Every industry is prone to cyber attacks. What was once a distant threat is now a reality for any business that utilizes data and online equipment. As homeowner’s associations store plenty of HOA data in their computers and have access to ample personally identifiable information, it makes them a specific threat to hackers. Therefore, as we explore how to create an efficient cyber response plan, equip your HOA with a comprehensive LA Cyber Liability Insurance policy.
First, put someone in charge of the response operation. This could be the HOA manager or any volunteer who might have prior experience at their place of work. This person should be efficient in communicating to the affected parties and relay pertinent information to the necessary stakeholders.
Next, create an outline of potential risks, how they might occur, and how each one would be specifically addressed. As changes in the environment occur and more risks present themselves, this outline should be updated.
Establish a process to isolate the compromised networks in order to reduce the damage. It’s also helpful to have an existing relationship with relative law enforcement.
According to the Harvard Business Review, identify the individuals who are critical to incident response and ensure redundancy, Next, train, practice, and run simulated breaches to develop response “muscle memory.” The best-prepared organizations routinely conduct war games to stress-test their plans, increasing managers’ awareness and fine-tuning their response capabilities. If you never test your plan, you don’t know how effective it is.
About Scott Litman Insurance Agency
At Scott Litman Insurance Agency, we understand that data breaches are a real threat to every business, and HOAs are no exception. We will work with you to evaluate your specific risk profile and protect your HOA from the losses associated with these attacks. While you can’t always predict a breach, you can protect yourself from loss and liability to the association. We are experts in the HOA field and have a unique understanding of the industry. In fact, we find that 90% of the policies we review are missing coverages that violate the Covenants, Conditions, and Restrictions (CC&R), exposing the board, HOA and management to lawsuits– which is why our comprehensive policies are tailored to meet your specific needs at competitive prices. For more information about our products, contact our experts today at (855) 999-4505, or fill out our online form.