A first step in identifying the digital risks buildings face and planning next steps to address them
Free access to everything that you need to get on the front foot with digital risk in buildings.
For professionals who need more depth and to stay up to date, there is a professional subscription package.
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Are you aware of the digital risks that your building faces?
This kit helps you to take the first step in identifying them.
We brought together leading experts to compile common risks into one place so that you can quickly identify those relevant to your building and what action may be needed.
For professionals, subscribe to get more detailed risks and keep up to date as digital risk evolves.
With the growing use of technology, the digital risks that buildings face will be moving to the top of the agenda for building owners, users and managers.
Every professionally managed building should move toward having a risk register that considers the wide range of digital risks a building and its users face, with steps to mitigate them. Toolkits such as this will help people take the first steps in addressing this.
Paul Bagust - Head of Property Standards, RICS
WHAT IS DIGITAL RISK
Technology in buildings presents substantial risk. Today, building owners, managers or users must get on the front foot with these risks.
WHAT IS RISK?
As we start reviewing the risks that we face, it is worth defining what we mean by a risk and therefore what we should include on the risk register. According to the International risk standard (ISO 31000:2018) a risk is:
"effect of uncertainty on objectives"
WHAT IS DIGITAL RISK?
Digital risks are simply those uncertainties that exist in an ever more digital world. It is not just the risk of technology itself, but the wider risks that we face as society embraces technology.
These risks might include how we manage the building or its brand, the viability of the business models used, changing customer expectations or hidden bias in the data we use.
"Digital risk is not just about technology, it is the risks to our buildings in a digital age"
WHEN IT GOES WRONG
hvac cyber attack
A US retailer was victim of a huge data breach when malware was used to steal data on around 40 million debit and credit cards. The sector was shocked when it was revealed that the hacker's entry point was through the retailer’s HVAC supplier, highlighting the vulnerability of online HVAC systems to a cyberware attack.
The Berlin Commissioner for Data Protection and Freedom of Information issued a record fine against a German real estate company for GDPR violations in 2019. The fine was imposed on the company for its failure to comply with basic data protection principles regarding the personal details of its tenants.
A global bank came under widespread criticism when it started monitoring the activities of staff in their office. The computer software was intended to monitor the effectiveness of people's time at their desks but the system discouraged staff from taking any breaks at all, leading to a backlash from staff.
In 2019, the media reported that cameras in the Kings Cross area were using live facial recognition technology. The property developer faced criticism from the general public and privacy campaigners and the ICO launched a major investigation into its use of the technology.
ABOUT THE TOOLKIT
As property professionals we are confronted with new technology seemingly every day, but for all the opportunities and benefits that these can bring, it can be hard to get our arms around the risks. This starter-kit helps you do just that. Whether taking the first steps or going into detail, whether you have an established risk governance program or starting from scratch this kit will help.
The 'Digital Property Risk' starter-kit is a simple starting point for anyone to identify the digital risks buildings face and take the first steps towards managing them. For professionals, subscribe for more detailed risks and to stay up to date as the topic evolves.
Who this is for:
Identification of the high level digital risks that your building might face.
Suggested templates and processes to manage the risk if you should need them.
Suggestions of next steps to take.
If you are a professional, subscribe for
More detailed risks in downloadable format.
Regular updates about digital risk in the property market to keep you up to date.
What you get:
You will already be adept at understanding the risks that can happen in IT, for example you may be familiar with ITIL.
However, technology professionals are being asked to take more and more responsibility for the wider digital risks across buildings and portfolios. This starter-kit will help you to ensure that all the risks that you are asked to be responsible for are clear.
You will already have established risk processes in place, but keeping up to date with all of the latest technology risks to make sure that they are included can be challenging.
This toolkit provides you with in depth insights to ensure that your risk processes continue to capture the ever evolving digital risks that buildings face.
The Property Digital Risk toolkit is created by Alpha Property Insight and has been developed by experts with different perspectives of the use of technology across the property sector and built environment. More details about the authors and advisors involved may be found below.
Dan is a thought leader in the use of data and technology in the property sector. Dan has worked across all assets types and stages of the lifecycle and has held senior roles at organisations including MSCI, Ordnance Survey, DTZ (Cushman & Wakefield) RICS and KONE. Dan now leads Alpha Property Insight and is Founder of the Real Estate Data Foundation.
Martin is an experienced Head of Internal Audit with a track record of protecting revenue, highlighting and mitigating risk, and supporting management in controlling their business to achieve corporate success.
Martin has held senior risk roles at a range of organisations including Legal & General, Wates Construction, RICS, Berkeley Homes and Royal Bank of Scotland
DR TOM WAINWRIGHT
Tom holds a PhD where he investigated the development of new strategies and innovations in the financial services sector. In 2010, he began a Postdoctoral Fellowship at Kingston University, where he worked on consultancy projects for Barclays Bank and other stakeholders, such as Eurofound. Today, Tom is Reader in Strategy and Entrepreneurship at Royal Holloway, University of London where much of his research and interest focuses on PropTech