No organization is immune from the threat of a cyberattack. Nonprofits are particularly vulnerable to cyberattacks due to their reliance on donations and the sensitive information they store.
What Puts Nonprofits at Risk?
Nonprofits have unique exposures that put them at risk for a cyber incident.
- Online fundraising platforms allow nonprofits to collect donations online, but cybercriminals can gain access and steal sensitive individual and financial data if it gets compromised.
- Donor Information can be targeted by cybercriminals and used for identity theft.
- Client and case management software can contain sensitive, personally identifiable information about clients receiving services.
- Cybercriminals can target grant applications to gain access to financial information about the organization.
Why is it Important for Nonprofits to Have Cyber Insurance?
The average cost of a cyber claim for nonprofit organizations is $98,000, and the average ransomware loss is $172,000. Many nonprofits have tight budgets and limited resources, which can make it difficult for them to recover financially from cybercrime. This is where cyber insurance can step in to help.
What Does Cyber Insurance Cover?
Cyber insurance covers your business’s liability for a data breach or other cyber incidents involving sensitive customer information, such as credit card numbers, account numbers, driver’s license numbers, and health records. It can help cover the costs of lost income, costs associated with notifying customers, costs for repairing computer systems, legal fees, and more.
Let’s talk
Cybercrimes are only going to increase. Make sure your organization is protected when you need it the most. Contact one of our experienced Avery Hall agents today at 410-742-5111 for a free consultation.