CHU Introduces Cyber Coverage in Residential Strata Insurance
New Policy Addition Addresses Growing Cyber Threats for Strata Owners
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In response to the escalating cyber threats targeting strata communities, CHU Underwriting Agencies has expanded its residential strata insurance policies to include cyber protection.
This enhancement provides coverage of up to $50,000 for losses resulting from social engineering fraud, a prevalent form of cybercrime where perpetrators impersonate trusted contacts to manipulate payment instructions.
Steve Tchepak, CHU's Head of Underwriting, emphasised the significance of this development, stating that cyber threats are no longer confined to large organisations but are increasingly affecting everyday transactions within strata communities. By integrating this coverage, CHU aims to bolster the resilience of strata owners and committee members against such risks.
This proactive measure reflects CHU's commitment to evolving with the needs of its customers, ensuring that strata owners are better protected in an increasingly digital landscape. The inclusion of cyber protection in residential strata policies underscores the importance of comprehensive coverage that addresses both traditional and emerging risks.
Strata owners and managers are encouraged to review their current insurance policies and consider the benefits of this added protection. As cyber threats continue to evolve, having a policy that includes coverage for social engineering fraud can provide peace of mind and financial security.
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In response to the escalating cyber threats targeting strata communities, CHU Underwriting Agencies has expanded its residential strata insurance policies to include cyber protection. This enhancement provides coverage of up to $50,000 for losses resulting from social engineering fraud, a prevalent form of cybercrime where perpetrators impersonate trusted contacts to manipulate payment instructions. - read more
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Knowledgebase
Insurance Policy: Broadly, the entire written contract of insurance. More narrowly, the basic written or printed document, as distinguished from the forms and endorsements added thereto.
