Why is cyber insurance important for condo corporations?

Condominium corporations handle sensitive information, including owner personal data, financial records, and payment details. If that information is compromised through a cyberattack, phishing incident, or ransomware event, the financial and operational impact can be significant. Cyber insurance protects the corporation by covering costs such as data breach notifications, credit monitoring, legal and regulatory expenses, business interruption losses, and cyber extortion payments. It is essential for safeguarding owners’ information and protecting the corporation from significant financial and reputational damage.