Data has always been an integral component of the commercial real estate industry. Whether related to leases, rental applications, credit reports, or deal financing terms, CRE firms are often responsible for protecting a range of confidential information like payment card industry data and personally identifiable information on tenants and clients.
Protecting this data has become increasingly vital and complex. Malicious cyber attackers are increasingly eyeing CRE data for nefarious purposes. And while software as a service applications make managing CRE data more efficient than ever before, they don’t guarantee your data will be safe in the event of an attack.
Let’s take a look at the growing threat to CRE data and how a SaaS backup can ensure your data is protected.
CRE data is being targeted
CRE data is being increasingly targeted by cyber attacks. According to a recent survey of the real estate industry by KPMG, 30% of organizations have experienced a cybersecurity event in the last two years.
These attacks are increasing across the board in all CRE sectors. For example, one recent report on real estate investment trusts found that the risk of a security breach or disruption, particularly through cyberattacks has “generally increased as the number, intensity, and sophistication of attempted attacks and intrusions from around the world have increased.”
Cost of data loss
Cyber attacks like ransomware can result in costly downtime. Oftentimes, these attacks prevent victims from being able to access their data and even when ransoms are paid, that data can be corrupted, resulting in permanent data loss. In one 2020 cyber attack on a real estate firm, recovery took days and up to 48 hours of data had to be discarded.
According to our research, downtime caused by data loss can be costly. We’ve estimated that one hour of downtime costs $8,000 for a small company, $74,000 for a medium company and $700,000 for a large enterprise.
Benefits of SaaS backup for CRE
Having a SaaS backup is vital to recovering from a cyber attack and preventing downtime. Employing a third-party SaaS backup solution means you won’t have to rely on your SaaS vendor to recover your data in the event of an attack. This gives you more control over your data, ensuring it’s available whenever you need it
Backupify makes the recovery process seamless by enabling users to restore files in their original format, further reducing downtime. Our SaaS backup solution also features a point in time restore option that allows users to revert back to a time before the ransomware attack for seamless recovery.
Commercial real estate firms like Holladay Properties are utilizing Backupify’s SaaS backup solution to protect their data. Read the success story here.