REIX: Real Estate Insurance Exchange - Alberta, Saskatchewan

We’re a non-profit organization which means that premiums are used to pay the costs of defending claims and surplus funds are used to keep premiums low.

5 Easy Ways to Reduce Your Cyber Risk

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Cyber threats are on the rise and protecting sensitive information is more critical than ever.

Whether it’s a local real estate agent or a big player like Suncor, hackers are on the lookout for easy targets and vulnerabilities.

REIX’s free Cyber Shield program, available to all subscribers across Alberta and Saskatchewan, can help you beat cyber criminals at their own game. Using industry-leading risk management software, Cyber Shield provides ongoing scans, monitoring and assigns you a personalized cyber security score. Similar to a credit score, this score reflects your level of risk and enables you to take proactive measures to enhance your cyber security.

Here are 5 simple – and essential – steps you can take to reduce your cyber risk and help maintain a healthy cyber security score:

  1. Regularly Update Software and Devices

One of the simplest yet most effective ways to enhance your cyber security is to keep your software and devices up to date. Cybercriminals often exploit vulnerabilities in outdated systems, so make it a habit to install the latest software updates promptly. Enable automatic updates whenever possible to ensure you are protected against the latest threats.

  1. Strengthen Passwords and Enable Multi-Factor Authentication

Passwords are the first line of defense against unauthorized access. Make sure to use strong, unique passwords for all your accounts and avoid reusing them. Consider using a password manager to securely store and generate complex passwords. Additionally, enable multi-factor authentication (MFA) wherever available to add an extra layer of protection by requiring a second verification step, such as a code sent to your mobile device.

  1. Remain Vigilant With Messages You Receive 

When it comes to cyber attacks, emails, text messages and social media messages are often the starting point. It’s important to exercise caution when opening messages, particularly if they’re from unfamiliar senders or include suspicious links or attachments. It’s best to avoid clicking on links or downloading attachments unless you’re certain they’re legitimate. Keep in mind that reputable organizations will never ask for sensitive information via email.

  1. Practice Safe Internet Browsing

To reduce the chances of malware infections and phishing attempts, it’s essential to adopt safe browsing habits. Make sure to be cautious when visiting unfamiliar or suspicious websites, especially if they request personal or financial information. You can verify a website’s security by checking for HTTPS encryption. According to Get Cyber Safe, encrypted websites that use HTTPS ensure people can’t access information when it’s being sent from your device to the website and back again. Look for the HTTPS prefix in the address bar when visiting websites.

Additionally, always ensure that your connections are secure. Public Wi-Fi spots found in places like restaurants, airports and hotels are often unsecured, so it’s best to avoid them if possible. If you can’t connect to a secure connection, consider using your mobile data as a safer alternative.

  1. Check Your Cyber Shield Account Regularly 

Managing your cyber risk can be challenging, but Cyber Shield can help you safeguard your personal data and maintain a healthy cyber security score. Be sure to regularly check your account for any action points or alerts. If you haven’t signed up yet, it’s quick and easy to register. Once your account is activated, ongoing passive scans and monitoring will alert you of any issues.

Sign up today for the free Cyber Shield program. Or if you’re an existing user, why not log in to check your latest score?

The Real Estate Insurance Exchange (REIX) provides mandatory errors and omissions insurance to over 17,000 Alberta and Saskatchewan real estate industry members and more than 1,250 brokerages. We’re dedicated to providing high value to our subscribers through exceptional claims, risk and financial management. Be sure to follow us on Facebook and LinkedIn!

Multi-Factor Authentication on your business email account

If you already need a separate passcode (e.g. a code texted to your cell phone) to access your email  for the first time on a new device, or to view it on the web, then you already have this.

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Weekly backups for your business computer systems

Your computer systems, such as your PC and your phone, contain mission-critical data on them – regular backups are a simple and effective way to ensure disruptions to you and your clients are minimized in the event disaster strikes.

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Firewalls on your internet access

Almost all internet connections have a firewall built in to prevent people from freely accessing your home or business network, or worse, your computer’s files.  You most likely already have this in place, but we encourage you to familiarize yourself with the key piece of security equipment.

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Endpoint Protection (a.k.a. anti-virus)

An up-to-date endpoint protection software is key to keeping your PC safe from viruses – it’s simple to install and may already have it included free with your computer (e.g. Windows Defender). It scans files, emails, and more to make sure nasty viruses and code to infect your PC.

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Security and Privacy Liability

Provides coverage, including legal expenses and damages, for any claim made against you for any actual or alleged breach of privacy, damage to the computers or systems others, unauthorized disclosure of data, and more, arising out of your professional services.

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Data Recovery and Loss of Business Income

a) Pays for the expenses related to investigate, repair, and manage a cyber event, including but not limited to: damage and interruption by a computer virus or malicious code, accidental damage or destruction of data, and malfunctions.

b) Reimburses you for lost income as a result of a cyber event – subject to an 8 hour waiting period.

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Event Management Expenses

Covers the costs associated with a breach of your systems to ensure you meet the requisite privacy legislation requirements – including notification costs as well as credit monitoring and other support for affected clients.

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Data Extortion

Provides services and coverage for expenses related to cyber extorsion threats (e.g. ransomware) – including the costs to manage the event and, where necessary, pay the ransom.

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Social Engineering Fraud

This is coverage for your clients – it covers them for lost deductibles as a result of somebody using your identity and business relationship as part of a real estate deal to convince them to send their deposit to the wrong place.

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Security and Privacy Liability

Covers legal expenses and damages for any claim made against you for breach of privacy, damage to the computers or systems of others, unauthorized disclosure of data, and more, arising out of your professional services.

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Data Recovery and Loss of Business Income

Pays for expenses related to investigating, repairing, and managing a cyber event, and reimburses you for the income lost due to the event.

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Incident (Event) Management Expenses

Covers costs associated with ensuring you meet the requisite privacy legislation requirements post-incident — including notification costs, credit monitoring, and other support for affected clients.

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Data Extortion

Provides services and coverage for expenses related to cyber extortion threats (e.g. ransomware) — including costs to manage the event and if necessary, pay the ransom.

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Social Engineering Fraud

Covers the actions of third parties who fraudulently cause the diversion of deposit funds from a real estate trade.

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Multi-Factor Authentication (MFA):

Multi-step account login process that requires users to enter more information than just a password, like a code sent to their email or phone.

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Weekly Backup:

Copies your files to a safe secondary location for preservation in case of equipment failure or cyber incident.

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