Property transactions require real estate agencies and law firms to hold high-value, personal data and that puts them at enormous risk when it comes to cybercrime. The figures are staggering. It is estimated there is a cyber “intrusion” on an Australian company every seven minutes. More alarming for those in the property sector, including real estate agents and conveyancers, is confirmation from the Australian Cyber Security Centre (ACSC) that the industry is a top target for hackers.
Warning the property industry must be prepared!
The Real Estate Institute of Australia (REIA) has warned data breaches were occurring too frequently for the sector to ignore the risk. In some cases, hackers were not just looking to steal personal data but to divert payments by infiltrating high-value transactions. The REIA released a checklist and stressed cyber security, and privacy policies should be reviewed.
The REIA checklist
- Do not share passwords.
- Use a password keeper and generator app.
- Change default credentials of the point-of-sale controller.
- Install software updates promptly.
- Work with vendors to ensure they follow the same guidelines.
- Keep the back-up schedule consistent and maintain off-line back-ups.
- Ensure built-in firewalls are switched on for user devices.
- Ensure all devices in your business have antivirus software coverage.
- Ensure computers used for financial transactions are not used for social media or email.
- Use email services that incorporate phishing and pretexting defences.
- Develop a cyber security incident response plan.
What is your cyber security response plan?
If your agency, firm, or business is targeted – what do you do?
From a brand and reputation management perspective, you must be able to respond quickly and effectively and that requires having a crisis communication plan. Cath Hart, CEO of the Real Estate Institute of Western Australia (REIWA), stressed the gravity of recent cyber breaches. “Personal data is personal for a reason, and when it’s leaked people feel the same sense of grief and fear as when their house is broken into. The property sector must not only be shielded from cyber threats but also be primed to mount a swift and strategic response in the event of an attack.”
What is a Crisis Communication Plan?
It is a carefully designed roadmap or handbook that outlines the strategy for responding to media and managing internal and external communication. A Crisis Communication Plan should address:
- Protocols for managing media enquiries.
- Holding Statements and key messaging for media releases.
- Approved spokespeople.
- Contacts for key personnel, or for larger organisations, members of the Crisis Management Team.
Managing the media in a crisis
Engaging with the media during a cyber crisis is time sensitive. If you have an external public relations and crisis communication agency, they act as a liaison. Front office staff must be able to accurately log calls, emails, and messages, and follow steps outlined in the company’s Media Policy.
What to say to the media in a crisis
A well-prepared Crisis Communication Plan will include “Holding Statements”, which are pre-written Media Statements and Releases that can be tailored to the specific incident and audience. During a crisis internal and external communication must be a priority. Customised, and sometimes personalised statements, can be required for different stakeholders, including customers, employees, partners, regulators, and the media. Clarity, transparency, and consistency are key principles when crafting these messages.
The ability to swiftly respond, communicate effectively, and navigate the storm of a cyber crisis can mean the difference between recovery and ruin for an organisation. It is a time when your brand, authority, and trust, is at risk. Despite the best efforts of law enforcement, the rate of cyberattack is increasing. While every effort must be made to protect databases and business operating systems, work must also be done on preparing for how you will respond should you be the next target.
Find out more about Adoni Media and how they can assist you with a whole range of PR services, including crisis management.
