Summer 2021
www.reic.ca
EXCHANGE
Real Estate Institute of Canada
Designations: Opening
the Door to New
Opportunities
Cyber Threats in
Real Estate
COVID-19 as
A Catalyst
REIC: Delivering on a
New Strategic Plan
/reicnational
Real Estate Institute of
Canada - REIC
@reicnational
www.reic.ca
REIC Exchange, Summer 2021
IN THIS EDITION
• WELCOME LETTER
• LETTER FROM IREM
4
• COVID-19 AS A CATALYST IN REAL ESTATE
5
AND PROPERTY MANAGEMENT
• DESIGNATIONS: OPENING THE DOOR
7
TO NEW OPPORTUNITIES
• REIC: DELIVERING ON A NEW STRATEGIC PLAN
10
• CYBER THREATS IN REAL ESTATE
12
• UPCOMING COURSES
17
One of the many positive attributes of the real estate sector is our adaptability and resilience. During the
course of the last year, our world has continued to face the realities of COVID-19. For those of us in the
real estate sector, the challenges have caused us to reflect, adapt, and continue to move forward.
Although we were faced with new challenges, REIC faced them head on and pivoted to better support
our Members. As an organization, we are continuing to evolve the way in which we operate and, more
importantly, the value and support we provide to our Members. One of the changes we are marking is to
expand our Exchange magazine from an annual publication to a semi-annual publication. This will allow
REIC to provide you with news and insight from across the industry even more often.
In this edition of Exchange magazine, we examine the latest impacts of COVID-19 on our sector. For
Members of REIC, professionals are proud of the designations they have earned, and rightfully so. Be sure
to read our article on page 7, as we take a closer look at the role of designations in helping you achieve
career success and new opportunities.
At REIC, we are in the midst of implementing our new strategic plan, which we see as driving new value,
innovation, and support for real estate professionals. Learn more about this new three-year plan on page
10. In addition, this edition of Exchange also explores a topic that must be front and centre for all of us -
cyber security and cyber threats. With practical advice, this article will help you be better prepared and
safe in a digital world.
We hope that you enjoy this edition of Exchange. As always, if you have any feedback or questions, we'd
love to hear from you - please email us at infocentral@reic.com. We always appreciate the chance to hear
from you!
Theresa Salsman, CPM® ARM® Stephen Ashworth
President, REIC CEO, REIC
WELCOME TO THE 2021
EXCHANGE MAGAZINE
www.reic.ca
Message From The Past IREM Canada VP
Looking back on my term as Vice President of
IREM Canada, it was during a time when the world
experienced surprises that no one could have
anticipated. Typically, as the VP, I would have the
opportunity to travel to chapters across Canada and
meet with members, but suddenly we find ourselves
all on Zoom. It has been a challenge, but also a chance
to jump on the computer, and travel thousands of miles
in a minute, into the homes of chapter members and
leaders. I have greatly enjoyed getting to know many
of you better virtually, and I continue to be impressed
with all we have accomplished despite the pandemic.
During my time as IREM Canada VP, I am especially
proud to have served during the tenure of IREM’s
first Canadian president, Cheryl Gray, CPM®. Cheryl
has shown extraordinary leadership skills and has
been able to support the Institute on a journey into
new technologies and virtual formats, keeping us
cutting edge in this new working environment. I want
to thank Cheryl personally for always making time for
the members and exhibiting such strength, even in the
darkest of times.
I want to recognize Johnmark Roberts, FRI, for his
contributions to REIC as the president and welcome
Theresa Salsman, CPM® ARM® as she comes in as
REIC’s next president. Serving as a volunteer leader
is the ultimate way to contribute to the promotion of
our profession as property managers, and I know well
how much time it takes! I thank all volunteer leaders
for putting in so much effort and always moving us
forward.
Chrystal Skead, CPM® ARM®
Past IREM Canada Vice President
Chip Watts, CPM®, CCIM, C2EX
2021 IREM President
Watts Realty Co., Inc., AMO®
MESSAGE FROM IREM
President’s Letter - Together We Thrive
Real estate managers have long made a difference in
the lives of so many, but today, their work has never
mattered more. This is a time when our network of
professionals around the world are coming together,
relying on each other and their IREM education to
best serve their employees, tenants, residents, and
property owners.
