Of course, your organization takes steps to protect that data: firewalls, 2 factor authentication, separation of duties and passwords, but criminals always seem to be one step ahead.
Even organizations with tight security can find themselves victims of a data breach. These breaches can take the form of malware, extortion, stolen identities or crashed servers.
The cost to recover from such a catastrophe can range in the tens of thousands of dollars along with the damage to your reputation.
Most standard insurance policies cover regular events, such as natural disaster or employee theft they don’t cover cyber crime events. There are policies that exclusively cover cyber crime.
Such policies can help offset the cost of data recovery, legal expenses, notification expenses and other cost incurred to recover from the data breach. The policy could even help you cover the expense of a marketing campaign to assure your donors that you’ve taken care of the breach.
There are several insurance companies that specialize not only in cyber liability insurance, but understand the unique needs of nonprofit organizations.