A recent thread on a popular Facebook Realtor group raised the issue of Ransomware. The MLS in the city of Sacramento had its MLS hacked, and held for ransom. The city of Baltimore had all of its software hacked and held for ransom.
The original poster of the thread posited that it was a good idea for every MLS to put $25,000 in bitcoin, in preparation to be able to pay the inevitable ransom demand.
1) I called "bull-puckey"... I don't believe in paying terrorists, and this would qualify. It sets a horrible precedent, and it's just a stupid idea in the long run, for a short-term fix. (not to mention that Bitcoin is wildly volatile, and that $25K set aside could be worth $300 in a matter of a few days).
2) I suggested the money be better spent to invest in redundant back-up systems, and written policies and plans on the part of the listing service, to determine how to react and what to respond if the worst-case scenario arrives.
It made me wonder if our MLS (Midwest Real Estate Data, LLC) had any of those... redundant back up systems, written policy, and/or a plan on how to deal with a hijacking.
I checked in with Kristina at MRED, and no surprise... they DO have a written policy/plan, they DO have redundant back-ups, and even more.... they have Cyber Insurance to cover them in the case of an attack.