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Storing data can feel like an expensive waste of time, but national network McGrath believes the investment may be their saving grace.
Over the past two years, the group has undergone an ambitious technology transformation.
In 24 months, the company migrated all its data from cloud-based provider Commvault to Microsoft 365 and Azure, in order to add an extra layer of security to their operations.
Data storage can often feel like a waste of money. Like the plumbing and electrics of a new house, the result of this investment is invisible to the everyday user.
But skimping on data security can come back to bite you in the wake of a cyber attack.
As well as protecting against ransomware attacks, compliant data storage is crucial in the case of a government audit.
Without adequate data storage systems, an agency could be at risk of violating data protection and retention regulations, putting their agents at risk of fines, loss of licence, and criminal charges.
While high-quality data storage solutions are a must, cost-effectiveness is still an important consideration for real estate agencies.
But those costs must be weighed up against costs associated with cyber attacks, given a recent surge in attacks that can span data theft, malware, DDoS attacks, credential stealing, business email compromise, and ransomware.
As real estate companies the country over migrate to the cloud for advanced storage and communication solutions, they need to "ensure incident response and recovery - a core element of cyber security - evolve at the same place the business evolves," advised Tony Anscombe, the chief security evangelist at ESET.
Stressing how crucial it is to prepare for an incident, he acknowledged the shift to cloud technologies requires "a different approach by cyber defenders in order to keep the company safe as it transforms."
And while storing data is important - it's just as important to ensure agencies are not storing unnecessary data.
REB's sister platform CyberDaily has recently warned that the storage of unnecessary data can also leave businesses liable to legal action and reputational damage.
Brenton Steenkamp, a cyber partner at Clayton Utz, has warned businesses against being 'cowboy' with their data policies - with governments across the globe tightening regulation around businesses to ensure they are safely and ethically storing data.
He told Cyber Daily: “If you can’t answer: why do I have a need for this data? What is the business case for storing a specific set of data? And what is the compliance around holding that data? Then you’re going to open the door to potential regulatory fines. Then you’ll have the second tsunami of class action lawsuits."
“Businesses must continually assess the need, the operational requirements and the compliance requirements for a set of data. If you meet these requirements, then ensure that you are taking the precautionary measures to reasonably safeguard that data.”
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