downtime for your organization. One of the most common misconceptions about cybersecurity is that it’s only essential if you’re a large corporation with valuable data. While this may have been true in the past, today’s hackers are targeting small and large businesses. Some estimates say small businesses are more likely to be hacked than big companies.
The consequences of not protecting your business can be devastating: If hackers breach your system, there’s a good chance they’ll destroy or steal sensitive data. The consequences of losing this data can be severe, especially if it contains customer information like credit card numbers or social security numbers. In addition, if you don’t have adequate security measures to protect your business, you could also be held liable in the event of a cyberattack.
The cost of a cyberattack can be overwhelming. It can take months to recover from a breach and restore your systems, and there’s no guarantee that your data will ever be fully protected again. In addition, there are legal implications if any of your customer’s personal information is stolen or compromised in any way; this could open you up to lawsuits by customers who’ve been affected by the breach. According to one estimate, the average cost of a breach is $3.62 million—and that’s just for small businesses! The bigger your company is and the more sensitive data you have, the higher the costs will be. If someone steals credit card numbers or information from customers who visit your website, they can use it to make fraudulent purchases. You’ll also likely lose business because people won’t trust your brand anymore, which could mean losing loyal customers forever.
Title companies are one of the most common targets for cybercriminals. They store sensitive personal information about their clients and often have access to property records. This makes them a prime target for hackers who want to steal your customers’ identities or commit other crimes—like fraud.
You can start by being proactive. Make sure you’re up to date on the latest security measures and regularly scan your systems for vulnerabilities. If you have an email system, make sure it’s secure by using two-factor authentication. You should also educate yourself about phishing scams and how to spot them to recognize if someone has attempted to steal your information or commit fraud against your customers.
You can also educate your customers on the importance of security. Make sure they know how to protect themselves against phishing scams and other types of fraud. Finally, if it’s feasible for your business, consider investing in a monitoring service that will alert you when something suspicious happens on your site or servers—so that you can quickly respond before any damage is done.