Today, there are many organizations that fill each
niche of the real estate industry, but IREM is unique
in the real estate management community because
we serve professionals in all asset classes. When we
join colleagues from across the broad spectrum of
real estate, we pave the way to building a future that
serves us all.
If we learned anything in 2020 and the first half of
2021, it’s that we need to remain strong and prepared
for any challenge that could arise. IREM’s leadership
is here to listen to members, respond to their needs,
and explore the future of property management. Our
members are under pressure to perform even when
the road ahead is uncertain. IREM needs to hear them,
be there to support them, remain flexible and adapt to
their needs.
IREM appreciates our Canadian members for their
contributions to the property management industry
and the Institute in these uncertain times. We greatly
value our network with our neighbors to the north and
look forward to connecting with you again in-person
at the Global Summit in Las Vegas. As the demands on
property managers grow greater, it is our network of
members, chapters and leaders that has never been
stronger. And together, we thrive.
REIC Exchange, Summer 2021
If there is one thing we have learned in the past
year and a half, it is that the real estate industry
is adaptable and resilient. We can stretch and
grow to meet the needs of a changing mar-
ketplace at a much faster pace than even we
expected.
How have we managed to grow and thrive
during COVID?
"Real estate professionals have a long history of
responding to changing dynamics of the market-
place," explained Stephen Ashworth, CEO, REIC.
"For professionals across the industry, this year
has been one of enormous change and evolution,
and real estate professionals have shown they
are up to the challenge and have adapted in un-
precedented ways."
A key aspect of this adaptation to meet the
changing needs of the marketplace was (and still
is) technology. As a result of COVID-19, online
platforms, video tours, and zoom meetings went
from an option to a "must-have" almost over-
night.
A key aspect of this adapta-
tion to meet the changing
needs of the marketplace was
(and still is) technology.
Are these trends here to stay?
Over the years, we have seen a number of trends
impact our industry, and one trend that has
played a significant role during the past year is
the shift to remote work.
This shift has caused growth in the residential
market, by creating a new environment where
people need to have space to work in within their
home. They also no longer need to live within the
urban area where they used to go into an office,
allowing people to move to a more rural setting.
Simultaneously, this trend, along with the contin-
ued dominance of online shopping, has rendered
some commercial properties obsolete, inspiring
property managers and owners to explore the
idea of mixed-use and multi-purpose properties.
The question we are left with is will remote work
be a short-term or long-term trend? The answer
may be both. It is possible, as some employers
have relinquished their former workplaces alto-
gether, that a hybrid workplace may be the next
step in the remote work journey. While we may
not have a firm idea of what that looks like today,
we know the skills, experience, and creativity of
real estate professionals and property managers
will play a big role in shaping that definition.
COVID-19 AS A CATALYST
IN REAL ESTATE AND
PROPERTY MANAGEMENT
www.reic.ca
Another trend that the industry is faced with is an
increased need from the marketplace for guidance.
As pressure increases on buyers and sellers, to navi-
gate the changing landscape, professionals are faced
with more questions regarding ethical negotiations,
bidding wars, insurance and other issues. REIC
members are faced with the challenge of using our
knowledge and professionalism to help to protect and
support our industry ethics one client at a time.
REIC has embraced this shift, by moving its education
model online to better support the needs of profes-
sionals. The upswing in technology usage can also be
seen in many other areas of the industry.
From contactless viewings to video negotiations, real
estate and property management professionals have
found ways to social distance their way through their
client communications and respond to trends in the
industry.
“Just like professionals from across our membership,
REIC has pivoted the way in which we support our
members,” explains Ashworth. "We immediately
moved all of our courses online and are delivering
them via real-time-remote. It is the same in-class
engagement and experience – only now it is available
from the comfort of your home or office.”
What's next?
“We continue to witness so many examples of the way
in which is the industry is embracing new opportuni-
ties,” said Ashworth. “It is clear that real estate and
property management professionals aren't just follow-
ing the marketplace. We are leading it.”
