Cyber-Proof Your Community: Simple Strategies to Safeguard Your HOA

As a property manager or HOA board member, protecting your community is essential. However, in today's digital landscape, that responsibility extends beyond physical security - it also means defending the community against cyber attacks.?

One of our clients recently experienced a cybersecurity breach that highlights the importance of being proactive.?

Our accountant, who handled the weekly bookkeeping, noticed strange transactions. She flagged them for the HOA manager to review as she normally did weekly/monthly. However, the manager did not respond that week and large suspicious expenses appeared - vendors they did not recognize.?

When our team finally reached the manager, he confirmed he did not authorize those payments. They reported the fraud to the bank and provided details of all the strange charges. The bank acknowledged the fraud, and refunded the money, however, the HOA was required to open a new bank account.?

The manager had been traveling when the fraudulent charges appeared, and the bank suspected that inadequate security on his devices allowed a hacker or virus to access his banking credentials.

This incident underscores why cybersecurity cannot be an afterthought for HOAs. Implementing proper safeguards is crucial to protecting your community's assets and data.

Below are simple steps you can take to strengthen your cyber resilience:

Outsmart the Phishing Scams

Cybercriminals are masters of deception, crafting emails and messages that look like they're from trusted sources. Regular security awareness training is essential. Equip your community members and management team with the skills to spot red flags and report suspicious activity.

Secure Bank Accounts and Regularly Review Bank Transactions

Implement robust authentication measures, such as two-factor verification, and review transactions with your accountants. Proactive monitoring and auditing can go a long way in detecting and shutting down suspicious activity.? At HOA Books, LLC we reconcile and review transactions in real time so that suspicious activity can be detected early.

Secure Your Network Against Outside Attacks

Your network is the digital fortress protecting all your crucial data and day-to-day workings. Firewalls, intrusion detection systems, and secure Wi-Fi are required for security.? In addition, ensure regular updates to your systems.

Safeguard Your Data

Protect data with encryption, secure storage, and regular backups.?

Cyber threats will always keep evolving, so ensuring proper security is imperative. At HOA Books, LLC we will monitor your accounts closely and implement best practices to help cyber-proof your HOA.