Most commercial real estate developers and managers need to devote more resources to cyber security in order to satisfy their investors, their tenants and their own company’s needs.
In a recent survey of 600-multi-tenant U.S. commercial buildings, 81 percent of occupants said they feel secure in their workplace, however 32 percent had developed heightened security concerns recently. Most buildings are prepared for fires, natural disasters and active shooters, but just 30 percent had cyber defenses, according to “The Tenant Experience: Building Managers and Tenants Look at the Future Through Different Eyes” by Building Engines. One quarter of survey respondents said they plan a significant increase in cyber security spending in the next two years.
Meanwhile, the “2019 Commercial Real Estate Outlook” reported that CRE investors and operators are increasingly factoring cyber security into the way they assess risk.
“The growing use of IoT technologies, such as wearables and sensor-enabled building management systems, could broaden the attack surface of hackers, increasing access to sensitive data that can cause financial and reputational damage,” the Outlook states.
Many CRE companies, the Outlook added, are struggling to find satisfactory ways to balance cyber security with the adoption of those technologies.