While we may not know what the next few years have
in store for the real estate industry, we have learned
that real estate and property management profession-
als will not only adapt to meet the future, we will help
shape it.
Learn more at htc.hometrust.ca/possibilities
A world of
possibilities
COVID-19 has had a significant impact on our real
estate partners. The future may seem uncertain,
but we are here to help. Together, we can adapt to
a technology-driven world and provide our clients
with the best mortgage solutions.
For real estate professionals, it has never been more
important to find a way to distinguish yourself. Earn-
ing a professional designation can help you accelerate
your career and raise your professional credibility,
recognition, and profile.
According to the Canadian Occupational Projections
System - ESDC, for real estate agents and salespersons,
over the period 2019-2028, new job openings are ex-
pected to total 58,300, while 58,900 new job seekers
are expected to fill them. While for Property Admin-
istrators, there are expected to be 14,900 new job
openings and 17,300 new job seekers. This market will
need professionals with the highest level of knowledge
and professionalism.
“Designations showcase an individual’s commitment,
knowledge and professionalism,” explained Hafeeza
Bassirullah, Ed.D, Director of Education and Training.
“Our industry can be extremely competitive, and each
professional needs to continually showcase their abili-
ty, their leadership, and their commitment.
According to IREM® (Institute of Real Estate Manage-
ment), the average base salary of a property manager
in the U.S. is $48,340. While, for those carrying the
CPM® (Certified Property Manager®) designation, the
average is $118,383. Stats from the latest Profile and
Compensation Study from IREM show that in 2018,
CPM Members in Canada received an average total
compensation of $139,375, and CPM Candidates re-
ceived an average total compensation of $102,541.
Earning your designation allows to reach a whole new
level as a business professional. Achieving an advanced
credentials helps you:
•
Position yourself for a promotion
•
Market yourself to prospective employers / clients
•
Broaden your range of expertise
•
Enhance your professional profile
•
Differentiate yourself from your peers
•
Increase your earning potential
As the real estate market becomes more complex, des-
ignations allow real estate professionals to enhance
their education and get the specialized knowledge
that allows them to stand out. Gaining a professional
designation through REIC not only showcases your
skills, expertise and knowledge, it also highlights your
commitment to the highest ethical and professional
standards in the real estate industry.
The reality is that you need every advantage possible
to distinguish yourself from the competition, and an
REIC designation can do that," replied Bassirullah.
www.reic.ca
DESIGNATIONS: OPENING
THE DOOR TO NEW
OPPORTUNITIES
The designation programs offered by the REIC are
among the top-recognized in the real estate
industry in Canada. With REIC courses and designa-
tions, you gain the knowledge and skills to stand out
and become recognized in your real estate career.
The REIC course schedules and format options allow
you to pursue your credentials in ways that fit around
the demands of your work and personal life. The REIC
course schedules and format options allow you to
pursue your credentials in ways that fit around the
demands of your work and personal life.
Visit www.reic.ca/designation
to learn more about how you
can activate your career
success.
www.fsresidential.com/alberta
Making a Difference. Every Day.
Your long-term success and
legacy is our goal. We know
Alberta’s industry because we
live and work in the communities
we serve across the province.
u ESTABLISH YOUR BUDGETS
u CHOOSE QUALITY VENDORS AT COMPETITIVE PRICES
u IMPLEMENT THE RIGHT BALANCE OF TECHNOLOGICAL RESOURCES
u INTEGRATE BEST OPERATIONAL PRACTICES AND PROCESSES
Call us today and together let’s create your lasting legacy: 403.299.1810
Discover
how our experience
and commitment to
excellence helps you
execute a successful
property development
& management strategy.
PRE-DEVELOPMENT | DESIGN |
PRE-OPENING | STEADY STATE
We’re with you every step of the way and
offer unique, targeted services through
every phase. After our pre-development
consultation, we help you:
FRI (Fellow of the Real Estate Institute)
The FRI designation signifies an industry pro-
fessional who has knowledge and skills that go
beyond standard licensing requirements. The FRI
designation elevates your status as a real estate
practitioner who has pledged to uphold nation-
ally-recognized business and ethical standards.
