Examining the risks, responsibilities, and the role of insurance in protecting client trust.

The property sector has always carried risks but in recent years a new and less visible threat has emerged: cybercrime. For property professionals, the reliance on digital platforms to communicate with clients, handle transactions and store sensitive data has created vulnerabilities that criminals are increasingly exploiting.

Why Cyber Risk Matters

Real estate agencies, property managers, buyers’ agents and property investment advisors as well as valuation firms all deal with large financial transactions and personal information. This makes them attractive targets for cyber criminals.

Common incidents include:

• Business email compromise – Fraudsters posing as clients or colleagues to divert payments.
• Data breaches – Exposure of personal and financial records held on file.
• Ransomware attacks – Systems locked, and data encrypted until a ransom is paid.
• Human error – Staff clicking on malicious links or sharing information with the wrong recipient.

The financial fallout can be significant but reputational damage and regulatory scrutiny often prove just as damaging.

The Role of Cyber Insurance

Cyber insurance has become an essential safeguard. A well-structured policy can provide:

• Immediate incident response – Access to IT forensics, legal guidance and crisis management specialists.
• Cover for financial loss – Reimbursement for stolen funds, costs of restoring systems and business interruption.
• Liability protection – Cover for claims brought by clients or third parties affected by a breach.
• Support with compliance – Assistance in meeting regulatory reporting requirements.

Having this cover in place ensures a business is not left to manage the financial and operational impact of an attack alone.

Why Property Professionals Should Take Note

The property industry has unique exposures. Transactions are high in value, time-sensitive and involve confidential data. A single fraudulent email can reroute settlement funds, while a data breach can compromise years of client records.

Smaller firms are not immune; they are often targeted precisely because they may lack dedicated IT security resources. The question is no longer whether cybercrime will affect the property sector but when and how.

Risk Management Beyond Insurance

Insurance is one part of the solution. Strong internal practices remain critical. Property businesses should:

• Implement multi-factor authentication for key systems.
• Train staff to identify phishing attempts.
• Regularly back up and update systems.
• Establish strict verification processes for payment instructions.

These steps reduce exposure but cannot eliminate it entirely, making insurance an important final layer of protection.

A Call to Action

Cyber threats are now a reality of doing business. For property professionals, the stakes are especially high given the value of transactions and trust placed in handling client information. Cyber insurance provides both financial protection and access to expert support when it is needed most.

To ensure your business is protected, now is the time to explore your options. Contact us to discuss a cyber insurance policy tailored to the risks you face in property services.

ii-A