The commercial real estate industry has undergone a significant amount of change during the past few years. Now, there are new threats emerging, and it is critical for everyone to make sure that they are prepared. Nobody wants to get hit by a ransomware attack, but there are lots of commercial real estate organizations that are vulnerable. It is important to listen to a professional, such as Jonathan Rooks, who can point you in the right direction.
The Risk of Legacy Buildings
For several decades, numerous building control systems have been constructed using digital system. That means that there is a computer responsible for managing the control. In your building, you may even have a thermostat that talks to the HVAC system on every floor. To make sure your climate control is appropriate, a reliable internet connection is necessary.
Unfortunately, these connections are not always established by someone with a lot of digital training or expertise. For example, there might be a residential-grade modem in a commercial building, which is simply not appropriate for the situation. With so many computers, all it takes is a single vulnerability to leave the entire building vulnerable to a cyberattack.
Commercial Real Estate Is Often Fragmented
According to Jonathan Rooks, commercial real estate is frequently fragmented when it comes to its organizational structure. There are lots of joint ventures and ownership arrangements, which means it may not be totally clear who was responsible for making the decisions related to technology and internet connections. In some cases, the entire process is outsourced to a property management company that hires contractors to install the system. Unfortunately, the systems are not always adequately maintained, which can leave them prone to developing significant issues. If there are hundreds of buildings that each have their own fragmented computer networks, the vulnerabilities increase exponentially.
How To Manage Cybersecurity Risk in Commercial Real Estate
There are several ways to reduce cybersecurity risks in the commercial real estate industry. First, it is important for owners and investors to understand exactly how their internet connections are being set up. They need to have an inventory of all devices that are connected to the internet, and there has to be a policy in place to effectively manage them. Ongoing monitoring is critical. It is better to be proactive when it comes to cyber security monitoring. It might even be helpful to hire a professional to do some penetration testing to identify vulnerabilities before they are exploited by a cybercriminal.
The Landscape Is Changing Quickly
In the end, these are a few of the most important points everyone has to keep in mind regarding cybersecurity and commercial real estate. According to Jonathan Rooks, the situation is rapidly evolving, and it is critical to be proactive. With a firm privacy policy in place, commercial real estate owners and investors can reduce their liability and exposure to a potential ransomware attack. It is always prudent to reach out to a professional who can lend a helping hand.
