Charity Cyber Insurance
Cyber insurance and data use is a hot topic for charities and businesses alike. With the start of GDPR in 2018, there is a new focus on data protection, data consent and the consequences of a data breach or non-compliance.
Fines and penalties under GDPR can be up to £10m or 2% or your annual turnover (whichever is higher) for a breach of data offence. Fines of this size could cause serious disruption to a charity.
A lost laptop holding sensitive information, a hacked website, a virus in your system or ransomware are just a few examples of where a charity may need expert help to resolve the situation and limit its impact.
What does cyber insurance cover provide?
If the worst happens a cyber insurance policy will act as a first response and protect your charity from the moment a breach is identified. It should not just cover your own financial losses but also provide access specialists who will assist with IT security and legal matters that may occur in resolving and containing the breach.
What is the right level of cyber and data insurance for my charity?
The responsibility for identifying the risks your charity could be exposed to will sit with the trustees and committee. To ensure the right level of protection is provided consideration will have to be given to the following:
- The type of information you hold (personal, sensitive and confidential)
- The size of your charity and the volume of information you hold (which will be linked to the activities of your charity)
- Technology risks as to how data is stored, shared and access gained.
WRS have access to a range of cyber and data insurance policies that can be part of your wider charity insurance requirements. Contact us today for friendly advice and assistance.
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