As an experienced estate agent, the recent statistics on South Africa's ranking in terms of cyber-crime density are concerning to say the least. With the highest YoY increase in cyber-crime compared to any other country in the world at 277%, it's clear that something needs to be done to address this issue.

 

A recent survey by World Wide Worx shows that over 40% of companies in South Africa are spending more on cybersecurity than budgeted for, due to the shift towards remote working. This raises the question of whether organizations were under-resourced in terms of cyber-crime prevention before the pandemic.

 

As an industry, the property market is particularly vulnerable to cyber attacks due to the vast amount of personal information that can be gained access to, as well as the large sums of money involved in property transactions. This makes it a prime target for cyber criminals looking to make a quick profit.

 

As an experienced estate agent, I know that even before the advent of remote working, estate agents have been working in various locations for many years. This places estate agencies in a good position to know how to secure end-point devices, manage transactions securely, and store and secure data. However, as organizations evolve, so do cyber criminals, and it's a constant race to stay one step ahead.

 

The real estate industry is aware of the risk they face and is investing in cybersecurity measures, such as creating secure payment portals to limit email exchanges of confidential information. The majority of attacks on the real estate industry seem to stem from phishing, which is the most prolific type of cybercrime worldwide.

 

In order to protect against cyber threats, realty companies need to keep the principles of prevention, detection, and response in mind. Solutions such as Dell Technologies' APEX Cyber Recovery Services, which simplifies recovery from cyber-attacks, and Vodacom and Accenture's cybersecurity-as-a-service for SMEs, can also be helpful.

 

In conclusion, as an experienced estate agent, I know that buying a home could be the single biggest investment a buyer is making and loss of a deposit could be devastating to both the buyer and the agency in question. Cyber-crime is an ever-evolving landscape that needs to be navigated in an ongoing fashion. The fact that South African companies are increasing their investment in cybersecurity is encouraging, but more needs to be done to stay ahead of cybercriminals.