The FRI designation is acknowledged by the real
estate community as a standard of excellence and
accomplishment.
IREM CPM® (Certified
Property Manager®)
The CPM is a senior globally recognized property
management designation. Originating from IREM,
the CPM credential demonstrates a mastery of
the analytical and leadership skills needed to en-
hance the short and long-term values of large real
estate portfolios, including residential, commer-
cial, condominium, industrial, institutional, and
mixed use. A CPM designated member also be-
comes a member of IREM with access to IREM’s
vast online and print resources. The CPM desig-
nation is an extensive program, which combines
education, experience, and hands-on planning
involving actual properties. The CPM curriculum
covers how to analyze a property’s physical and
fiscal performance, implement policies and pro-
cedures to enhance short and long-term property
values, and market, retain and improve tenant,
resident, and employee relations.
IREM ARM® (Accredited Residential
Manager®)
The ARM is a highly recognized credential in
residential property management. The ARM cre-
dential signifies a professional highly qualified in
managing the complexities of a range of residen-
tial property types, from student and government
housing to apartment and condominiums. The
ARM certification is ideal for professionals seeking
career advancement opportunities in residential
property management. The ARM program covers
minimizing vacancies, controlling property costs,
enhancing property values, and fulfilling owner
objectives.resident, and employee relations.
IREM ACoM (Accredited Commercial
Manager)
The ACoM gives the commercial site manager in-
creased market visibility and credibility with own-
ers, investors, and employers. The designation is
built upon knowledge and training essential to
managers of small commercial properties.
CLO - Certified Leasing Officer
The CLO designation recognizes the proven
specialist in leasehold acquisition and adminis-
tration. The CLO program prepares professionals
for the complexity of today’s real estate leasing
decisions, providing them with the edge in every
aspect of the leasing process, from acquiring
space to administering a leasehold.
MEMBER MILESTONES
Keep an eye out for our Member Milestone Recognition in an upcoming
publication!
www.reic.ca
REIC OFFERS A WIDE RANGE OF
DESIGNATIONS
REIC offers industry-leading designations representing multiple sectors of the real estate industry
and is the exclusive provider of IREM® (Institute of Real Estate Management) property management
designations in Canada.
As you have heard many say, 2020 was a year
we will soon never forget. But, having already
navigated through the first half of 2021, we as
real estate professionals are moving faster than
ever and are facing a positive time ahead. It is
an exciting time to be a part of REIC and we are
looking forward to bringing new value and con-
tinuing to support you over the course this year.
While we all continue to deal with the impacts of
COVID-19, we continue to do what we need to do
to drive our focus forward.
Throughout 2020 and the first half of 2021, we
took steps forward in building a foundation and
plan that would best meet our members’ needs.
We reached out and gathered feedback on the
needs, opportunities and priorities of our Mem-
bers and we used this feedback to help develop
our new strategy. We asked, and you clearly let
us know the value you were looking for in a new
strategic plan and you were asking us to focus on
the following key areas: member engagement,
education model, outreach, and infrastructure.
Over the summer months, the national Board
of Directors, representatives of REIC’s Chapters,
and the national Management Team participated
in a series of virtual planning sessions to start to
develop the organization’s new strategic plan.
On behalf of the REIC Board of Directors, I would
like to thank you for your ongoing support of REIC
and for your input that helped shape this new
strategic direction. We are committed to ensuring
that we provide ongoing updates on the progress
on of the delivery of this plan over the coming
months. With your continued support and this
new strategy, we look forward to a strong and
exciting second half of 2021!
The new strategic plan focuses on five areas:
•
Enhanced Member Value and Engagement
•
Advanced Education and Designation
Programs
•
Industry Connectivity and Partnerships
•
Brand Awareness and Recognition
•
Organizational Excellence
By: Johnmark Roberts, FRI, Past President, REIC
10
REIC Exchange, Summer 2021
REIC: DELIVERING ON A
NEW STRATEGIC PLAN
Take a closer look at our
strategic plan. To read
a summary of the
strategic plan or to
read the entire 2021-2023
Strategic Plan, please visit
reic.ca/strategicplan.
