Cyber Security and Community Associations

By: April Ahrendsen is a Vice President with CIT, a division of First Citizens Bank

Are community associations at risk of a cyber-attack? The short answer is yes, but let me list out all the main reasons why:
 

• Community associations typically have a large amount of operating and reserve funds
• Community associations are overseen by people that are usually not cyber security experts
• Community associations keep lots of sensitive data on computer software programs

 
Those reasons are enough of a motive for a criminal to target a community association for a cyber-attack. If a 21-year-old was able to use an unprotected router to hack one of the largest wireless carriers in the United States, then it is clearly possible for a community association to get hacked as well. The criminal who stole data on 50 million wireless customers said, “their security is awful.” Many of us may have likely had our personal information compromised through cyber-attacks and data breaches, but what would that look like for a community association? Imagine staff computers not working because they have been hacked. Bookkeepers who cannot log into online banking because their passwords have already been changed. Wire transfers showing HOA reserve funds that have already left the bank. Homeowner names, addresses, and bank account numbers all for sale on the dark web. I want to intentionally paint a scary picture because a cyber-attack is a scary situation, and if it can happen to one community association then it can happen to a lot more. It is nearly impossible to be 100% bullet proof from a cyber-attack, but my goal is to make you a smaller target through these strategies.

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