The National Association of REALTORS® has launched a new program to help REALTORS® compare, get quotes, and purchase cyber liability insurance plans from carriers who understand the needs of real estate professionals.
According to the FBI, about 11,300 people were the victims of wire fraud in real estate in just 2018, equaling more than $150 million in losses. By 2021, the FBI expects more than six trillion dollars in cybercrimes to be committed globally.
As in other industries, determining what type of insurance is needed to protect businesses in the event of an online attack has proved difficult. NAR partner CyberPolicy will deliver customized insurance plan options to help REALTORS® get back to business after a cyberattack or fraud occurs.
NAR encourages brokers to continue educating agents about ways to reduce risk and exposure. Cyber liability insurance can offer another layer of protection. Visit nar.realtor/cyberpolicy to learn more about the program.