Popular cybersecurity threats to condo managers

Sophisticated cyber-attacks involving malware, phishing, cryptocurrency, machine learning and artificial intelligence, among others, have continued to place the data and assets of corporations, governments, and individuals at constant risk.

Cyber-attacks keep evolving, with new variations and techniques unveiled every year, as hoodlums try to benefit anyhow they can from vulnerable business systems. If you have multiple devices connected to the same network in your office or the condos you manage, and a hacker gets access to one device, they could break into all of them.

Just like the corona-virus outbreak, cyber-attacks can be referred to as pandemics with sophisticated malware wreaking havoc on a global scale. These attacks can spread rapidly from one computer or network to another and has the potential to put its victims out of business. Damages related to cybercrime are projected to hit $6 trillion annually by 2021. The condo-management industry is not exempted as it seats on a mine of data and resources. 

Here is a closer look at the most significant cyber-security threats to watch out for in 2020.

IoT Attacks

The number of devices connected to the Internet of Things (IoT) is expected to reach 75 billion by 2025. This connection includes laptops, tablets, routers, webcams, household appliances, smartwatches, medical devices, manufacturing equipment, automobiles and even home security systems. As internet-connected devices make our lives easier, they make us vulnerable to cyber invasions as they lack the standard security features. These can be easily used by hackers to create havoc, overload networks or lock essential equipment for financial gain. 

Insider Threats

The 2019 Verizon Data Breach Investigations Report revealed that 34 percent of breaches involve internal actors. Insider threats involve malicious attacks and the negligent use of systems and data by employees — it could be a lost laptop, mistakenly emailing a sensitive document to the wrong person, or executing a malicious Word macro. To protect against these threats, organizations should quickly and accurately detect, investigate, and respond to issues that could be indicators of insider attacks.


Malware is a term used to describe malicious software, including spyware, ransomware, viruses, and worms. The network is breached through a vulnerability, typically when a user clicks a dangerous link or email attachment that then installs risky software. Once inside the system, malware can block access to components of the network, install malware or additional harmful software, covertly obtain information by transmitting data from the hard drive(spyware), disrupt components and render the system inoperable. 

Man-in-the-middle attack

MitM attacks occur when attackers insert themselves into a two-party transaction. Attackers can insert themselves between a visitor’s device and the network on an unsecured public Wi-Fi, or an attacker can install a software that processes all the victim’s information. Interrupting the traffic enables the attacker to eavesdrop, filter and steal vital data. 

Hackers continually become increasingly sophisticated in their use of technology and human psychology to exploit found weaknesses. 

The severe shortage of skilled cyber-security professionals remains a cause for alarm since a strong, smart digital workforce is essential to combat cyber-security threats emanating from all around the globe. From building impenetrable networks to equipping your staff with necessary security consciousness, Mycondolink offers security and network solutions that cater to every aspect of cybersecurity for the condo management industry.

Email  info@mycondolink.com or call  647 367 2277 to discuss your company’s security today.

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