Whatever your opinion on the increasing digitisation of the charity sector, one thing is for sure – it is here to stay. Social media campaigns, chat bots and biometric fundraising apps may seem a long way off for some charities and not for profit organisations, but you don’t have to be at the cutting edge of digital technology to be vulnerable to cybercrime, sadly all business and organisations are potential targets. C ybercrime can take many forms, from business disruption caused by hacked computer systems being shut down, to fraudulent spending by staff or leaked data; the criminals behind cybercrime are not selective regarding the size or type of organisation they attack. With new general data Like any crime, preventing cyber-attack cannot be guaranteed, but practical steps can be taken to help reduce the risk of being targeted. In addition to the obvious sensible actions such as regularly changing passwords, updating operating systems, restricting the access of staff to your source systems and ensuring you have regular data back-ups, specialist agencies can provide advice on digital security and test your Barry Davis, charity insurance specialist, believes that all charities should review their cover: “For any charity, undertaking an audit of the insurances they have in place is crucial, and can sometimes protect the very future of the organisation. The impact of a cyber-attack can be devastating and with GDPR on the horizon, ensuring that your policy gives you covers such as access
to specialist PR advice to help contain the inevitable media relations crisis and IT support to get your systems up and running as fast as possible, informing data subjects and dealing with their questions and monitoring their credit scores is a must. Often, traditional insurance policies do not cover the threats and impacts of cybercrime, which is not something you would want to find out after an attack. However, cover is available for charities who want to mitigate risk and protect their finances. And for all types of charity and not-for-profit groups a good insurance broker will be able to identify the right solution for an organisation according to their individual risks and needs.” To find out if you are covered against the costs of cybercrime and to explore the options available to you, you can speak to one of the charity specialists at Scrutton Bland by calling 08000 121 131 or by emailing charityinsurance@ scruttonbland.co.uk
protection regulations coming into force this year, which will see large fines imposed on organisations who fail to adequately protect their client and donor data, and the recent high profile cases of misconduct which have wrecked the reputation of some charities, the need for the third sector to manage risk has never been higher.
systems for weaknesses. Whilst you may not be able prevent the likelihood of cybercrime from happening, you can help to mitigate the costs of an attack. Insurance against the costs of cybercrime is becoming more common and something which all organisations, both commercial and charitable, need to be aware of. Theft of funds, business interruption, data loss, damage to technology, third party claims and reputational damage are all issues on the increase as cyber criminals become faster and more adept in their unlawful craft. The financial impact of an attack can often lead to the victim having to fork out on investigation fees, legal advice and IT support, and that’s before costly public relations campaigns and third party claims.
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