Why Does My Community Association Need Cyber Insurance?

By: Tiffanie Thompson, SentryWest Insurance

​The manta in the cyber world is:  It’s not a question of IF an association will suffer some kind of data breach- but WHEN.
Cyber criminals are not looking for a huge payout – they want an easy target.  Community Associations have two things they want: 1) personal homeowner information and 2) money.  Associations are even more attractive because most lack security measures that larger corporations utilize.
Consider a few different possibilities:

• The treasurer of an association receives an email that appears to be from a vendor requesting funds be transferred for work performed. The treasurer transfers the funds as requested. Later it is discovered a thief was impersonating the vendor and the funds were transferred to the thief’s account.
• A board member or manager loses their laptop, which contains association bank account numbers and passwords.
• A cyber-thief hacks obtains access to an association’s records and obtains personal information about homeowners.
• Online payment options
• Have a website or utilize social media

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