Digital creates both opportunity and risk for ‘bricks and mortar’, says RICS

However, this transformation, due to its reliance on digital infrastructure, creates vulnerabilities such as cybersecurity risks and data privacy concerns, as well as potential system failures and malfunctions.

These risks require careful management and for the sector to rethink its approach to buildings. In the report, Knight Frank partner Robin Stevenson describes the property industry as a “sleeping giant in the world of cybersecurity risks”.

Clifford Chance partner Matt Taylor adds: “Modern buildings are no longer just ‘bricks and mortar’ or ‘glass and steel’ but should be seen as complex hardware, with interdependent physical and electrical components and a variety of operating systems.

“We readily accept and demand that the phones we have in our pocket need a robust approach to cybersecurity and data security, yet little thought is given to the buildings we occupy on a daily basis.”

The report explores digital risks in buildings, as well as proposing strategies for managing them. It also cites work from RICS last year, in which 27% of respondents said their building had experienced a cyber attack in the past 12 months.

The report covers many issues, including: the phasing out of copper wires; sensor lifetimes; when software becomes unsupported; hardware or MEP system failure; personal and commercial data management;  cyber attacks and safety systems; security and personal or corporate espionage; deepfakes; phantom cyberattacks; managing networks.