areena gCyber insurance may seem like an unnecessary expense for your non-profit, but can you afford not to have it?
As an important part of the economy, your organisation manages sensitive data such as donor lists, volunteer checks, and personal information about individuals you serve.
Names, addresses, and Social Security numbers are more than enough information for any hacker.
As the second most targeted nation for cyberattacks and with an average recovery cost of cyberattacks being $2.73 million, how confident are you that your non-profit is safe? And once a cyber breach occurs, how quickly could you recover without losing a considerable amount of money?
In this blog, we’ll explore why non-profits are prime targets for cyber threats and how cyber insurance can help protect your organisation from these growing risks.
Mitigata – Your Trusted Cyber Insurance Partner for Nonprofits
Every nonprofit runs on trust – from your donors and partners to the communities you serve. But that trust can vanish overnight if your systems are hit by a cyberattack.
At Mitigata, we understand that your mission is too important to be paused by a digital threat. That’s why we don’t just sell insurance, we stand beside you as your cyber resilience partner.
Cyber Insurance Policy Starting at Just ₹95,000/ Year*
With Mitigata, you get the best market pricing and fast claims, plus proactive defence through our free cyber risk console.
Here’s how we help nonprofits stay protected and prepared:
Proactive Protection with Mitigata Console: Run phishing simulations, monitor your organisation’s exposure, and get instant alerts if your data appears on the dark web.
24/7 Expert Support: Our cyber specialists are always on call to guide you through the entire process.
Best Prices: As a partner with India’s top insurers, we offer comprehensive insurance at the best market prices, which you won’t find anywhere else.
Fast Claims: We simplify and fasten the claims process for you, reducing the waiting time so you can focus on running your business.
What Is Cyber Insurance?
Cyber insurance shields you against financial losses from cyber events like data breaches, ransomware, phishing or system outages.
- Cyber insurance may also cover the costs for investigation, notification, and legal assistance in the event your donor data is compromised by a hacker.
- If your computers are encrypted by ransomware, it will help facilitate the recovery of your data as well as system restoration and the ransom payment (if legally allowed).
- If your operations cease due to an event, the policy covers lost income during the downtime.
In 2024, 75% of organisations have experienced a SaaS security incident. Read this expertly created guide highlighting the importance of cyber insurance for SAAS companies.
Why Nonprofits Are Prime Targets for Cyber Threats
Many nonprofits think that hacking is only directed at larger corporations, but that is not the case anymore. Here are several reasons why nonprofits are becoming a target of hacking:
Less security budgets: Most NGOs have limited security budgets. Hackers know this and hence, seek out these vulnerabilities to exploit.
Valuable data: Your databases include a large amount of sensitive data, including the names, addresses, phone numbers, email addresses, and payment information of thousands of donors.
Outdated Software: Many organisations use outdated software versions, making them more vulnerable to hacking attempts.
Trust & transparency: Nonprofits function upon these values. As a result, staff workers may not be vigilant enough to detect phishing emails disguised as donation requests.
Multiple points of entry: Your organisation most certainly uses multiple systems for fundraising, email marketing, volunteer coordination, and social media outreach. Each platform represents another possible access point for fraudsters to compromise your systems.
Protect Your Mission And Donor Trust With One Click
With 24/7 expert support, Mitigata helps you respond to threats instantly, so your operations never face downtime or disruption.
How Cyber Insurance Protects Nonprofits
A strong cyber insurance policy acts as your backup plan when things go wrong. Here’s how it helps:
Incident Response Plan: Covers costs for professionals that provide forensic services, legal advice, and an incident response plan in order to effectively mitigate and resolve a data breach.
Legal and Regulatory Defence: Covers the attorneys’ costs and regulatory fines that your organisation will incur from subsequent lawsuits or violations of regulations following a data breach.
Notifying Cost & Credit Monitoring: Reimburses the costs of notifying donors whose information has been compromised and monitoring their credit, which can potentially cost hundreds of thousands of dollars for a large breach.
Business Interruption Coverage: Covers operational income when cyber incidents force your organisation to cease operation temporarily.
Public Relations Support: Provides crisis management professionals to help protect your organisation’s reputation and rebuild trust with donors.
Data Recovery Costs: It pays for the expense of recovering or reconstructing lost data and restoring your systems to normal operation.
Confused between so many insurance providers? Check out these top cyber insurance companies and their comparison in this guide.
Cyber Insurance Cost and Coverage
One of the first questions nonprofits ask is, “How much will it cost?” The good news is, cyber insurance is often more affordable than most people expect.
Here’s a general idea of what annual premiums look like based on coverage limits:
| Coverage Limit (AOY) | Estimated Annual Premium Range |
| ₹1 Crore | ₹1 lakh – ₹1.25 lakh |
| ₹5 Crore | ₹1.7 lakh – ₹2 lakh |
| ₹10 Crore | ₹3.5 lakh – ₹4 lakh |
Note: These figures are indicative. Actual premiums depend on your nonprofit’s specific risk profile, operational scale, and chosen coverage options.
Conclusion
By far, you must have understood that whether you run a for-profit or a non-profit, cyber risks are everywhere. One breach can halt operations, undermine credibility, and destroy stakeholders’ trust that has been built up over time.
Without further delay, get your cyber insurance now and protect your future.
Mitigata provides personalised cyber insurance coverage, along with access to proactive cyber protection solutions, and 24-hour support to ensure that your mission never stops due to a cyber attack.
Are you prepared to take responsibility for your nonprofit’s future?
Get your free quote from Mitigata today.
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