Cyber Insurance for Non Profits and Charities

Cyber Insurance
for Charities

Protect your charity or non-profit from the consequences of a data breach or cyber attack with indemnification against cyber & data losses.

Cyber Insurance for Non-Profits and Charities

Best Providers

Get quotes from the leading cyber insurers in the UK.

Tailored Cover

Customise your cover with limits from £100k to £10M.

Risk Analysis

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Why Do Charities Need Cyber Insurance?

Charities are increasingly reliant on technology to manage operations, engage with supporters, and process donations. This greater digital presence, however, also exposes them to cyber threats. Cyber insurance is not just a commercial necessity; it's a protective measure for the altruistic sector.

Non-profit organisations and charities have a responsibility to safeguard their sensitive data. These organisations often handle personal information of donors, beneficiaries, and volunteers. A cyber breach not only risks compromising this sensitive data but can also erode the trust that supporters place in the charity. Cyber insurance plays a critical role in providing both protection and resources in the event of data breaches, ensuring that the charity can respond effectively and maintain its integrity.

The financial implications of a cyber attack can be particularly severe for charities. Many operate on tight budgets and cannot afford the unexpected costs associated with cyber incidents, such as system recovery, data loss, and potential legal ramifications. Cyber insurance offers a financial safety net, allowing charities to address these challenges without diverting funds from their core mission-driven activities.

Cyber insurance is about more than just financial compensation; it's about resilience. It provides charities with access to expert support in the aftermath of a cyber incident, helping them to not only recover but also to build stronger defences for the future. This support is invaluable in ensuring that charities can continue their important work with minimal disruption.

Cyber Threats to Charities

Charities, in their noble pursuit of helping others, often overlook the lurking dangers in the digital realm. However, the cyber threats facing them are real and varied, posing significant risks to their operations, reputation, and the trust of their supporters.

Phishing Attacks

These deceptive practices involve sending fraudulent emails or messages that mimic legitimate sources, aiming to steal sensitive information such as login credentials or financial details. Charities, with their broad donor and volunteer networks, are particularly attractive targets for such scams.

Ransomware Attacks

Hackers gain access to a charity’s system, encrypting their data and demanding a ransom for its release. Such attacks not only jeopardise sensitive data but can also disrupt the charity’s critical operations, from fundraising to service delivery.

Data Breaches

These occur when unauthorised individuals gain access to the organisation’s data. The consequences can be dire, ranging from the loss of donors' trust to legal repercussions, especially if the breach involves sensitive personal data.

Each of these threats underscores the need for robust cyber protection. Charities, often limited in resources and IT expertise, find themselves at a crossroads - needing to advance technologically while safeguarding their digital frontiers. Cyber insurance emerges as a key component in this battle, offering not just a safety net in the face of these threats but also a resource for better preparedness and resilience.

Consequences of Cyber Crime

In July 2019, a charity in Manchester fell victim to a sophisticated email/bank scam, resulting in the loss of nearly £100k. During an extension project, the charity received a fraudulent email, mimicking the building company's letterhead, requesting a change of bank details. The finance manager, unaware of the scam, transferred the next payment to the fraudulent account. This spear phishing attack led to significant financial loss, but having cyber insurance in place enabled the charity to be reimbursed for the lost funds within two weeks, preventing any delay in their building project.

What Does Cyber Insurance Cover?

Breach Response

When your business experiences a data breach, whether from a cyber attack or internal error, cyber insurance has you covered. This includes emergency IT support, forensic investigation costs, and expert guidance on managing the breach. Experts help you identify what data was compromised and support you through the entire incident response process, reducing downtime and ensuring you meet all regulatory requirements.

Legal Costs

A cyber insurance policy covers all legal expenses associated with cyber incidents, from regulatory investigations to third-party claims. This includes legal representation costs, regulatory fines under GDPR, defence against customer claims, and expert guidance through legal proceedings. You'll get access to specialist cyber lawyers who understand both legal compliance and technical aspects of cyber incidents.

Business Interruption

When cyber incidents disrupt your operations, cyber liability coverage helps protect your bottom line. Whether it's a ransomware attack shutting down your systems or a DDoS attack taking your website offline, your business is covered for lost income and extra expenses during the disruption period. This includes costs of temporary solutions and getting your business operations back to normal quickly.

Hacking & Extortion

Cyber Cover provides comprehensive protection against malicious attacks, including ransomware demands and system breaches. You're covered for the costs of investigating the attack, removing malware, recovering encrypted data, and managing ransom negotiations if needed. This includes expert support to prevent future attacks and strengthen your security posture.

Cyber Crime

Protection against financial losses from sophisticated attacks by cyber criminals, including phishing scams, social engineering fraud, and electronic funds theft. A cyber insurance policy covers losses from compromised business emails, fraudulent transfers, and telephone hacking. This includes both immediate financial recovery and support to prevent future incidents.

Data Restoration

If your critical business data is lost, corrupted, or encrypted by cyber criminals or negligence, you're covered for the cost of professional data recovery services. This includes restoring from backups, repairing corrupted files, and reconstructing lost information. Specialists work quickly to minimise disruption and get your business data back online.

CYBER INSURANCE SPECIALISTS