THANK YOU TO THIS YEAR’S
CONFERENCE SPONSORS
PRESENTING SPONSOR
GOLD
BRONZE
SUPPORTERS
SILVER
REGIONAL PARTNER
VIRTUAL HOST
AYRE & OXFORD INC.
CANADA-CHINA REALTY PROFESSIONAL ASSOCIATION (CCRPA)
CANADIAN MORTGAGE BROKERS ASSOCIATION
SAINT-GOBAIN GLASS & SAGEGLASS
QUADREAL EXCELLENCE AWARD
11
www.reic.ca
The real estate sector has been under major
transformation by technology for many years
now. The COVID-19 pandemic has further ac-
celerated this trend. As part of this trend, Cyber
Criminals (or hackers) have been very busy with
people working from their homes in record num-
bers around the world. The workforce has left the
relative protection of their corporate networks.
However, even corporate networks are not nearly
as secure in many cases as their IT departments
believe.
The Canadian Anti-Fraud Centre reported that
$160 million in total fraud had been reported in
2020 with $101 million were Cyber related, that
is over 63%. By comparison, the anti-fraud centre
reports that in 2019, $83.8 million in losses re-
lated to cyber attacks were reported. The centre
estimates that only five percent of victims file
reports of fraud. These also do not include scams
that are looking for personal information because
there is no effective way to estimate the value of
the loss.
If only 5% of fraud cases are reported, we can
easily extrapolate that the real losses for Canadi-
ans is easily over a billion dollars in 2020.
"the real losses for Canadians
is easily over a billion dollars
in 2020"
"All businesses from sole proprietors to multi-na-
tionals, must accept the fact that at some point
their systems or networks will very likely expe-
rience an unauthorized intrusion of some kind,"
explains Vishal Kundi CEO & Co-Founder of Boxx
Insurance. "There are simply too many attack
paths for criminals to use in our increasingly dig-
ital everything world. We see every day that any-
one can be a victim of cybercrime and we must
all take every precaution to protect ourselves and
our clients."
Cyber criminals have become organized into
groups and in many cases are controlled by large,
organized crime syndicates. These underground
businesses have hundreds and thousands of
employees all over the world, creating some of
the most innovative software ever seen. The pur-
pose is to gain access to as many computers and
networks as possible without the need for actual
human action so that money can be obtained to
fund other activities and simply enrich the crime
bosses. Gone are the days where being a small or
independent business offered some manner of
protection through obscurity. Simply put, if you
connect to the internet for any reason you are a
target.
Just as you all must advise and protect your
clients from hidden risks from a home, building,
land, etc. that they may be thinking of buying
or renting; you also have a duty to protect their
private data. This is written into various Federal
and Provincial legislations. The penalties for
having a data breach are substantial; not only
are there potential payments to cyber criminals;
governments can also levy hefty fines because
you failed to live up to your duty to protect your
client’s data. That means you are victimized mul-
tiple times.
"Cyber attacks cause significant financial pain and
that pain including payments to cyber criminals,
government fines as well as costs to protect your
clients from harm due to you being attacked. In
addition, we have seen an increase in litigation
against cyber attack victims by their clients in or-
der to obtain increased damage awards for their
own losses. Add to this the reputational damage
to your brand and a single cyber attack can be
devastating," said Kundi.
By: Jack Brooks, Director, Operations and IT, REIC
12
REIC Exchange, Summer 2021
CYBER THREATS
IN REAL ESTATE
The Business of Hacking
As mentioned in the introduction, cyber criminals
are becoming increasingly organized into large
businesses with corporate structures and even
health plans for employees. Much of this is relat-
ed to creating and modifying software to infect
computers, networks, and servers. This malicious
software is generally referred to as malware.
They employ the latest technologies to get past
security protocols.
This malware is released into the wilds of the
internet and much like the virus we all know
too well, it spreads easily and often without any
symptoms. The malware will typically “phone
home” and then sit dormant, waiting to be acti-
vated or in some cases activate after a predefined
incubation period. This allows the cyber criminal
to check to see how lucrative a target is and per-
haps adjust their attack strategy. In most cases
the incubation period is there simply to make
sure your backups are infected and/or encrypted
before the dreaded message that your system
has been infected and the cyber criminals then
make some kind of financial demand.
