Cyber Liability Insurance for charities
Does your charity need insurance against cybercrime?
Ask yourself, does your charity:
- Hold sensitive customer data electronically, such as names, addresses or banking information?
- Rely on IT systems and websites to operate?
- Have a website?
- Use email or social media?
- Accept payments online or by card?
If the answer to any of these is yes, we advise protecting yourself with a comprehensive cyber insurance policy.
What does cyber insurance provide?
Cyber liability insurance, or data protection insurance, can safeguard and make sure your organisation is protected against cybercrime. As well as paying for losses you may suffer from cybercrime, it can pay and provide expertise to get you operating online quickly.
It can include risks such as fraud, data theft and social engineering, where criminals attempt to fool you into parting with your funds, information or both.
It can also cover data breaches where sensitive information is accidentally shared with an unknown party.
What can be covered?
With a cyber insurance policy you can be covered the following type of losses:
- Breach costs can offer practical support in the event of a data breach or GDPR non-compliance claims, including forensic investigations, legal advice and notifying customers or regulators.
- Loss of income from cyber business interruption, for example, if a hacker targets your systems and prevents your organisation from earning revenue.
- The costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data.
- Ransoms paid for cyber extortion, if a hacker tries to hold your organisation to ransom, as well as the services of a risk consultancy firm to help manage the situation.
- Network security, privacy and confidentiality liability.
- Crisis containment and the cost of expert support to minimise reputational damage.
- Cyber terrorism.
- Payment card industry data security standard fines.
- Penalties and assessments.
Extensions which you can add to your policy include:
- Outsource service provider or cloud service provider failure.
- E-Theft losses, if you have transferred funds or property due to fraudulent data input. This can include the cost of a professional negotiator and ransom payment.
To find out what cover would be suitable for you, call our team today.
'Unity treats you individually to ensure the correct cover is in place. Very responsive to queries.'
The Net Community Hub