Duluth, GA / February 8, 2021 / CINC Systems, the largest provider of SaaS-based solutions for the community association industry, released on Feb. 8 a first-of-its-kind guide to help association management companies protect homeowner data during a time of prevalent cybercrime.
Based on extensive cybercrime research, consultation with experts in cloud cybersecurity, and customer feedback regarding their biggest concerns, Insecurity: The Alarming Costs of Data Breaches in the Homeowner Space was created with the goal that any U.S.-based community association management company would know how to detect and prevent a cyber attack. In partnership with Wintrust Financial Corporation and Cloud Security Alliance, the company will also host a live event Tuesday, Feb. 16 at Noon EST to discuss its findings and threats that affect the homeowner.
Derek Greene – President and CEO of Community Association Management, Ltd. and a longtime CINC client – knows how critical cybersecurity is in the community association industry. “Cybersecurity is important for our industry to understand because it encompasses everything that pertains to protecting our sensitive data, whether that’s client information, homeowner information, financials, banking, or anything in between. If any of this data is compromised, it can only spell disaster.”
“This industry is a logical target for cybercrime,” said CINC System’s Chief Executive Officer Ryan Davis. “Not only do HOAs and COAs store sensitive homeowner data, but many use multiple fragmented software systems that can easily be compromised.” Cybercrime has surged in 2020, in part because of cybercriminals taking advantage of remote working conditions. “From a 282 percent increase in account takeovers to a 63 percent increase in never-before-seen malware variants, one should be extra cautious with their data and highly considerate of how their data is protected by their software company.”
The launch of the guide coincides with CINC Systems, which was already a leader in data security in the association management space, launching numerous new protections for the more than 16,000 HOAs served by its software. Such protections include multi-factor authentication, dynamic code setting, and endpoint monitoring, to name a few.
CINC Systems is so focused on protecting homeowner data that it recently became Veracode Verified. With Veracode Verification, their security program is backed by one of the most trusted names in the industry. CINC is the only community association management software company that is Veracode Verified.
The new measures and comprehensive guide come at a key time, as the whirlwind of events in 2020 left the door wide open for new cybercriminal threats. “While businesses scrambled to work remote and pivot financial projections during the pandemic, cybercriminals around took tremendous advantage,” said Shea Dittrich, Senior Vice President of Sales & Marketing at CINC Systems. “One aspect that makes our research unique is that we focus heavily on the trending threats for 2021 as a result of 2020. We don’t waste time revisiting past cybersecurity threats. We focus solely on the here and now.”
When it comes to cybersecurity, one of the biggest threats in the community association industry relates to faulty, outdated software that is prone for an easy hack. “We are acutely aware of the detrimental impact a faulty third-party system can have on our data,” said Anthony Dister, Senior Vice President of Wintrust Financial Institution, a partner of CINC Systems. “As a software system transfers finances and homeowner payment data into our system, there is also the potential to transfer a virus into our system.”
Knowing this, CINC is committed to providing customers with a solution and support system that prevents a cyber attack before it becomes a threat. “Cybersecurity isn’t just about creating a secure product,” said CINC System’s Chief Technology Officer Peter Yang. “It’s about supporting that product through an environment that regularly detects and monitors threats and exercising policies and procedures that ensures every employee is committed to executing best practices.”
CINC Systems will continue to provide industry professionals research and guidance on cybersecurity protection as threats continue to evolve.
Follow CINC Systems updates to stay abreast of the latest in cybersecurity as well as other important topics that affect the community association landscape.