Things have stabilized at the Hammocks Community Association near Miami more than three years after local prosecutors began filing criminal charges against previous board members for allegedly defrauding owners of more than $2 million in a financial fraud scheme. Every instance of financial fraud serves as a reminder, professionals say, of the importance of owner vigilance and the need for safeguards and controls.
In the past decade, the advancement of digital tools, smart devices, and enhanced connectivity has strongly altered community associations. From template-driven management to enhanced experiences, tech transformations have revolutionized community associations and will continue to shape the industry’s path.
Community association boards should act now to protect their communities from cybersecurity threats, and can use simple and inexpensive methods to protect sensitive data against cyber crime and breaches, according to an insurance expert. To protect themselves in case of an attack or breach, community associations also should research and invest in cyber crime insurance policies.
Artificial intelligence remains an elusive concept to many, including those in community associations. The technology poses many perceived benefits and risks, but undoubtedly will have a long-term, powerful impact. Demystifying those benefits and risks, and establishing an AI policy, can help prepare your community for the future.
While large-scale cyberstrikes are most talked about, community associations should not consider themselves invulnerable. Each community should understand their risks, evaluate cybersecurity protection, and decide whether specialized insurance is worth the cost.
