Navigating cyber security threats - here's what you need to know.

In an era where technology continually reshapes our world, the commercial finance industry is rapidly embracing digital transformation. However, progress is accompanied by new challenges, and one of the most imminent is cybersecurity. In today's article, we delve into the dynamic cyber threats facing your industry in 2024 and equip you with strategies to combat them effectively.

As businesses become more interconnected, a vast landscape of cybersecurity vulnerabilities unfolds. From residential to commercial properties, hackers employ innovative methods to exploit weaknesses and gain unauthorized access to personal information. Ransomware attacks, data breaches, and phishing scams have become unfortunately commonplace, inflicting significant financial and reputational damage on both finance professionals and borrowers.

You might wonder: why should you care about cybersecurity? Beyond potential financial losses, the foundation of property ownership and management hinges on trust. Picture the repercussions on your reputation if your borrower's data were compromised or if your management system fell prey to a ransomware attack. In today's digital age, trust is paramount, making cybersecurity non-negotiable.

Here’s what you need to know to be prepared:

1. Stop using email to share sensitive information!

Acknowledging the needs of property professionals to handle personal and sensitive data is crucial. However, it's vital to recognise that history has shown us that email isn't the most secure means of sharing such information, despite its perceived convenience. By persisting with this method, you inadvertently jeopardise not only your security but also the reputation of your business and the trust of your clients. Prioritise the adoption of a secure system that facilitates encrypted document exchange. This approach not only safeguards your reputation but also instils a sense of assurance in your clients.

2. Keep software and systems up to date

Okay great, so you have adopted a secure cloud-based system with increased security controls. That’s awesome but now you need to ensure you regularly update your software and systems to ensure you have the latest security patches. Cybercriminals are constantly evolving their tactics, and outdated software can leave you vulnerable to their attacks. Enable automatic updates wherever possible and consider investing in reputable security software that provides real-time protection.

3. Single Sign-On and Multi-Factor Authentication

The weakest link in any security system is often the human element. Implementing Single Sign-On (SSO) significantly diminishes the chances of falling victim to a password-related hack. Users, with SSO in place, only need to remember a single password for all their applications, promoting the adoption of more secure passphrases. The reduced reliance on memorising or noting down multiple passwords minimises the risk of theft. To fortify security further, a highly effective strategy is to integrate SSO with multi-factor authentication (MFA). MFA demands users to provide multiple forms of evidence to verify their identity during sign-on, such as a password coupled with a one-time password delivered to their phone. This dual-layered approach adds an extra level of protection against unauthorised access.

According to a recent cybersecurity study, implementing two-factor authentication (MFA) can prevent around 99.9% of automated cyberattacks aimed at breaching user accounts.?

4. Don't get complacent?

Just because you are cyber aware, don’t assume the rest of your team is. One of the most effective ways to prevent cyber attacks is to educate your team about the risks and best practices. Conduct regular training sessions and collectively maintain good cyber hygiene. By creating a culture of cyber security awareness, you can significantly reduce the chances of falling victim to an attack.

5. Embrace industry innovation

Just as cyber criminals up their game, so does the property realm. The industry is charging forward with groundbreaking systems that shake up the old ways. These cutting-edge secure setups not only beef up security but also come packed with perks that revamp the usual grind, leading to smoother operations. Don't risk falling behind your competition. To stay in the game and stay ahead, diving into these innovations is a must.

Conclusion

As we navigate the ever-evolving digital landscape, the significance of cybersecurity within the property and finance industry remains paramount. It's clear that by remaining vigilant against emerging threats, adopting optimal practices, fostering team-wide awareness, and wholeheartedly embracing innovative solutions, you can effectively mitigate risks and safeguard your invaluable reputation.

At SettleTech, ensuring the security of your sensitive information is not just a commitment; it's our mission. Built specifically for the commercial finance industry, our platform is fortified with a comprehensive suite of security features, ensuring you can focus on what you do best.

Take charge of your data security today – schedule a demo or get started with a free trial via our website.

Stay tuned for more articles in this series as we delve deeper into how SettleTech works and why it's the ultimate choice for commercial finance settlements.