Condo Media - February 2023 - 20

CYBERSPACE RISKS
BOARD ROLE, RESPONSIBILITY, AND LIABILITY
COMMUNITY ASSOCIATIONS, whether
condo, coop, single-family HOA, or other
common interest development, are managed
by boards elected by the unit owners. The key
obligation of the board is to protect, preserve,
and enhance their community association.
To comply with their obligation, boards
must put the interest of the association
ahead of their own and those of the unit
owner members. Their duty is to the " entity. "
The issues addressed here involve
risk management, both insurance and
non-insurance resources:
Proactive, non-insurance risk
management tools to eliminate
or minimize consequential damage
from a cyber event, data breach event,
online theft, phishing, social engineering,
hacking, ransomware, and extortion,
among others.
1
2
What insurance products are available
and what the policy should include to
proactively minimize insurance claims and
covered losses and perils.
The goal of this article is to convince community
association boards, community association
managers, and business partners to put the risk
management and insurance for these exposures
toward the top of the board's agenda.
In this brave new world, these issues are different
from prior board issues. In the past, boards
had more breathing room for them to see how
claims play out to determine their cost-benefi t
level of risk. Boards, community association
managers, and business partners hear about, read
about, and experience cyber, data, technology,
and IoT issues. As most of us know, it is far cheaper
to address and fi x issues sooner than later.
Associations hear about all the cyber, data,
IoT, and technology issues every day but may not
see them occurring in community associations.
However, earlier this year there was a ransomware
attack in a high-rise Boston association.
I do not have permission to disclose that insured,
but I bet you good money that they were happy
to obtain the cyber liability/data breach coverage.
Associations are living with a false sense of
security. Hackers and cyber criminals no longer
only look to large targets. Rather, they are looking
at small and soft targets that may not result
in a large hit, but are simple and quick hits.
At the end of the day, the issue is not " if " a hack
or event will occur, but " when " it will occur.
20 CONDOMEDIA February 2023
ADMONITION:
It is imperative
that you have
your insurance
professional meet
with your board to
evaluate this issue
for your association
to help identify
the issues and to
explain the potential
insurance solutions.
In addition, you
should have a
similar meeting with
your community
association manager
to discuss a strategy
for non-insuranceprotected
matters.

Condo Media - February 2023

Table of Contents for the Digital Edition of Condo Media - February 2023

Contents
Condo Media - February 2023 - Intro
Condo Media - February 2023 - Cover1
Condo Media - February 2023 - Cover2
Condo Media - February 2023 - Contents
Condo Media - February 2023 - 2
Condo Media - February 2023 - 3
Condo Media - February 2023 - 4
Condo Media - February 2023 - 5
Condo Media - February 2023 - 6
Condo Media - February 2023 - 7
Condo Media - February 2023 - 8
Condo Media - February 2023 - 9
Condo Media - February 2023 - 10
Condo Media - February 2023 - 11
Condo Media - February 2023 - 12
Condo Media - February 2023 - 13
Condo Media - February 2023 - 14
Condo Media - February 2023 - 15
Condo Media - February 2023 - 16
Condo Media - February 2023 - 17
Condo Media - February 2023 - 18
Condo Media - February 2023 - 19
Condo Media - February 2023 - 20
Condo Media - February 2023 - 21
Condo Media - February 2023 - 22
Condo Media - February 2023 - 23
Condo Media - February 2023 - 24
Condo Media - February 2023 - 25
Condo Media - February 2023 - 26
Condo Media - February 2023 - 27
Condo Media - February 2023 - 28
Condo Media - February 2023 - 29
Condo Media - February 2023 - 30
Condo Media - February 2023 - 31
Condo Media - February 2023 - 32
Condo Media - February 2023 - 33
Condo Media - February 2023 - 34
Condo Media - February 2023 - 35
Condo Media - February 2023 - 36
Condo Media - February 2023 - 37
Condo Media - February 2023 - 38
Condo Media - February 2023 - 39
Condo Media - February 2023 - 40
Condo Media - February 2023 - 41
Condo Media - February 2023 - 42
Condo Media - February 2023 - 43
Condo Media - February 2023 - 44
Condo Media - February 2023 - 45
Condo Media - February 2023 - 46
Condo Media - February 2023 - 47
Condo Media - February 2023 - 48
Condo Media - February 2023 - Cover3
Condo Media - February 2023 - Cover4
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