Cyber risk for Strata Plans
As a means to deliver information quickly and conveniently between Owners Corporations and lot owners or tenants, we have observed a trend towards websites or apps being developed for Strata Plans. While this solution can provide a consistent and easily accessible means of communication between stakeholders, there are also exposures to risk that should be considered. In particular, those relating to potential breach of privacy.
When implementing websites or apps, the Owners Corporation must ensure that the data of the lot owners is protected in the event of a cyber attack. Key factors to consider when a website is being developed for this purpose include:
- What are the terms and conditions provided under the contract between the Building Manager and Owners Corporation with respect to the provision of a website?
- What indemnity is being provided by the building manager to the Owners Corporation?
- Does the website have the relevant firewalls in place?
- Does the provider provide daily backups and updates (when available)?
- Is there a third-party company acting on behalf of the building manager?
- Will any information entered on online forms be encrypted?
- Could the Owners Corporation be held liable should there be a cyber attack on the website?
- Do any of the portals available (such as Building Link, Strata Manager Portal) have the correct protection in place? And will the Owners Corporation be covered in the event of a breach via these portals by these suppliers?
Bellrock is currently reviewing the above to ensure Owners Corporations are protected in the event of a cyber attack on a website that has been provided by the building manager or a third party.
We have observed the incidence of cyber attacks increasing in recent years, with a lot of personal information being transacted via online forms.
Bellrock recommends that you review contracts with your provider to ensure you are indemnified should a claim occur. We would also suggest websites or apps be maintained by a reputable company holding the correct insurances.
Should you require a review of these contracts, Bellrock would be happy to assist with recommendations and arrangement of cover where necessary, on behalf of the Owners Corporation. Please contact us via the form below.
