Skyrocket Multifamily Profits With Cyber Insurance Renewal Secrets
Real-World Examples and Data
The impact of cyber threats on the real estate sector is significant. According to a report by Cybersecurity Ventures, cybercrime damages are projected to cost the world $10.5 trillion annually by 20251. For multifamily property owners, a single data breach can result in substantial financial losses, reputational damage, and legal liabilities. However, properties that have invested in comprehensive cyber insurance have been able to mitigate these risks effectively. For instance, a multifamily complex in California successfully recovered from a ransomware attack with minimal disruption thanks to their tailored cyber insurance policy.