Common Cyber Risks of the Habitational Industry

Cybersecurity might not always be at the top of a business plan for property management companies, but in a new year, in a new decade, it should be. Every 39 seconds, a cyber attack is executed against an individual or a company, and habitational companies are not immune, especially in an age where more people than ever are working from home.

Here are some of the common cyber risks facing the habitational industry today.

Human Error & Social Engineering

Social engineering uses deception to manipulate individuals into voluntarily providing sensitive information that may be of use for fraudsters. An example of this is someone calling the leasing office of a multifamily building, for instance, claiming to be from an IT company and asking the manager to give them their login information for troubleshooting purposes.

Phishing Attacks

Phishing is the fraudulent practice of sending emails purporting from reputable companies to induce people to reveal sensitive personal information. From Social Security information to credit cards, there is a significant amount of data that hackers want. The reason hackers can get this information is the lack of awareness and training of the leasing agents or executives to recognize they were phished. A link they clicked on in an email or an attachment they opened may have looked legitimate but turned out to be a malware link in the end.

Fake Email Requests

This is a phishing attack in which a hacker registers a domain name close to a management company’s domain. They then go to the habitational company’s website and look at the company directory. The hacker might target listed staff. The hacker can then create an email and craft a message appearing to be from that staff member requesting money. This can have significant consequences and end up causing substantial financial damage to a habitational company.

Using Outdated Software

All technology devices, such as a computer, tablet, or smartphone, at a property have an operating system. And with rising dependence on cloud services and technology, habitational companies would be right to bolster their software, data protection, and Cyber Liability Insurance coverage if a breach occurs. If these tech gadgets connect to the wireless or wired network, all devices must update software regularly. By updating and patching operating systems, habitational companies protect their properties from known cyber vulnerabilities that hackers may be looking for.

While there are more risks in the cyber landscape than those listed above, habitational companies can use this information to better prepare for cyber exposures.

About Mavon Insurance

At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed, and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (855) 248-1480.