The real estate industry should take its vulnerability to cyber attacks more seriously, according to a technology specialist at law firm Greenberg Traurig.
Speaking at an Urban Land Institute briefing in Munich on Thursday, Viola Bensinger said: 'Denial is even more pronounced in real estate than other industries.'
The number of incidents of cyber crime rose from 54,793 in 2015 to 83,649 last year, an almost 80% increase, she revealed. And the number of incidents that are accidents or negligence, or not reported, is much higher. 'So relying on it only happening to others is not a good idea,' she said. A number of real estate companies have suffered serious attacks in the last six months, including BNP Paribas.
Bensinger said digital technology had entered real estate in many ways including as an interface for office complexes, shopping malls and hotels. Cyber threats take advantage of anything opensource including mobile, connected or cloud-based technology. 'It means there is a door – and malicious entry is possible,' she warned.
As well as loss of profits, which average $8.3 mln in attacks on US companies, firms suffer loss of data and reputational damage or even criminal prosecution.
