Safeguarding Your Condominium Against Cyber Risk

Condo associations are responsible for maintaining a lot of personal and financial information on behalf of their memberships. In addition, an associations operating and reserve accounts are typically managed using an online banking platform or a software program that can be accessed online. Accordingly, every association needs to take proactive measures to safeguard its memberships funds and personal information from cyber breaches.

Establish Effective Policies to Prevent Data Breaches

One of the most important ways that an association can protect itself from a cyber breach is to create a written information security plan (WISP) outlining policies and procedures that will be used to prevent its accounts and data from being infiltrated. Cyber security procedures may include using secure logins, maintaining effective firewalls and antivirus programs, and encrypting sensitive communications.

Obtain Insurance Coverage that Addresses Cyber Liability

Its critical for all condominiums insurance coverage to address condo association cyber risk. You should work with an insurance provider who can offer you a policy thats specifically geared towards safeguarding against digital threats to your memberships funds and personal information. In addition to the direct losses that result from a cyber breach, this type of policy can help cover costly consequential damages. Examples of consequential expenses may include forensic investigations, mass notifications to members about breaches, or regulatory fines.