Multifamily Cybersecurity Matters More Than Ever
Cyber Liability Insurance attorney Thomas Bentz was quoted in a Multi-Housing News article about the increasing need for liability protection in the multi-family housing sector as a result of spiking cybersecurity and data breaches. Premiums for cyber insurance have increased because of the growth of ransomware, but the industry is still figuring out how to properly price insurance coverage. Cyber policies may cover areas like data loss but not property damage. Mr. Bentz noted the importance of apartment building owners knowing how to properly use their cybercrime coverage and selecting the best underwriter.
"You really need to have this set up and ready to go so that when you have the issue, you're not trying to figure it all out. And you have to make sure that everybody's on the same page. There’s a lot of disconnect in my experience between the C-suite executives, IT and then risk management group as to who you want to hire, what works, what's OK, what's not OK," Mr. Bentz said.