NAR Announces New Cyber Liability Insurance Program for Realtors
CHICAGO (February 20, 2020) -- The National Association of Realtors this morning announced a partnership with CyberPolicy to deliver 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 real estate industry by offering educational and preventative resources to members, the partnership will help Realtor®-owned brokerages efficiently compare, quote and purchase quality cyber insurance plans from a select group of carriers who understand the unique needs of real estate professionals and offer exclusive NAR member benefits. "Cyber security threats are fast-growing in the U.S.," said NAR CEO Bob Goldberg. "And while some progress has been made to increase awareness and prevention efforts, 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 created specifically for our members." Determining which type of insurance is needed to protect businesses in the event of an online attack has also proven difficult for brokers and professionals across other industries. "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," said Keith Moore, CEO and Founder of CyberPolicy. "We're thrilled to partner with NAR to offer a tailor-made solution for Realtors® that provides the cyber liability insurance needed 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 six trillion dollars in cybercrimes to be committed globally by 2021. Every weekday in the United States, five thousand phishing emails are sent out from more than 115 countries around the world. Through this partnership, CyberPolicy will begin delivering customized plan options to help Realtors® quickly restore operations after a cyberattack or fraud occurs, as insurers work with them to recoup losses and legal costs, recover stolen data and preserve professional reputations. While NAR encourages brokers to continue educating agents about ways to reduce risk and exposure, the nation's largest trade association contends that cyber liability insurance offers another critical layer of protection. Visit nar.realtor/cyberpolicy to learn more about this program, available exclusively through NAR's REALTOR Benefits® Program. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.