We all know how large corporations, which have the money to spend on cybersecurity, have fallen victim to cyberattacks. So imagine the vulnerabilities for smaller businesses or other organisations such as charities, which could now be increasingly targeted amid a shift in how perpetrators go about their shady business.
Ecclesiastical, which insures over 45,000 charities in the UK, noted that while “a world of opportunity” is opening up for these third sector organisations as they go digital, a new realm of risks also presents itself. According to its research, 17% of charities have already experienced a cyberattack while 63% are concerned about cyber and internet crime.
“Many charities are embracing technology and social media to interact with beneficiaries, customers, suppliers, donors, and the general public,” said David Britton, charity director at Ecclesiastical. “However, this can bring new threats in an ever-evolving landscape, and, after several years of high-profile attacks on larger corporations and businesses, there is now a growing trend of cyberattackers turning their attention towards organisations that may have a lower level of cybersecurity, including charities.
“That makes specialist advice and support from their insurance partners even more essential.”
Offering brokers greater capacity to assist their charity clients in addressing digital perils, Ecclesiastical has produced a cyber guide for charities. Created with support from the Charities Security Forum, the new resource offers information on various cyber risks as well as mitigation advice. It may be accessed through Ecclesiastical’s website.
“There are many ways to mitigate cyber risk and that’s why we’ve produced this new guide,” said Britton. “It will help brokers to support their charity clients with their changing insurance and risk management needs.”