Data Breach

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
  • Phishing
  • Viruses

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.

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