People, the threat is real. The cyber threat, that is.
The property industry is progressing in leaps and bounds. Over the last three years, we have seen paper processes, such as land registrations and transfers move to a digital platform.
Excited and inspired by the revolution, KDD Conveyancing Services moved fast and secured its title as the first paperless settlement agent in WA. * Insert applause here. *
As we have been part of this innovation from the beginning, we can vouch for the efficiencies that digitisation has brought to the industry, including a reduced error rate, increased timeliness, and overall a great deal more control over settlement processes.
We’re painting a pretty good picture so far, but like all good fairy tales, this one too has a villain. This villain is ruthless and indiscriminate; it has the potential to wreak financial havoc on all in its path.
I’d like to tell you there is no cause for panic, but well Toto, we’re not in Kansas anymore.
Digitisation brings business improvement, but by virtue of definition, it also leaves business open to debilitating breaches of cyber security.
What is the cyber threat for settlement agents?
Cyber security is the body of technologies, implemented by a business and designed to protect data from attack, destruction and devastation.
Huge multi-nationals spend millions and have whole departments dedicated to cyber security systems to protect their data. However, most small businesses just don’t have the same resources, or understanding of the severity of these threats to protect themselves.
Late last year, Consumer Protection WA issued a warning to real-estate and settlement agents and buyers and sellers of property after cyber security scams stole almost $590,000 in property related scams in Perth.
Cases involve the hacking of emails and intercepting online communications to pose as settlement agents and redirect large sums of money into the wrong bank accounts.
All states across Australia have now issued grim warnings to settlement agents demanding priority action. They urge firms to implement systems and measures to protect information, particularly given the large sums of money transacted on a daily basis and the now legislated requirements to complete transactions online.
Here at KDD, alarmed by the potential consequences of any such breach of our data, and being progressive and pre-emptive, we took measures into our own hands.
We have researched and implemented cyber security systems to ensure that you are protected at every step of your journey with us. Our staff understand the issues and traps associated with cyber threats and are trained to practice in a manner that protects your money, your time and your assets.
We have positioned ourselves as leaders in the industry when it comes to digitisation, providing efficient and timely services for all your settlement needs.
You can rest assured that we have also future proofed our business against the devastating effects of cyber scams and so, your information is safe with us.