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Cybersecurity breaches are a significant threat to any business, but real estate professionals are especially vulnerable. Realtors collect sensitive customer information like finances, Social Security numbers and contact details — data hackers would love to get their hands on. The consequences of a major data breach could potentially sink a company. A 2022 IBM report estimated the average cost of data leaks at a staggering $4.35 million.
Rigorous cybersecurity practices are a mandatory aspect of real estate business operations. Realtors need to guard against cybersecurity risks and implement comprehensive data security protocols. Here are the cybersecurity risks realtors need to protect against and how to implement comprehensive data security protocols.