OUR CYBER RISK INSURANCE
FOR COMMUNITY ASSOCIATIONS IS
A CLICK AWAY

Cyber or data breaches have become increasingly commonplace today, a risk that wreaks havoc for businesses and organizations throughout every sector including the community association sector. In addition, hackers are becoming more sophisticated with the cost of cyber threats escalating, requiring robust security measures and the strength of responsive insurance program. As leading insurance specialists for condo associations, homeowners associations, co-ops, PUDs, commercial condos and resort and condo hotels, Kevin Davis Insurance Services (KDIS) offers Cyber Liability insurance as part of our end-to-end insurance solution for clients.

What Makes Community Associations So Attractive to Hackers?

Whether it’s a high-rise co-op or a smaller condo or homeowners association, all entities are vulnerable to a data breach. The reason is simple: There are two commodities cyber-thieves want: money (all associations have reserve and operating accounts and vendor payments that needs to be protected) and unit owner information – bank account and bank routing numbers, credit card numbers, and even Social Security numbers and e-mail addresses that thieves can use to get more data and steal identities and deplete bank accounts. In addition, many associations may not have the security measures that larger organizations have in place, making them even more attractive to thieves.

Cyber theft comes in many forms. For example, a board member or manager could lose or have his laptop or an i-Phone stolen, which contains association bank account numbers or passcodes. Or, a cyber-thief can hack an association’s computer system, stealing confidential information about owners or gaining access to the association’s bank accounts. The losses from these types of incidents can be significant. There are the forensic costs to determine how the breach occurred, the expenses to fix the problem, notification costs to affected parties, possible compensation to individuals if thieves steal their funds or personal information, plus the cost of defending a lawsuit that results, and the difficult-to-quantify but also significant cost to the association’s reputation. There may also be penalties assessed if the association has failed to comply with state data-protection statutes.

Inside Our Cyber Risk Policy

A Cyber Risk insurance policy from KDIS is designed to provide community associations with the following coverages in the event of a breach or network security loss:

Forensics, Notification & Credit Monitoring
Regulatory Fines
Defense for Third-Party Claims
Crisis & Management & Public Relations
Cyber Extortion

Insure Your Clients with Us, Download Our Cyber Applications

Visit our applications page here.

Tailored Solutions to Fit Your Client’s Risks

Over 40,000 community associations have trusted us with their coverage needs. Contact the specialists at KDIS to provide you with a proposal for your client’s insurance program.

Contact the Insurance Experts for Community Associations

OUR CYBER RISK INSURANCE FOR COMMUNITY ASSOCIATIONS IS A CLICK AWAY

What Makes Community Associations So Attractive to Hackers?

Inside Our Cyber Risk Policy

Insure Your Clients with Us, Download Our Cyber Applications

Tailored Solutions to Fit Your Client’s Risks

OUR CYBER RISK INSURANCE
FOR COMMUNITY ASSOCIATIONS IS
A CLICK AWAY