Commercial real estate managers are under intense pressure to increase corporate profit margins. It’s a challenging task:
To achieve this goal, they have to maintain high occupancy levels, invest in the right markets at the right time, deliver projects on time and on budget, and control operational costs – all while strategically planning growth or diversification.
It’s even more challenging because of economic conditions. Budgets are tight, employee morale is generally low and most organizations are doing more with less. The result: a higher potential for errors. In its sixth annual survey of global financial institutions’ information security efforts, Deloitte Touche Tohmatsu describes human error as today’s greatest security risk. “In today’s unsettled financial environment, employees maybe disgruntled, worried or otherwise distracted and as such security vigilance is ever more vital,” it warns.
It urges financial institutions “to be vigilant in protecting their data and implementing checks and balances to reduce the risk and potentially catastrophic consequences of security failures.” The potential problem is just as real for CRE professionals, who routinely deal with massive amounts of potentially sensitive financial data. So what’s the solution?
How are commercial real estate firms who are already struggling to boost profits with fewer resources minimizing the risks of security breaches and data loss? Does the bottom line hinge on better technology or using more experienced, better trained employees to manage existing technologies?