Cyber security and property
Cyber security is not necessarily an issue you might immediately associate with a property. However, as cyber technology is advancing rapidly, private landlords and those responsible for commercial properties, unoccupied properties, or rental properties, that keep confidential information such as banking details, tenant information, and business specifics, could be targeted by cyber criminals.
Some landlords and property owners may choose to manage their tenants and properties directly, and without any involvement from a third party such as an agency. However, that does not mean that cyber criminals will not be tempted to steal sensitive information from landlords, property owners and tenants alike.
It is not just sensitive and personal information that is at risk from cyber criminals. If private landlords or specialist property agencies are targeted, the disruption could cause significant financial stress, a damaged reputation and open the possibility for liability and legal damages.
A traditional commercial insurance policy is extremely unlikely to protect against most cyber exposures. Insurance policies for private landlords or owners of an occupied or vacant property, may find that their current policies do not cover for cybercrime either.
With the recent introduction of General Data Protection Regulation (GDPR), landlords and agencies alike could face stricter penalties for lax data security.
However, specialist cyber-insurance policies have been created by companies such as Guardcover’s parent company, PIB Insurance Brokers, which can protect against the following cyber threats:
- Business interruption loss
- Privacy breach costs
- Digital asset replacement expenses
- Media liability
- Forensic support
- Reputation damage
- Management liability
- System failure
- Data breaches
- Business/network interruption
As reliance on technology continues to increase, new exposures continue to emerge. PIB Insurance Brokers is here to help landlords and property owners analyse their needs and make the right cover decisions to protect their operations from unnecessary risk.
Contact us today on: 0207 868 2422