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New Research Shows More than Half of Community Associations Implement Policies and Procedures to Safeguard Homeowners’ Financial Information

5/15/2018  -  Falls Church, VA

Education, training, and insurance coverage are common tools used by associations to manage cybersecurity risks.

May 15, 2018 – Falls Church, VA – According to the “2018 Survey of Cybersecurity in Community Associations," released today by the Foundation for Community Association Research, more than half (56 percent) of community associations, also known as planned communities (e.g., homeowners associations, condominiums, and housing cooperatives), have policies and procedures in place to collect, store, and protect homeowners' personal data. This critical report was presented at CAI's 2018 Annual Conference and Exposition in Washington, D.C.

As more security and data breaches occur in the U.S., states are amending and adopting laws governing the protection of personal and financial information and how breaches in these areas must be reported and addressed. In 2018, the Foundation surveyed more than 600 community association managers, board members, and the professionals who support associations to identify the risks and liabilities associated with using technology to conduct association business.

According to the Foundation's research, ransomware and phishing are the most common forms of attack on community associations. More than half (52 percent) of the communities surveyed reported that fraud and theft are their top concerns. Additionally, the majority of respondents (92 percent) report that their community associations use software management programs, and nearly half (49 percent) of respondents indicated that cost and program compatibility (46 percent) are the most common considerations when selecting financial software.

The research also shows that 56 percent of associations have adopted policies to protect privacy information, and the overwhelming majority (70 percent) continue to store hard-copy documents like contracts, financial and payment data and records, and resident contact information.

“As technology continues to consume every aspect of our daily lives, there's not one sector of our economy that's safe. Community associations and the residents who live and work in these communities are no exception," says David Jennings, CAE, SPHR, SHRM-SCP, the Foundation's executive director. “This new research helps us establish a baseline of awareness that will be used to develop tools to educate community association leaders about cybersecurity issues arising from social media, community websites, and third-party payment portals."

Visit https://foundation.caionline.org/ to access the survey.

About the Foundation for Community Association Research
The Foundation for Community Association Research provides authoritative research and analysis on community association trends, issues, and operations. Its mission is to inspire successful and sustainable communities. Founded in 1975, the foundation's work supports homeowner volunteer leaders and industry professionals who share a stake in the success of common-interest communities.

About Community Associations Institute
Since 1973, Community Associations Institute (CAI) has been the leading provider of resources and information for homeowners, volunteer board leaders, professional managers, and business professionals in 342,000 homeowners associations, condominiums, and co-ops in the United States and millions of communities worldwide. With nearly 40,000 members, CAI works in partnership with 36 legislative action committees and 63 affiliated chapters within the U.S., Canada, United Arab Emirates, and South Africa, as well as with housing leaders in several other countries including Australia, Spain, Saudi Arabia, and the United Kingdom. A global nonprofit 501(c)(6) organization, CAI s the foremost authority in community association management, governance, education, and advocacy. Our mission is to inspire professionalism, effective leadership, and responsible citizenship—ideals reflected in community associations that are preferred places to call home. Visit us at www.caionline.org and follow us on Twitter and Facebook @CAISocial. 


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