Take Online Donations? Make Sure Your Cyber Liabilities Are Covered

Take Online Donations? Make Sure Your Cyber Liabilities Are CoveredCyber risks at nonprofits: Why you need to protect your data.

Nonprofit organizations rely on generous donations to continue their good work and further their cause. By accepting online donations, nonprofits can reach out to a wide audience of potential givers. However, doing so can increase the organization’s online risk. Check out how to minimize your cyber risks and how cyber liability insurance can help.

You might be thinking that no person with a conscience could hack a nonprofit. But these thieves rarely think about the morality of the situation once they see a way to gain easy access into an organization. Criminals might steal your records in order to:

  • Apply for credit cards under a donor’s name
  • Make fraudulent transactions online
  • Commit other costly crimes

When that happens, the nonprofit that allowed data to be stolen will have to bear the financial burden of cleaning up the mess – and recovering their reputation.

If a cyber attack should happen to your nonprofit organization because you accept online donations, you’ll begin to immediately feel the financial strain. After a data breach, you have to:

  • Hire IT experts to repair your network
  • Pay for credit monitoring for your donors
  • Handle the PR mess and recover the donations

These costs add up quickly. For most nonprofits, finances are tight. A small breach can run to a few thousand dollars rapidly. Luckily, cyber liability insurance can help.

Even if your data is stored or hosted by another company, you can be liable when it’s stolen. Cyber liability insurance offers important cost certainty, protecting you from unexpected costs that come with data breaches. Online donations have changed the nonprofit world for the better – Don’t be caught off guard by the risks that come with accepting online giving.

Check out our tips for improving your nonprofit’s cybersecurity. Please open our links in a new tab to continue enjoying our content. When you’re ready to get your nonprofit the insurance coverage it needs, contact the experts at Colorado Nonprofit Insurance Agency, part of HUB International in Denver, Colorado at 303-894-0298.