Charity risk barometer
Our Charity Risk Barometer 2019 uncovers key challenges facing charities, helps you capitalise on opportunities and reap major rewards.
How much could a cyber attack cost your charity and what help might you need to get back on your feet?
With just over 70% of charities in our survey telling us they are fully prepared to deal with a cyber attack, it's interesting that just over half have a cyber security plan in place1. After data breaches, the biggest impact charities identified as a concern following a cyber attack was the cost of putting things right,1 but there is often more to a cyber attack than the cost.
IBM Security and Ponemon Institute examined the costs to companies following the loss or theft of personal data. They found the average cost per lost or stolen record to be £113. Working off the average of £113 as an example, for a charity with 10,000 donor or service user records the cost would come out at a hefty £1,130,000. However, organisations who had an incident response plan in place saved an average of £260,000 per breach2.
This is why insurance can be a really important second line of defence. Insurance can help cover these costs and a comprehensive policy will support your charity's longer-term recovery with access to professional help.