The cyber criminal does not care if you pay or do
not pay. They know that the law of averages is
that enough people will pay that it covers their
costs to build the malware and make a healthy
profit. They re-invest some of that profit to make
their software better and allow it to beat increas-
ingly sophisticated cyber defences.
The Real Estate Industry is Low Hanging Fruit
The industry works with and transfers large suns
of money on a very regular basis. We also work
with significant amount of Personal Identifiable
Information (PII). PII is important legally as it is
information that can be used to identify some-
one and be used as part of an identity theft.
This means that the industry is on every cyber
criminal’s radar. From individuals to small firms to
large enterprises, all are at significant risk.
Cyber criminals are not limiting their attacks on a
single area of the industry; they have broadened
the scope to encompass the scope of the industry
including agents, buyers, sellers, property manag-
er, inspectors, insurance, banks, title companies,
etc.
"Cyber criminals are not
limiting their attacks on a
single area of the industry"
Not only does our industry deal with large sums
of money between different entities; which
already makes us attractive targets, but our
industry is a treasure trove of personal (PII) and
financial data that is incredibly sensitive and very
valuable to criminals of all kinds.
Data such as banking information, social insur-
ance numbers and credit cards are all very valu-
able and can be exploited in several ways.
13
www.reic.ca
Types of Cyber Threats
Following are some of the more common major
risks and threats facing the real estate industry.
According to Statistics Canada, in 2018, nearly
60% of all victims of a cyber security incident
experienced more than one incident. Meaning
that cyber criminals rarely hit victims with only a
single attack.
Ransomware
Businesses and individuals across the World have
been impacted and crippled by the effects of ran-
somware. This is a form of malware that encrypts
systems and data that it can access. This renders
a computer, network, and business unable to
operate until a ransom is paid by the impacted
party to the cyber criminal. These attacks have
become so sophisticated that they often carry
multiple malware payloads and can also remain
semi-dormant while all files are encrypted so that
recent backups become unusable.
With multiple potential threats, even if a ransom
is paid; additional damage can be done through
additional ransomware that is triggered only days
or weeks after a company or individual is back
in business or contains other malware that can
be used by the cyber criminals to launch other
attacks.
This is devastating to any modern business,
including the real estate industry given our global
dependence on our digital devices and systems.
These systems store information about our
clients, helps us conduct any number of trans-
actions each day, allow us to communicate with
clients, contacts and business partners. The lack
of ability to access our digital world destroys our
ability to work and live in the modern world and
often forces people to pay a significant price to
regain access.
Extortion
This type of attack is related to Ransomware in
many ways. They are often bundled together so
that just as you start to get your business func-
tioning again you are hit with another message
where the cyber criminal informs you that they
have personal private data about your clients and
that if you do not pay a substantial fee, they will
release that information into the public domain
fingering you as the source. Typically, a sample of
the data will be provided as proof.
In these cases, there is almost nothing you can do
after the fact but pay the extortion or have your
name in the press as the cause of the release of
personal and/or financial information of your
clients. This will almost certainly result in signif-
icant fines and a profoundly serious loss of faith
in your business. Imagine your clients’ most sen-
sitive data being posted online; the reputational
damage is generally significant.
Title Fraud
Title fraud occurs when a cyber criminal executes
an identity scam on someone else’s title. This
starts with cyber criminal stealing data from an
unprotected system to obtain personal informa-
tion. Email compromise, malware attacks and
phishing attacks are some of the most common
sources of identity fraud. Often, victims unknow-
ingly hand over personal information, unaware of
the crime taking place. Once the cyber criminals
have acquired the necessary information, fake
identities are created.
The cyber criminals will then undergo tasks like
remortgaging the property or even selling the
property while pretending to be the owners.
Snowbirds are most targeted for these situations
as access to properties potential buyers – and
scammers – can view the home while the home-
owners are away for months at a time. However,
this can happen to other homeowners as well as
with commercial properties.
