Defending Brokerages Against Ransomware Attacks

In today’s digital age, the real estate industry relies heavily on technology to conduct business operations. Brokerages often handle sensitive financial data and transactions, making them ideal targets for cybercriminals. Ransomware is a form of cyber attack that can paralyze operations, compromise data, and result in significant financial losses.

Ransomware is a type of malicious software that infiltrates computer systems, encrypts critical data, and demands a ransom payment in exchange for the decryption key. The attackers hold the victim’s data hostage, threatening to permanently destroy it unless the ransom is paid. Brokerages are in a unique position for attacks due to their extensive databases of client information and financial records.

The below strategies are tools brokerages can use to defend themselves against ransomware attacks.

  1. Software Protections: Utilize next-generation antivirus software, intrusion detection systems, and behavior-based analytics to detect and halt potential ransomware attacks at the earliest stage.

  2. Regular Backups and Data Recovery: Maintain regular backups of critical data and systems. These backups should be stored in isolated and secure environments, disconnected from the main network. In the event of a ransomware attack, having clean backup copies enables the restoration of operations without giving in to attackers’ demands.

  3. Employee Training & Awareness: Train employees to recognize phishing emails, suspicious attachments, and unusual online behavior. Conduct simulated phishing exercises to test employees’ ability to identify and report potential threats.

  4. Multi-Factor Authentication (MFA): Even if an attacker gains access to credentials, MFA acts as an additional barrier, making unauthorized access more difficult.

Threat Intelligence and Monitoring: Employ threat intelligence services to stay updated on emerging ransomware threats and attack techniques. Continuously monitor network traffic and system logs to detect any unusual activity that could indicate a ransomware attack in progress.

Posted by: Byron King on 08/17/23 (This information from SCR Tiara Pitts is only accurate as of 08/17/23. You must contact SCR for updates and changes to this information after 08/17/23 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)

This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.