Cloud property management software has revolutionised the way rented properties are handled but there is one major drawback of this technology to avoid.

Cloud property management software is ideal to manage the hybrid work-from-home / location based tasks faced by property managers in today’s world. 

Software such as PropertyMe can make property management easy, no matter where and when your PMs are working. However, having cloud-based technology being operated across multiple locations and devices does make security an issue. 

We spoke to Daniel Butt of Danet Technologies to find out what you need to know to keep your REA’s data safe.

Why security matters

A device left unattended or an easy-to-hack password are an open door for cybercrime. 

Once inside your account, hackers can get hold of sensitive customer information and even hold access to ‘ransom’, demanding money and limiting the access to your own network and data.

The financial fallout can be devastating for you and your clients. There is also the risk of major damage to your reputation as you are obliged to report a cybersecurity breach, even if nobody’s data is misused. 

In Australia, small businesses are often targeted by cyber criminals because many have lax or inconsistent protocols when it comes to online security. As a real estate agency which often handles large sums of money, you are unfortunately an excellent target for a cyber attack. 

How to avoid a cyber-security emergency

Keep backup data

Those cyber criminals may ‘infect’ your online programs and hold your information to ransom. 

If you regularly back up the data they hold you won’t find your business operations are suspended while you deal with the problem. 

Ask someone on your team or task your IT provider with creating backup files on Google Drive, One Drive, Dropbox or even in hard copy if this works for you. Check the security of the platform you use and talk to your IT provider about the right password and encryption protection, especially for financial data.  Nobody’s credit card details should ever be sitting on a spreadsheet which is not protected from unauthorised access. 

Create device security protocols

Many people even work on a BYOD (bring your own device) arrangement these days. With people working from home and family and/or flatmates having easy access to computers it can be a recipe for a security disaster. 

Ensure your staff are aware of what counts as strong security practices. For example, their devices should be set to lock automatically after one or two minutes of being unattended. If possible, there should be separate browser logins for different users on their computers and passwords should be complex and not easy to guess. 

Brief but regular training on the importance of WFH security will help to keep sensitive information safe. You can include email awareness as part of this training and teach your staff to quickly recognise suspicious emails which could contain links to malware. 

Protect your social and other accounts

Protecting social media accounts is an area where many real estate agencies are at risk of falling down.

Let’s say a disgruntled property manager leaves your business. If they have the password to your Instagram, Facebook and other social media accounts, you could face a nasty sabotage attempt. 

Have a policy in place to change passwords every time someone leaves the business. You can also introduce two factor authentication to ensure your accounts aren’t accessed by the wrong people.

This applies to company financial accounts and credit cards as well. Change the pins regularly and set things up so people are SMSed a code before they can make payments. It is also important to have a security protocol in place around handling clients’ money. Additional authentication steps and identity confirmation are important to make sure their funds don’t end up in the wrong hands. 

Check your insurance

Prevention is better than cure but you need something in place as risk management. Check if your business insurance policy covers cybercrime to minimise the impact of this kind of disruption. 

BDH Solutions are rent-roll agents with over 40 years experience in connecting the right vendor with the right purchaser. Download our information booklet on the new Victorian Minimum Living Standards Legislation