14
REIC Exchange, Summer 2021
Wire / EMT Scams
Wire or Electronic Money Transfer (EMT) scams
are quite common these days with millions of
dollars being stolen each year through fraudulent
emails and notifications. These happen in Real
Estate when cyber criminals learn about a large
transaction taking place, generally through a
previously compromised email system and pose
as one side to initiate a payment. In many cases
a sense of urgency regarding losing approval, bid,
shifting of a closing date, etc. adds pressure for
quick action. In some documented cases email
addresses that look almost identical are used to
fool people including third parties.
These types of attacks require more work, but
the potential payoffs are significantly higher,
which motivates cyber criminals to take the
extra time to conduct research and launch such
attacks.
Email Compromise
Most sophisticated attacks begin with email
compromise. This is where a cyber criminal gains
unauthorised access to your or your company’s
email system and is able to gain access to mes-
sages. It is then an easy process to identify the
key decision makers and have computer systems
simulate their email style to launch targeted
attacks to have people conduct other actions
assuming they are doing so on orders from some-
one in authority.
Final Thoughts
Make no mistake, this is a cyber arms race. As
the security improves, the cyber criminals build
better weapons to attack us. Most of the threats
we are subject to are due to a lack of awareness
of the threat and that we do not take sufficient
steps to protect our critical infrastructure
from cyber criminals. Even large corporations
with teams of IT professionals are successfully
attacked every single day. The law of averages
states that it is almost inevitable that you will
come under attack. So, do not be discouraged
if you do fall victim to an attack; act quickly and
decisively.
"Focus on prevention and protecting your busi-
ness, no matter how small. Make sure you have
insurance that will actually protect you. Do not
count exclusively on your inhouse IT team, you
need experts. Too many become wise after the
fact and their businesses are significantly hurt
and even fail because of their lack of preparation
and protection," said Kundi.
What will dictate the outcome is how aware you
are of the threats, the protections you put in
place and what you do if you suspect you’ve been
compromised. The biggest mistake is to try and
handle the situation yourself or have a general
technical person try to manage the situation.
They might succeed, but unless they do this kind
of work regularly, they are just as likely to fail
and cost you more money. Get the help of a pro-
fessional cyber security specialist with a proven
track record.
No security solution is perfect; but you can
protect yourself and you don’t have to become a
security expert to do it. Get the help you need to
protect yourself in advance and have people you
can call if you fall victim to these new organized
cyber criminals.
In these cases, there is almost nothing you can do
after the fact but pay the extortion or have your
name in the press as the cause of the release of
personal and/or financial information of your
clients. This will almost certainly result in signif-
icant fines and a profoundly serious loss of faith
in your business. Imagine your clients’ most sen-
sitive data being posted online; the reputational
damage is generally significant.
In the least disruptive form of attack, compro-
mised accounts are used to send spam or launch
other attacks outside the organisation. While
this may not cause direct damage to you or your
company; the company can be held responsible
and be fined due to poor security.
In other cases, the cyber criminals will monitor
activity, looking for an opportunity to launch ran-
som or extortion attacks. In other cases title and
wire scams can be more easily launched using a
compromised email account as the email does
come from the legitimate account.
15
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The good news is that there are ways to protect
yourself, your business, and your clients. Adopting
some good cyber security habits will help.
1. Conduct regular training of staff and yourself
at least every 6 months to ensure you can spot
threats. No software can replace a vigilant individ-
ual taking reasonable precautions.
2. Implement Multi Factor Authentication
(MFA) on everything, yes; everything. Passwords
are no longer sufficient to protect yourself ef-
fectively. With everything going online we have
accounts all over the internet and each one needs
a password. How many can you remember? Likely
not enough so you the same or similar passwords.
Remember that computer programs can easily in-
terpret your password and guess possible variant.
Turning on MFA means that after you enter your
user ID and password you will get a text message,
email, or phone call with a code you need to enter
so you can get into your account. It is a small
inconvenience, but by enabling MFA on all your
work and personal accounts you do not have to
trust a third party to not keep your password
safe. Passwords are often stolen and sold to other
cyber criminals. With MFA you can use much
easier passwords to remember since you are really
counting on MFA to keep you safe and at least
for now, that is challenging for cyber criminals to
overcome.
