The National Association of REALTORS® announced a new cyber liability insurance program designed to meet the unique needs of real estate professionals.
As NAR continues to combat the escalating threat of fraud in the industry by offering educational and preventative resources for members, a new partnership with CyberPolicy® will help REALTOR®-owned brokerages efficiently compare, quote and purchase quality cyber insurance plans with exclusive member benefits. REALTOR®-owned brokerages will have access to this NAR program, which features exclusive premium discounts and enhanced cyber liability insurance coverage from a select group of carriers who understand the unique needs of real estate professionals.
As the real estate industry remains highly vulnerable to cybercrime, determining which type of insurance is needed to protect businesses in the event of an online attack has proven difficult for brokers and professionals across other industries.
“Cyber security threats are fast-growing in the U.S.,” says NAR CEO Bob Goldberg. “It is critical for our members to understand the latest risks and stay ahead of criminals seeking to exploit them and their clients. It’s clear that there is more our members must understand to avoid these situations and to be prepared if an attack occurs. CyberPolicy will provide access to a key piece of that puzzle through a specialized program that we created with them specifically for our members.”
“The real estate industry remains highly vulnerable to cybercrime, but determining what type of protection and insurance you need to best defend your business in the event of an attack can be a challenge,” says Keith Moore, CEO and founder of CyberPolicy. “We’re thrilled to partner with NAR to offer a tailor-made solution for REALTORS® that provides them with the right cyber liability insurance to meet their needs.”
According to FBI data, about 11,300 people were victims of wire fraud in the real estate and rental sector in 2018, totaling more than $150 million in losses nationwide. The FBI expects more than $6 trillion in cybercrimes to be committed globally by 2021. Every weekday in the U.S., 5,000 phishing emails are sent out from more than 115 countries around the world.
Through this partnership, CyberPolicy will begin delivering customized plan options that meet the unique needs of NAR members, including essentials like third-party (or client) phishing fraud and coverage for situations where an individual’s email is hacked for wire fraud purposes. Insurers will help REALTORS® quickly restore operations after a cyberattack or fraud occurs, as they work with them to recoup losses and legal costs, recover stolen data and preserve professional reputations.
While brokers must continue to be vigilant in educating agents about ways to reduce exposure, cyber liability insurance offers another layer of protection. Visit nar.realtor/cyberpolicy to learn more about this program, available exclusively through NAR’s REALTOR Benefits® Program.