015 | What is HOA Cyber Insurance?

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Think your HOA is immune to Cyber Security threats? Think again! This episode dives into the 4 critical areas every community board member needs to protect from digital dangers by having cyber insurance!🔒
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Discover the hidden risks in your HOA's cybersecurity strategy. Kevin offers his unique insights into the importance of cyber coverage - a severely overlooked aspect for many associations. Learn about the top four areas of concern for any HOA board member: protecting personal data, safeguarding association funds, securing digital equipment, and defending oneself against potential lawsuits. Kevin also highlights the dangers posed by cybercriminals who seek to exploit this vulnerability, detailing real-world scenarios in which HOAs can be tricked into giving away data or funds. Dive deep into the alarming world of social engineering and how it poses a significant threat to your community. Understand how cyber insurance coverage is an integral part of your HOA's insurance needs and why ignoring it is a risk you simply can't afford.
Chapters from today's episode: What is HOA Cyber Insurance?:
0:00 The problem with unsecured HOA data files
02:27 Why you need to be worried about not having cyber coverage for your HOA
16:54 What specifically does cyber coverage cover for your HOA?

18:19 Sponsor Break: Association Reserves

18:51 How our new ways of communication are best protected by old ways
21:14 How criminals get access to your data on site at your HOA
22:23 How doe insurance companies evaluate cybersecurity risks to HOAs and how much does it cost?
25:22 Additional reasons why you want cyber security for your HOA
29:42 Episode Recap
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Julie Adamen
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Kevin Davis, CIRMS
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Chapters

1. The problem with unsecured HOA data files (00:00:00)

2. Why you need to be worried about not having cyber security coverage for your HOA (00:02:27)

3. What specifically does cyber coverage cover for your HOA? (00:16:54)

4. Sponsor Break: Association Reserves (00:18:19)

5. How our new ways of communication are best protected by old ways (00:18:51)

6. How criminals get access to your data on site at your HOA (00:21:14)

7. How does insurance companies evaluate cybersecurity risks to HOAs and how much does it cost? (00:22:23)

8. Additional reasons why you want cyber security insurance for your HOA (00:25:22)

9. Episode Recap (00:29:42)