No industry is exempt from cybercrime, and the real estate industry has become a common target. As hackers devise plans to obtain sensitive information about real estate transactions, real estate professionals need to take particular interest in cyber security to protect their clients and themselves.
Rise in Wire Fraud
Wire fraud related to real estate transactions is increasing. A common ploy involves hackers breaking into a real estate agent’s email account to obtain details about upcoming transactions. Once the hackers have all necessary information, they send an email to the buyer, pretending to be the agent or a representative of the title company.
In such an email, the hackers state there has been a change in the closing instructions and that the buyer needs to follow new wire instructions. The ploy is very convincing and if a buyer falls victim to the scam and wires money to the fraudulent account, they’re unlikely to ever see the money again. Read More about a Rise in Wire Fraud…
Real Estate Agent Cyber Liability Insurance
Today, cyber liability insurance is applicable to every business. No longer a coverage only for financial institutions or accountants, it is a pressing need to protect real estate agents and their clients. Ask your insurance agent whether your coverage protects you against:
- Wire Fraud
- Negligent network security
- Unauthorized access of sensitive information
- Accidental disclosure of sensitive information
- Lost data
- Breach of contract
The cost of real estate agent cyber liability insurance is surprisingly affordable and the application only a few questions, taking minutes to complete. Bankers Insurance specializes in this coverage. Contact your insurance agent with questions. Not a client of ours? Contact us.
Cyber Liability Insurance Quote
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