Nonprofits Working to Address Cybersecurity
A Ponemon Institute report has predicted an 82 percent rise in cyber-attacks over the next several years. The increased threat of security breaches may affect the economy and organizations in every industry, especially nonprofits. A nonprofit’s reputation and ability to raise money could be put at risk, as well as cause its donors to lose trust. Consequently, fulfillment of the organization’s mission may be jeopardized.
To safeguard against cyber crimes and protect their best interests, nonprofits should make updates to current policies and processes to better manage information security. Preparation involves a risk assessment of the organization’s information technology environment, including external data residing in mobile and cloud-based systems. Nonprofits should consider taking a complete infrastructure inventory, as well as review any regulatory requirements. Additionally, nonprofits are encouraged to review whether their insurance covers theft, loss of electronic data and operation interruptions.
It is important for nonprofits to prepare themselves in the event of a cyber-attack. Without proper policies and procedures in place and a thorough assessment of the organization, the financial costs and loss of reputation could be very high. Cherry Bekaert’s Nonprofits group and Risk Advisory professionals are available to assist with addressing cybersecurity.