Just about any organization using technology to do business faces potentially devastating cybersecurity risk and data breaches. With access to many forms of personal data (from Social Security and driver’s license numbers to banking, credit, and wage information), property and community management companies have become unexpected targets, and insurance companies are stepping up to cover their cyber risk.
Not to be confused with technology errors and omissions insurance sold to providers of technology products and services, or a fidelity (crime) policy, insurance carriers are offering cyber and privacy insurance to cover liability for data breaches. Given the potential exposure property and community management companies face, insurance companies are now providing more cyber coverage options, which would include:
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