Do your property managers and community association boards think they’re safe from any significant exposures to cyber risks? This is often the case, but the truth is they’re not. It is important to emphasize to them that exposures to potential cyber-liabilities are lingering near if they participate in such activities as advertising on the internet, storing pertinent tenant records electronically or using software that is hosted remotely on the “cloud”. In today’s world, there is no way to avoid cyber-risk which is why your property managers need the proper cyber liability coverage.
Examples of Cyber Risks for Property Managers:
- Did you lose your smart phone or tablet computer that has access to your company’s server? Well, that means you’re at risk for a cyber-breach.
- Does a disgruntled ex-employee have access to your system? You’re at risk for a cyber-breach.
- Did you open spam mail thinking it was a legitimate email and now your computer has a virus? Yes, you guessed it; you’re at risk for a cyber-breach.
The list goes on and on of potential cyber-threats. There is no way to avoid all of evolving challenges posed by cyber-related risks. LinkedIn.com recently found this out the hard way as they are being sued for $5 million dollars for the security breach to their system.
The best way to deal with this problem is to have the proper coverage in place. The Cyber Liability coverage offered by New Empire Group is designed to protect the Insureds, Condominium Associations, Apartment Owners and Property Managers from security breaches that can result in a financial loss for their organization. Feel free to contact us with any questions you may have regarding our Cyber Liability Program.
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