Cybersecurity and Community Associations

Community Association cyber risk is lower than other industries, but it still presents a risk to associations everywhere.

Kevin Davis Insurance Services provided the four most common cyber risks to associations:

1. Cyber Crime – Loss of Community Association Funds
2. Ransom Demands – Extortion payments to restore access to the data
3. Data Breach – Loss of data, including name, social security number, banking information
4. Third Party Cyber Losses – Board’s failure to protect data, funds or individuals

Small actions can make a big difference. That’s why we’re focusing on the Core 4 – Four easy steps anyone can take to boost their online safety:

• Use strong passwords and a password manager 
• Turn on multifactor authentication 
• Recognize and report scams
• Update your software 

Cyber coverage can be provided to community associations via a liability policy, Directors & Officers policy or standalone policy. During Cybersecurity Awareness Month, please take the time to review your cyber coverages with a Deeley agent and Be Sure.