Cyber-Theft Risk to Condo Corporations

June 2018

Condo corporations are a target for cyber-thieves.

A survey by CFO magazine found that 20% of mid-sized companies were victims of cyber-attacks.  Condo corporations fall into this category.

These cyber-attack victims all have one thing in common; money and information.  Cyber-thefts are about gaining access to information that includes bank account access data, credit card numbers and e-mail addresses.  This information is used to obtain more information, identity theft and access bank accounts.

Condo corporations are attractive targets because their bank accounts contain a substantial amount of money.  They also have access to banking and personal information for condo owners.  Equally important, they are less likely to have sophisticated cyber-security in place.

This makes condo corporations a lucrative and vulnerable target.

Losses from cyber-theft can be significant.

Condo corporations have no protection against cyber-theft.  If theft involves use of a legitimate passcode to access accounts the bank is unlikely compensate for losses.  Insurance protection may also be limited.

The best defense against cyber-theft is to reduce the risk.

  • Change passcodes on a regular basis.
  • Update virus protection software frequently.
  • Secure computers, and networks, using available password protection.
  • Develop a formal written policy for managing personal information that includes what information is to be obtained, how it is stored, how long it will be retained and how it will be destroyed.
  • Don’t collect more information than is necessary.
  • Limit access to personal information.
  • Do not send personal information via e-mail.

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