Cybersecurity and Property Management: Why Action Can’t Wait

In today's digital landscape, property management companies are viewed as tasty, low-hanging fruit by cybersecurity criminals. Why? Because their cybersecurity defences leg behind those of larger organizations.

To protect their operations, employees, and clients, property management companies must take proactive action now, as waiting until a cyber breach occurs is no longer an option.

Property management companies can build strong cybersecurity defences by implementing the measures detailed below:

1. A solid backup in recovery plan is imperative and must be implemented. The plan should include not only regular data backups, but also the preservation of critical infrastructure that would otherwise be difficult or costly to replace. These systems should be tested at least once a year to ensure that they work.

2. Strong password policies that limit administrative privileges and separate user accounts from administrative accounts should also be implemented as this simple step can help prevent an attacker from gaining full control of a system by breaching a single user account.

3. When outsourcing IT services, property management companies should look for a service provider that holds a recognized cybersecurity certificate, which demonstrate a commitment to data protection and risk management.

4. A dedicated response team and a clear incident response framework should also be implemented in advance as the creation of this framework in advance will help contain damage, restore operations and ensure effective communication in the event of an attack or breach.

5. Educating staff is essential. Many insurance providers offer free online training, which should be taken advantage of as a well-informed team is the first line of defence.

6. Outdated software is a welcome mat for cyber criminals. Accordingly, property management companies should ensure that all operating systems, applications, and security tools are regularly updated with the latest patches.

Cybersecurity is no longer a luxury or afterthought. It's imperative and the time to act is now. Property management companies must invest in their team's awareness, fortify their digital infrastructure, and prepare not just to respond to a threat but to prevent threats altogether.

Ashley Winberg, Lawyer
Common Ground Condo Law