CHU Introduces Cyber Protection in Strata Insurance Policies
New Coverage Addresses Growing Cyber Threats to Strata Communities
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In a significant move to bolster the resilience of strata communities against cyber threats, CHU Underwriting Agencies has integrated cyber protection into its standard residential strata insurance policies.
This enhancement provides coverage of up to $50,000 for losses resulting from social engineering fraud, a form of cybercrime where perpetrators impersonate trusted contacts to manipulate payment instructions.
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 increasingly affecting everyday transactions such as invoices, levy notices, and supplier communications. By incorporating this coverage, CHU aims to support strata managers and owners with solutions that evolve alongside the environment they operate in.
This proactive approach reflects CHU's commitment to strengthening strata communities by anticipating emerging risks and providing comprehensive protection. Strata owners and managers are encouraged to review their current policies and consider the benefits of this new cyber coverage to ensure their communities are adequately safeguarded against the growing prevalence of cyber threats.
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