Page 7 - RC21 EDGE Summer Issue

machine can end up asking you for ransom–that’s enough to get the world’s attention in the morning. Which begs the question, can it happen to you? Do your assets have similar vulnerabilities?
In real estate, technology is a moody partner. It brings great gifts and can be a best friend on most days, but
it can stab you in the back on a bad morning when the “systems are down.” Even so, commercial real estate owner and occupiers are buying and using rapidly advancing PropTech data and hardware technologies to enable smart homes, buildings, cities, and infrastructure to be more efficient and effective. “Smart” is defined
as any device or system connected into the Internet
of Things (IoT) to be centrally controlled, managed,
or monitored. The PropTech industry is exploding
with new technologies for the built environment to be more responsive to tenant needs, sustainable, energy friendly, and clean. PropTech automated solutions that allow owners and operators to increase marketing and
A smart TV or even a thermostat could be turned into a listening device for sensitive conversations.
operations efficiency and enhance value extraction while enhancing the tenant experience. All have positive impacts to net operating income, but at what risk?
A smart device can be compromised through a weak router, malware, internet interface, or even wireless commands. The digital commands embedded in
these “smart” devices (firmware) can be made to do things that were not intended. A smart TV or even a thermostat could be turned into a listening device for sensitive conversations. Those elevators monitored by security at the front desk can also be controlled by a bad actor wanting a ransom. Same with cipher locks, security cameras, fire suppression, and other building systems. Electricity can be shut off or surged to destroy equipment. As seen in the pipeline attack, a threat
can spread to every corner of a business operation immediately. A bad day can happen to anyone who hasn’t taken the time to assess and subsequently mitigate that risk. And who bears the liability?
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