3. Invest in good quality malware protection. No
matter what computer system you run (yes Mac
users, this applies to you too) you can fall victim
to malicious software. Make sure your chosen
solution includes spam protection if you are using
a mail client running on your computer such as
Outlook. You also want to make sure your package
includes link inspection to help protect your
browsing and help notify you before you end up
on a website you best not visit. Make sure that you
allow these systems the permission to protect you.
4. Do not click on links in emails in order to
conduct any kind of financial or identity transac-
tion even if it comes from someone you know and
trust. It takes an extra minute, but go to the web-
site in question manually and navigate yourself
to the required page. This way you avoid falling
victim to fraud through your own security breach
or from a person you trust.
5. Never by shy to ask for help. Cyber security is
complicated. Getting an expert involved can help
make sure you are protected properly.
6. If you are attacked, do NOT count on your
company IT person for help. Of course, let them
know, but in these cases, you need people who do
this every day. Just as your family doctor could
give you some great advice and help on how to
stay heart healthy, you would want an expert sur-
geon to handle a heart transplant. Cyber attacks
are the same. Specialists can be expensive, but
they will get you back in business faster and with
less disruption. Security firms are used to negoti-
ating with cyber criminals and making sure that
systems are professionally restored and clean so
you can move forward with confidence. There is
a lot that needs to be done beyond simply getting
access to your systems to ensure there is no other
malware or vulnerabilities that the cyber criminals
can exploit. It will end up saving you money and
aggravation.
7. Conduct an annual security audit of all your
systems to make sure you’re not vulnerable to the
latest threat vectors.
8. Lastly, just as you would not drive your car or
own a property without appropriate insurance;
get specialized Cyber Insurance from a reputable
firm. Your standard business insurance does not
cover cyber incidents. Your chosen firm should
have professionals on call 24x7 to help you with
any kind of attack along with specialist in getting
you back in business.
16
REIC Exchange, Summer 2021
CYBER THREATS - PROTECT
YOURSELF
REIC 2270: Consumer Behaviour &
Negotiating
•
December 13-15
REIC 2280: Legal Issues in Real Estate
•
September 8-9
•
December 1-2
REIC 2351: Elements of Mortgage
Management
•
November 1-4
REIC 2360: The Leasing Process
•
September 13-17
•
October 18-22
REIC 2361: Negotiation & Documentation
in Commercial Leasing
•
November 1-5
REIC 2600: Ethics in Business Practice
•
August 25, September 1, and October 27
•
October 13-15
•
November 24-26
•
December 15-17
Real Estate Negotiation Expert
•
November 8-9
RES201: Successful Site Management
•
September 14-15, 16-17
•
November 18-19, 25-26
HRS402: Leading a Winning
Property Management Team
•
November 9-10
MKL405: Marketing & Leasing: Multifamily
Properties
•
November 17-18
MKL406: Marketing & Leasing: Office
Buildings
•
September 28-29
MNT402: Managing the Physical Asset
•
October 6-7
FIN402: Investment Real Estate Financial
Tools
•
August 18-19
•
November 15-16
ASM600: Investment Real Estate
Financing and Valuation -
Part 1, 2 & 3
•
September 20-24
•
December 6-10
MPSAXM: Management Plan
Skills Assessment
•
October 4-5
SRS: Seller Representative
Specialist Course
•
August 26-27
17
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UPCOMING REIC COURSES
FLEXIBLE AT HOME
LEARNING FOR YOU
Optimize your learning with REIC's home study option. Learn at your own pace and schedule.
•
ASM600: Investment Real Estate Financing and Valuation
•
HRS402: Leading a Winning Property Management Team
•
CID201: Successful Condominium Management
•
FIN402: Investment Real Estate - Financial Tools
•
RES201: Successful Site Management
•
MKL405: Marketing and Leasing: Multi-Family Properties
•
MKL406: Marketing and Leasing: Office Buildings
•
MNT402: Managing the Physical Asset
www.reic.ca/homestudy
18
REIC Exchange, Summer 2021