CHU Introduces Cyber Protection in Strata Insurance Policies
Addressing Emerging Cyber Threats in Australian Strata Communities
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In a significant move to bolster the resilience of Australian strata communities, CHU Underwriting Agencies has integrated cyber protection into its residential strata insurance policies.
This enhancement specifically targets the growing risk of social engineering fraud, a form of cybercrime where malicious actors impersonate trusted contacts to manipulate payment instructions.
Effective from April 30, 2026, eligible policies will automatically include cyber cover, providing up to $50,000 for a single loss during the insurance period. This proactive measure aims to shield bodies corporate from financial losses resulting from fraudulent misdirection of funds, a threat that has become increasingly prevalent in the digital age.
Steve Tchepak, CHU's Head of Underwriting, emphasised the evolving nature of risks faced by strata communities. He noted that cyber threats are no longer confined to large organisations but are now impacting everyday transactions such as invoices, levy notices, and supplier communications. By embedding cyber cover as a standard feature, CHU aims to equip bodies corporate with the confidence to navigate these risks effectively.
The inclusion of cyber protection reflects CHU's commitment to anticipating emerging risks and providing practical solutions. This initiative not only enhances the security of strata communities but also underscores the importance of adapting insurance products to meet the changing landscape of threats in the digital era.
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In a significant move to bolster the resilience of Australian strata communities, CHU Underwriting Agencies has integrated cyber protection into its residential strata insurance policies. This enhancement specifically targets the growing risk of social engineering fraud, a form of cybercrime where malicious actors impersonate trusted contacts to manipulate payment instructions. - read more
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