Biggest Cybersecurity Threats Facing HOAs
Biggest Cybersecurity Threats Facing HOAs - The success of your HOA management company depends on providing financial safeguards that prevent security breaches and criminal activity.
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Cybercrime is a major phenomenon threatening the financial stability of businesses and organizations all over the world.
That includes yours if you’re a property manager or finance professional working for a community association management company. If you are responsible for the financial controls of the Homeowner Associations (HOAs) you manage, then inherently this includes accounts payable (AP), which involves the important job of processing invoices on behalf of each Association and making timely payments to your vendors.
The success of your management company depends on providing financial safeguards that prevent security breaches and criminal activity at the properties you manage. Any breaches that occur can impact your management company’s financial stability and damage the reputation and relationships you have with your HOAs.
With this in mind, we’ve created this report on cyber security threats to help your management company adopt and use industry best-practices.
We start by sharing overall perspectives from experts about the types of cybersecurity threats and what’s at stake financially. We will then suggest several concrete actions your management company can take to minimize the chances of being affected by cybercrimes.