Cybersecurity tips for condo and co-op boards
Protection against hackers
As the number of devices connected to the internet (known as the Internet of Things, or IoT) grows, so does the risk of cyberattacks. With the increase in technology used in coops and condos, the board has a responsibility to protect the association and its owners from these threats. Here are some tips for NYC condo and co-op boards to help keep their buildings safe from cybercrime.
The importance of cybersecurity
With the rise of the IoT, more and more devices are connected to the internet. This includes items like door locks, smart home air conditioners and HVAC systems, thermostats, and cameras that are becoming increasingly common in coops and condos. While this technology can make our lives easier, it also opens up new opportunities for cybercriminals. Coop and condo boards as well as their property management firms should take cybersecurity seriously to protect their buildings and residents.
Coop boards should stay up to date on the latest cybersecurity threats and trends. Cybercriminals are constantly finding new ways to exploit weaknesses in systems, so it’s important to be aware of the latest threats.
Common cybersecurity risks in coops and condos
There are a number of cybersecurity risks that coops and condos need to be aware of, including:
Phishing scams: This is when criminals send emails or texts that appear to be from a legitimate source, like your bank or the condo association, in an attempt to get personal information like passwords or credit card numbers.
Ransomware: This is when criminals encrypt data on a device or network and demand a ransom to decrypt it.
Malware: This is software that is designed to damage or disable a computer or network.
Denial of service attacks: This is when criminals flood a website or server with traffic in an attempt to overload it and prevent legitimate users from accessing it.
Tips for protecting your property from cyberattacks
Steps co-op boards and property management firms can take to improve cybersecurity:
Educate staff and residents about cybersecurity risks: Staff and residents should be aware of the risks of cyberattacks and how to protect themselves from them. This can include things like not clicking on links in emails from unknown sources, using strong passwords, and being careful about what personal information they share online.
Implement security measures: There are a number of security measures that coops and condos can take to help protect their property from cyberattacks. This can include things like installing firewalls, using antivirus software, and encrypting data. Read more about this from a cybersecurity expert.
Create a cybersecurity policy: A cybersecurity policy can help to ensure that all staff and residents are aware of the risks of cyberattacks and the steps that need to be taken to protect against them. Like all other policies and procedures in NYC coops and condos, this should be reviewed on a regular basis and updated as new threats emerge.
Stay up to date on the latest cybersecurity threats: Cybersecurity is an ever-changing field, and new threats are constantly emerging. It’s important for coops and condos to stay up to date on the latest cybersecurity threats and make sure that their security measures are adequate.
Make sure that your coop is properly insured: Many insurance policies now offer coverage for cyberattacks, so be sure to check with your insurer to see if you’re covered. Don't wait for a cyberattack to happen, the best practice is to be proactive and review it now.
Working with a professional cybersecurity firm can help coops and condos to assess their risks and implement the best security measures for their property. Cybersecurity is an important issue that all coops and condos need to be aware of. Taking steps to protect against cyberattacks can help to keep your coop or condo safe.
At The Folson Group, we are passionate about helping every NYC coop or condo owner increase their property values while living in a building that is safe, more sustainable, and more affordable. Contact us today to find out more here.