“Too complacent,” is how specialist insurer Ecclesiastical describes charities when it comes to cybercrime risk.
The assertion was based on Ecclesiastical research which found that only 52% of charities have a cybersecurity plan in place; 42% have a specific cyber risk management plan; and 42% have cyber insurance. Yet 81% believe they are “fully prepared” in the event of a cyberattack.
In addition, 65% of charities that do have cyber insurance do not know what their policy covers.
“Charities are buying cyber insurance as a tick box exercise without really understanding how it can help them,” said Angus Roy, charity director at Ecclesiastical. “Brokers have a vital role to play in helping them understand how cyber insurance can support them.”
To support brokers in their conversations with their charity clients, Ecclesiastical has launched a cyber scenario planner.
“By working through the planner with their broker, it allows a charity to understand the types of threats they face and the types of attack that could take place,” noted Roy. “It then provides practical guidance on any additional controls required and how insurance cover fits in.”
