Cyber crime can affect any business or individual, hackers don’t discriminate. In fact, almost half of businesses in the UK (46%) have fallen victim to Cyber Crime, and around a quarter (26%) of charities have also reported security breaches in the last 12 months according to a recent study.
The rise in Cyber Crime rates could be as a result of more businesses becoming digital and accessing the internet, without enough awareness as to what the threats may be. At Ravenhall Risk Solutions, we’re able to offer a range of products as well as advice about how to combat and protect yourself from Cyber Crime.
Here more from Director, Neil Grimshaw on the subject –
In the ‘Cyber Security Breaches Survey 2020’, the findings suggest that the annual cost of Cyber Crime to charities amounts to £9,470. This figure is not small by any means, and to a company that survives on volunteer work, donations and being able to offer support to vulnerable people, it feels as though there should be more protection available to businesses in this sector. There has also been a sharp increase in reports of Cyber Crime whilst the UK has battling the pandemic. Those affected have been working from home and some businesses have been closed because of the lockdown. As well as this, it seems that there is a risk associated to hackers exploiting the Coronavirus pandemic. So much so, the National Cyber Security Centre created a news piece advising people to be aware of COVID-19 related attacks. Read more.
We feel that one of the reasons charities are at risk is because they don’t feel as though they’re a likely target. This could stem from a lack of digital awareness, limited resources and a lack of capital ensuring that they have the right protection in place. This creates a perfect environment for hackers.
Charities also typically store a reasonable amount of personal information. This information will relate to volunteers, beneficiaries, and supporters. With personal data being exactly what hackers are looking for, your information is more valuable than you may think.
Prevention is always going to be better, and cheaper than the cure. Ravenhall Risk Solutions suggest taking steps in these 5 key areas to ensure your business is protected.
Managing a data breach and often not knowing how to respond effectively makes the final cost much higher. For a charity, absorbing such financial hits can be difficult and they struggle to recover. The key is to have the plans in place beforehand.
Cover can be provided across many areas depending on your needs as a business: Hacking, Data Loss, Denial of Service, Infringement of Copyright, Defamation, Invasion of Privacy, Defence Costs of Information Commissioner Investigations, Crisis Management, Data Recovery and Loss of Income (First Party), Data Extortion. You can read more on our website here, where we tell you a little bit more about the risk.
Speak to one of our advisors for a bespoke policy proposal and further information regarding your exposure as a business to these fast-changing areas.