Multifamily Cyber Insurance Bundle Guarantees Risk-Free Management
Real-World Implications and Data
The importance of cyber insurance for multifamily properties cannot be overstated. According to a report by Cybersecurity Ventures, cybercrime damages are expected to reach $10.5 trillion annually by 20253. For property managers, this means that the cost of not having adequate cyber protection could be catastrophic. In fact, the average cost of a data breach in the real estate sector was estimated at $4.24 million in 2021, highlighting the significant financial risk involved4.