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Community Associations


and CYBER RISK


By Tifinni Tegan and Mason Smith, Ian H. Graham Insurance


F


rom Equifax to Target and Home Depot, it seems that cyber-attacks are hitting headlines just as frequently as big name natural disasters.


In fact, in 2016 malicious cyber activity cost the U.S. economy between $57 billion and $109 billion. In contrast, Hurricane Katrina, the costliest hurricane in US history, incurred $108 billion in damage. The risk of cybercrime is growing. Some analysts predict that cybercrime will cost the world $6 trillion annually by 2021. In other words, by 2021 cybercrime is predicted to cost as much as fifty-five Hurricane Katrinas annually. And it is not just large corporations like Equifax or Target that are at risk. Small organizations, such as community associations, are becoming an increasingly attractive target. As a result, it is imperative that community association board members and property managers consider a variety of measures to protect their associations from this growing risk. A key protective measure for community associations is cyber liability insurance. To better understand this tool, it is helpful to know the history of cyber insurance, the state of it today, and how one can expect it to evolve. These topics will all be covered in this article.


42 | COMMON INTEREST® • Winter 2018 • A Publication of CAI-Illinois Chapter


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