With our ever-changing world, data breaches and cyber crimes are happening more and more. Even community associations are vulnerable to cyber crimes.
Cyber criminals can send malware to a board member's computer or hack into the computer system of the management company, leaving all stored information of the residents at risk.
The most common cyber attacks to associations are:
- E-Mail Scams
Ways to avoid cyber attacks are having strong passwords, backing up crucial data and being cautious of unknown or suspicious e-mails.
Even the most careful association could be a victim of a cyber attack, making Cyber Liability insurance for community associations a very popular coverage. The policy provides coverage for:
- Forensic costs of determining how the breach occurred
- The cost of fixing the breach
- Regulatory fines
- Cyber extortion
- Defense costs from potential lawsuits
- Notifying and compensating all affected parties
Many people believe it is not a matter of if you will be a victim of a cyber crime, but when. Having the proper safety precautions to prevent a breach and the proper insurance coverage in the event the breach does occur are key.
Contact Park & Associates to learn more about our cyber liability coverage options.