AIC VIC & Ignite Systems – 05/07/2024
Taking action to combat property transfer cyber fraud costing millions each year, the Cyber Security Hub is an innovative approach empowering Victorian conveyancers to keep property transactions safe and secure.
The property transfer industry has increasingly been in the crosshairs of cybercriminals, with high-profile cases involving losses of hundreds of thousands of dollars. Scammers are tricking home buyers into transferring deposits and settlements into a bank account controlled by the scammer. The total cost of payment redirection scams for Australians in 2023 was $91.6 million, according to the ACCC’s Scamwatch.
The property transfer industry involves conveyancers, real estate agents, lawyers and mortgage brokers and because many work in small businesses which struggle with cyber security, they are prime targets for cybercriminals.
Recognising the urgent need for action, the Australian Institute of Conveyancers Victorian Branch (AIC Vic) teamed up with cyber security service provider, Ignite Systems, to launch a groundbreaking initiative to protect Victorian conveyancers from cybercrime.
“To date the property transfer industry has relied on cyber security education and training to help small businesses but this has failed, so it was time for a new more radical approach,” says Shakila Maclean, AIC Vic President. “Our members needed more than just information; they needed practical, enabling services to implement effective cyber security measures.”
The Cyber Security Hub takes a more holistic approach by including access to professional cyber security services tailored to small businesses, so conveyancers are empowered to deal with the full cyber threat lifecycle.
Designed for non-technical users, the ‘Securing Your Future’ guide outlines 12 critical cyber risks along with mitigation measures and clear pathways for implementation. The ‘Cyber Risk Essentials Online Health Check’ allows members to regularly assess their progress, while ready-to-use templates for policies and procedures help fast-track compliance.
What sets the Cyber Security Hub apart is the ability for conveyancers to access the ‘CyberBasics’ managed cyber security service. By integrating seamlessly with a conveyancer’s existing IT arrangements, this service provides a simple and easy way for members to jump-start their cyber security improvement journey.
In the unfortunate event of a cyber incident, members have access to an incident response fact sheet, offering a practical checklist for immediate actions, including reporting options and legal advice. In addition, there is access to a secure recovery service to help conveyancers get back on their feet, by ensuring their IT systems are thoroughly cleaned and safe to use again, with potential vulnerabilities identified to prevent future attacks.
“With the Cyber Security Hub, our members now have a practical pathway for addressing their cyber risks,” Maclean says. “Combining this with access to practical, cost-effective professional cyber security services, means their clients and their businesses will be better protected.”
“Providing conveyancers with cyber security information and access to professional cyber security services endorsed by the AIC Vic, is genuinely unique,” says Ian Bloomfield, Ignite Systems Managing Director. “We are proud to partner with AIC Vic on this pioneering project. Our goal is to provide conveyancers with affordable world leading cyber threat protection, so they are equipped to handle the increasingly sophisticated cyber threats of today’s digital landscape.”
About AIC Vic
The Australian Institute of Conveyancers Victorian Branch (AIC Vic) represents licensed conveyancers in Victoria, advocating for their professional interests and providing members with essential resources and support.
About Ignite Systems Ignite Systems is a leading provider of managed cyber security services, specialising in delivering tailored solutions to small and medium-sized businesses
Media Contact:
Australian Institute of Conveyancers Victorian Branch (AIC Vic)
Herisha Wijesurendrage, Marketing Coordinator
Marketing@aicvic.com.au
(03) 9328 8175
Ignite Systems
Ian Bloomfield, Managing Director
ian.bloomfield@ignite.com.au
(03) 9379 4360