Can You Afford NOT to Pay for Cyber Security?

Last month, the credit-reporting agency Equifax announced that it had fallen victim to a data breach, in which cyber thieves stole the sensitive data of more than 140 million Americans. It was only the latest episode in a widespread cyber crime wave, and it’s pushing forward-thinking co-op and condo boards to implement protective measures.

 

“Ten years ago, everything was stored on a local hard disk,” says Steve Rosenstein, the co-op treasurer of 60 Pineapple Street in Brooklyn Heights. “That’s changing now.”

 

And then there’s the matter of cyber liability insurance, an affordable protective measure that’s becoming more commonplace. Leonor Vivona, an associate vice president at FS Insurance Brokers, the in-house insurance brokerage for FirstService Residential, says a few carriers began to offer cyber liability insurance on a stand-alone basis in the last few years, and clients have increasingly shown interest in purchasing the policy. Click here to read the full article. 

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