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A leader in the proptech space is imploring the industry to prioritise risk mitigation in the face of potential major cyber attack hits.
Reflecting on the recent Medibank data leak, which saw the sensitive information of nearly 10 million customers breached, Damon Pezaro acknowledged that that event could cost insurers upwards of $5 billion.
The former chief product officer of Domain Group who has recently been appointed to the board of Livesign, which is owned by thelawstore.com.au, said that with the real estate industry “holding arguably one of the largest data sets in Australia, requiring 100 points of identification to rent, buy, or invest in property, which then needs to be kept on file for seven years, it is high time that we understand how to protect our real estate industry from becoming the next target of a major identity theft attack.”
According to Mr Pezaro, the risk to the industry “is material and could materialise in the form of a multi-billion dollar class action lawsuit.”
As a result, he is warning that the profession can’t ignore the impact such an event could have on end consumers — buyers, sellers, property owners, and renters.
He shared: “If years of experience in the real estate sector has taught us anything, it is that the industry has constantly adapted to the changing environment it finds itself operating within. And it does so whilst staying deeply focused and committed to meeting the needs of vendors and buyers.”
“What does concern me a great deal when looking at the growing number of high-profile cyber attacks is that within a fast-paced, changing environment, sometimes key risks are overlooked and/or are not seen as priorities.”
Flagging the increasing competitiveness of the sector and the continual adoption of digital solutions, Mr Pezaro argues not enough focus is being placed on “what increasingly risks becoming a serious problem for the sector.”
Mr Pezaro believes that “we, as an industry, need to seriously address the way in which we conduct the verification of [the] identity of our customers along with the process to manage and store the information once the verification has been approved.”
“If we don’t act soon, the Australian real estate industry could very well be heading towards their own crisis.”
Imploring a proactive approach by industry, peak bodies and government representatives, the director again stressed the need to act before a major cyber attack does take place. He suggested, “it is time for the sector to take action and adopt solutions that address the key challenges faced by the industry in this regard.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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