Cyber Insurance for COAs
It’s a priority for Chapman Insurance Group to protect our customers and their condo associations in every way possible, which is why we offer cyber insurance to safeguard against technology-related risks.
Three simple options
What is Cyber Insurance?
Cyber insurance is a type of insurance recommended for all Condominium Associations. It covers financial loss incurred after cyberattacks or other technological risks, as well as costs related to privacy investigations or lawsuits.
For example, should your system get locked by a hacker, cyber insurance can provide you with what you need to respond to the attack and recover lost money and files.
Why Cyber Insurance?
With millions of attacks per year, no one is immune from this. Condominium Association attacks can vary from email hacking, identity theft, and social engineering. Condominium associations keep valuable data on various computers and smart phones which could include: Bank accounts, passwords, financial records, and some unit owner personal information like social security numbers and email addresses. With this information being held, Cyber criminals could steal identities and money from your community.
Such coverage can help if:
- Your business’s computer gets a virus that exposes private information
- Your Association’s personal files are held Hostage with a ransom to pay
- You have to pay public relations costs after a data breach
In order to find out if your business needs cyber insurance, ask yourself these questions:
- Do we store financial information on a computer?
- Do we hold private information of our unit owners digitally (ie, Social Security Numbers, DOB, Emails addresses)?
- How would we respond to a cyberattack if it occurred today?
What Does It Cover?
If your business is affected by a cyberattack, cyber insurance can help in covering:
- Legal services
- Notification services that let customers know their information was compromised
- Extortion paid to recover files taken advantage of by a hacker
- Loss income due to network outage
- Lawsuit-related costs
- Regulatory fines given by state and federal agencies
How Much Does Cyber Insurance Cost?
There are a variety of factors that play into how much your cyber insurance policy costs. These factors are:
- The number of units in your association
- The type of data your COA stores
- Revenue of your COA
- Your claims history
Your Cyber Protection Experts
Chapman Insurance Group wants to make sure your Condominium Association is protected in Florida. Give us a call for a free quote on cyber insurance today.
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If you manage a condominium association or on the board we can help answer your insurance questions. Talk to one of our agents to find a policy that works for you.
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