In a time when cyber threats have increased in the real estate industry, RentSpree, the industry's premier end-to-end rental management software provider, has shown its sincere commitment to protecting its operations and its valued customers. RentSpree recently announced we achieved System and Organization Controls (SOC) 2 Type II compliance. This not only signifies our dedication to data security but also positions RentSpree as frontrunner during these challenging times.
An industry under attack and the urgency for security measures
Recent cybersecurity incidents, including those involving title insurance giant First American Financial, Fidelity National Financial and a cyberattack earlier last year crippling critical Multiple Listing Service (MLS) services, emphasize the vulnerability of the real estate sector to cyber threats.
Cybersecurity statistics across all industries reveal a stark reality with 2,200 cyber attacks per day, and an attack happening every 39 seconds on average, according to security company Astra. The financial impact is significant, with a data breach costing an average of $9.44 million in the US, Astra’s numbers show.
While the real estate industry may seem an unexpected target for cyber attacks at first glance, it possesses valuable information that cybercriminals seek. Files containing bank account information and other personal details of property buyers and sellers as well as renters make real estate organizations, irrespective of their size, susceptible to cyber attacks.
The gold standard for data security
SOC 2 Type II compliance is acknowledged as the leading data security standard for Software as a Service (SaaS) providers. It entails a rigorous process that ensures a company securely manages data, providing a shield for both the organization and the privacy of its customers. Developed by the American Institute of Certified Public Accountants, the SOC 2 Type II audit meticulously evaluates a company’s controls. RentSpree's audit report, issued with a "clean" opinion from national audit firm Sensiba LLP, stands as a testament to the company's robust security measures.
Jonathan Holland, Chief Technology Officer at RentSpree, emphasized RentSpree's unwavering commitment to security: "While we've consistently prioritized the security of our platform, having this affirmation from a nationally-recognized third-party auditor adds further validation that we are implementing the necessary measures to safeguard our systems and users."
Navigating the future with security at the forefront
RentSpree's SOC 2 Type II compliance sets a standard for the industry, signaling the importance of prioritizing data security. As cyber threats continue to evolve, the real estate sector must remain vigilant and proactive in fortifying its defenses. RentSpree's commitment to security, exemplifies the proactive stance necessary to navigate the challenges of an interconnected and digitized real estate landscape. In a world where data is both an asset and a target, RentSpree is committed to ensuring a secure and trustworthy rental management experience for all stakeholders.