What is the Importance of Cybersecurity in Multifamily IoT?

When discussing cybersecurity in Multifamily housing, there are a wide range of attitudes from “What’s a hacker going to find out? That I keep my thermostat at 72 degrees?” to “All technology is susceptible to hacking,” and everything in between. 

These mindsets do not fully consider the security risks and vulnerabilities as well as prevention and protection measures against them in the Multifamily IoT space. 

Cybersecurity must be at the forefront for Multifamily IoT solutions providers, developers, and consumers. 

A careless attitude towards security can harm IoT adoption across all industries. The 2014 Target data breach occurred because bad actors gained access through stolen credentials from one of Target’s HVAC subcontractors. As a result, Target could face losses of over $400 million, not to mention the fear and hassle felt by millions of affected consumers. 

An anti-smart technology stance is understandable, but as Multifamily IoT becomes more prevalent, it is important to be well-informed of security measures around privacy and data security. 

To get the conversation started, here are some articles that explain good questions to ask to better gauge security. 

As a bonus, this article about password managers explains a security measure an individual can take. 

As Multifamily IoT touches and facilitates processes based on sensitive Resident information, it is crucial that all stakeholders are knowledgeable of what questions to ask to better determine the security of solutions providers. 

About STRATIS

STRATIS®, a RealPage Company, creates smart apartments and intelligent buildings and is the only platform of its kind built for the complexities of multifamily and student housing. STRATIS is installed worldwide across the U.S., in Japan, the UK, EU, and Latin America. STRATIS now serves hospitality, retail, and small to mid-size commercial, as well. STRATIS is an Inc. Magazine “Fastest Growing Company in America” and a Top Ten Entrepreneur Magazine “Best Company in America.” STRATIS was recently acquired by RealPage to enable CommunityConnect, a more connected lifestyle, and unleash hidden yield through new revenue streams.

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