Current Facts & Figures on Cybercrime
■ Americans lost at least $12.5 billion to cybercriminals in 2023.
■ According to the FBI, this represents a 22% increase from 2022, and New Jersey is not immune to these growing threats.
■ New Jersey ranks among the top 10 states for the highest number of cybercrime victims, with the real estate industry being a significant target for cybercriminals.
■ As the use of technologies like Artificial Intelligence (AI) and digital transactions continues to rise, the risk of cyberattacks is expected to increase, making cybersecurity more critical than ever.
Cybercrime and the Role of Title Insurance
One area particularly vulnerable to cyberattacks is real estate transactions. Title agents handle sensitive financial information, making them prime targets for schemes like wire fraud and phishing attacks. In New Jersey, the FBI has reported an uptick in these types of scams, particularly during property transactions. Title insurance plays a crucial role in protecting both buyers and sellers by safeguarding against the financial losses that can result from fraud. This makes it essential for title agents and real estate professionals to adopt stringent cybersecurity measures to protect client data and funds.
How to Keep Safe from Cyber Threats
As cybercrime continues to escalate, it is important for businesses to be proactive. Below are several key steps you can take to safeguard your company from cyber threats:
■ Keep software up to date: Cybercriminals often exploit vulnerabilities in outdated software and applications. Always ensure that your systems are running the latest versions. This applies not only to computers but also to smartphones and tablets.
■ Protect your devices: Ensure that all devices connected to your company’s network are protected by a firewall. A firewall adds an extra layer of encryption, making it more difficult for hackers to access your data.
■ Avoid free email services: Whenever possible, use a secure, professional email service. If you must use a free service, always enable multi-factor authentication (MFA) to add another layer of security to your accounts.
■ Use a password vault: Complex and unique passwords are essential but hard to manage. A password vault can store and generate strong passwords for all your accounts, and MFA should be enabled for any account that offers it.
■ Train your employees: Your team plays a crucial role in maintaining cybersecurity. Regularly train employees on how to recognize phishing attempts, avoid suspicious downloads, and protect their credentials. Cyber-savvy employees can be your first line of defense against attacks.
Cybersecurity As It Relates to Title Insurance
When choosing a title insurance underwriter, it’s important to consider not just the company’s financial strength but also its commitment to advanced cybersecurity practices. At Counsellors Title, we understand the increasing risks in today’s digital landscape and have implemented robust cybersecurity protocols to protect our clients and partners from cybercrime. As more transactions move online, the need for secure, reliable protection has never been more critical.
New Jersey businesses, especially in real estate, must stay vigilant and prepared. The cost of falling victim to cybercrime is too high to ignore. By implementing these best practices, you can help protect your company, your clients, and your reputation.
Stay safe, stay informed, and join us in the fight against cybercrime.