It\u2019s a data-driven world and we\u2019re all living in it. As more companies now rely on digital data to run their businesses more efficiently \u2013 the risk for misuse and theft of these important pieces of information is higher than ever. And, with many of us in property management working remotely during the pandemic, we need to make sure our IT systems are protected from a data breach.<\/p>\n
A big part of security is the proactive prevention of data loss, theft, and security breach, and it is always better to prevent these from happening instead of mitigating attacks. Preventing a data breach is crucial in property management as sensitive information of customers are regularly collected and used in property management software<\/a> systems.<\/p>\n A data breach is an incident in which information is accessed by an unauthorised person. This unauthorised access can cause data to be stolen, deleted or copied and used maliciously, although simply viewing information not meant for certain individuals is also considered a data breach. An agency\u2019s front desk staff gaining access to the rent roll when this is not part of her role\u2019s responsibilities is an example of a data breach.<\/p>\n Access to confidential information is typically granted through correct matches of credentials (password and username) and is usually the first step to preventing unauthorized entry to computer systems. However, these credentials can be hacked and\/or stolen making a data breach possible.<\/p>\n According to the Australian Cyber Security Centre (ACSC), stolen credentials happen when:<\/p>\n Aside from stolen credentials, data breaches can also be a cause of simple human error. Attaching the wrong document, sending an email to the wrong person, providing unauthorised staff a higher security access, etc. can all cause a data breach.<\/p>\n Data breaches attack any type of digital data stored in your systems. Real estate agencies \u2013 whether providing property management services<\/a>, sales or both \u2013 are typically high-risk for breaches as they handle and store confidential information of customers in their portfolio, apart from their own company\u2019s information. For a real estate agency, the following are considered targets for a data breach:<\/p>\n Preventing data breaches from happening could save your company from thousands of dollars that\u2019s usually associated with recovery and mitigation of a data breach. Prevention also helps reassure your customers that you are handling their information securely.<\/p>\n According to economists, data is now the world\u2019s most valuable resource, making it even more important to protect it. With a solid data security policy and a strategy to implement them in your agency, data breaches can be avoided.<\/p>\n With Property Tree your data is safe from theft or loss on our Microsoft Azure platform. Not a Property Tree user?\u00a0Book a free demo<\/a>\u00a0today to discover the MRI Software difference.<\/p>\n Data Breach explained<\/h2>\n
How breaches happen<\/h2>\n
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Usual target of data breaches in property management<\/h2>\n
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Data Breach Prevention Checklist<\/h2>\n
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\nData security laws govern consumer privacy and it is important that whatever data you collect from your customers adhere to these regulations. In Australia, the Privacy Act 1988 is the key privacy law that regulates how private organisations, such as real estate businesses, can collect, safely store and disclose personal information.<\/li>\n
\nDeveloping a data security policy is the best way to avoid data breaches in your business. The policy should discuss in detail best practices and procedures that employees should adhere to in safely accessing data. Best practices often include:<\/p>\n\n
\nAs previously mentioned, human error accounts for a large number of data breaches. But as these can be easily committed \u2013 so too can they be easily avoided. With automation, you can install safeguards such as password update reminders, firewall protection and automated filters in websites and emails to prevent employees from clicking malicious content. You can also implement access notifications in your property management software<\/a> to alert you when confidential information is being accessed. In Property Tree, for example, a Sensitive Change<\/a> alert gives a warning to potentially fraudulent activity in the software and has a number of alert options you can choose from.<\/li>\n
\nAs discussed above, employees are vulnerable to data breach attacks as they have the potential to click malicious links or download malicious viruses in doing their day to day work. Simply developing a data security plan might be the best way to prevent data breaches, but regular training on cybersecurity is just as important. Training helps your staff develop habits that always put data privacy first in doing their work.<\/li>\n
\nProperty managers always deal with customer information regularly and send sensitive documents like leases. This makes encryption crucial as it protects sensitive data if documents get sent to the wrong person or stolen. Encrypted data can only be decoded with the associated key \u2013 making it difficult to access by unauthorized individuals.<\/li>\n
\nMulti-factor authentication provides additional security especially in remotely accessing business systems. Multi-factor authentication involves users to provide two or more evidence to prove their identity, thereby granting authorized access. This could be providing a security question on top of the password or a One Time Pin (OTP) that gets sent to the authorized individual\u2019s mobile device. Multi-factor authentication is especially important when performing privileged action or accessing a sensitive data repository.<\/li>\n
\nOnly give employees access to files that are necessary for them to complete their jobs. This helps limit the information that can be misused in case a data breach were to happen. In Property Tree, for example, an administrator can grant or limit access to different types of information stored in the system.<\/li>\n
\nIT experts recommend keeping all application software and operating systems you use updated regularly. Install patches whenever available as they are necessary to correct bugs in the software. Your systems are more vulnerable when programs aren\u2019t patched and updated regularly.<\/li>\n
\nPerform vulnerability assessments once a month or even weekly. Regularly check the security controls and contents of every system in the network (internal and external) to identify threats and be prepared for attacks.<\/li>\n
\nWhile data breaches often steal information, some simply just delete your data. This makes backups important as it will help you restore the data instead of starting from scratch. Cloud-based property management software<\/a>\u00a0has an advantage as it is often the easiest way to back up your files and data off-site, instead of manually performing them.<\/li>\n<\/ol>\nProtecting your most valuable resource<\/h2>\n