Cyber theft is an ever-growing problem that is affecting many business sectors across the globe. Kevin Davis Insurance offers cyber liability insurance that can help your community association in the event of a network security breach. Hackers are usually in search of monetary information from both the community association itself and also from the renters that reside in the community.
There are a few ways a hacker will attempt to steal your community association’s information. They may break into your company’s computer system and steal bank or vendor payment information. Once they have these confidential figures, they can withdraw funds or even hold the information at ransom. A less-recognized breach may occur if the criminal steals a physical item, such as a laptop or cell phone, and withdraws banking data from the device. No matter which method a hacker uses, a data breach can be a devastating situation for any community association.
If a data breach occurs, the community association may be held liable for certain damages. A cyber risk policy from Kevin Davis Insurance can help alleviate the financial burden by providing coverage for potential repercussions such as credit monitoring, defense costs, public relations campaigns and fines incurred. Help protect your community association with a cyber liability insurance policy.