The firm’s latest research-backed blueprint explains how nonprofits can bolster their defenses against data breaches by proactively assessing existing privacy and security gaps to implement improvements.
The modern digital landscape has significantly amplified the potential for sensitive data leaks and theft. Data breaches at nonprofit organizations in particular can result in heightened risks and as they compromise the wellbeing of their members, donors, and users, causing disruptions to nonprofits’ day-to-day operations. These consequences extend beyond finances and include operational disruptions, service delays, and potential penalties. To aid nonprofit organizations in safeguarding their stakeholders’ information, Info-Tech Research Group, a leading global IT research and advisory firm, has released its latest industry blueprint, Strengthen Your Nonprofit’s Privacy and Security Operations.
“It’s crucial for nonprofit organizations to remember that if privacy and security fall short, it may become impossible to carry out tasks and initiatives that fulfill their mission,” says Monica Pagtalunan, research analyst at Info-Tech Research Group. “Data breaches can put members, donors, and users at risk, disrupt nonprofit operations, expose liability, and ruin the reputation and revenue nonprofits have built. The stakes for nonprofits are much higher than for for-profit businesses.”
Info-Tech’s resource explains that a nonprofit organization’s fiduciary obligation and mission promise to prioritize the stakeholders’ interests must include its obligation to protect IT assets that hold their personal data through privacy and cybersecurity protocols. However, nonprofits face several obstacles in combating data breaches, including prioritizing mission-focused budgets over operational ones, a lack of defined cybersecurity and privacy foundations, and an inaccurate reliance on cyber insurance as a sole solution.
“Nonprofits are starting to pay attention to data security, yet they loathe to make changes that mitigate cyber risks due to lack of capital and human resources, which remain major obstacles to the path of maturity and consistency,” explains Pagtalunan.
According to Info-Tech’s research, the foremost concern for nonprofits is the risk of information leakage, which affects the entire organization and is not limited to IT alone. There are several processes where a nonprofit may be exposed to the risk of a data leak, including data collection, processing donations or event registrations, or transferring data to the cloud. The impacted data can include sensitive, personally identifiable information of donors, members, and users. The potential impacts can include the following:
- Exposed confidential or sensitive information
- Inaccessible data and a compromised environment
- Reputational damage and the loss of support and revenue
- Legal or regulatory fines and investigations
- Organization-wide interruption
To combat data breaches, Info-Tech advises nonprofit organizations adopt a comprehensive approach, which includes effectively communicating the importance of robust cybersecurity and privacy programs to key stakeholders using language that aligns with the organization’s goals. Additionally, evaluating the intersection of privacy and security measures will help in understanding how to mitigate the risk of data leaks or loss of donor or member information. Taking the crucial first step of assessing existing privacy and security gaps enables nonprofits to proactively address vulnerabilities and enhance their overall defense against data breaches.
Managing security operations is an ongoing and continuous responsibility for organizations. Despite obstacles like the cybersecurity skills gap and limited IT resources, allocating appropriate oversight and supervision is crucial to ensure effective security and privacy operations. In cases where assembling an in-house IT team is not feasible, Info-Tech recommends outsourcing as the ideal option.
Info-Tech Research Group is one of the world’s leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
Cybersecurity Company Safetech Launches in London
- Safetech Innovations Global Services (“Safetech”) launches today in London at Plexal, the innovation hub for tech change-makers.
- With today’s launch, Safetech combines their unparalleled, global cybersecurity expertise with the UK’s legacy of being at the cutting edge of cyber development.
- The launch marks one of the most significant Romanian private investments into the UK tech sector post-Brexit.
Cybersecurity company Safetech Innovations Global Services (“Safetech”) launches today in London to provide cybersecurity services and training to British critical infrastructure and organisations which are most vulnerable to cybersecurity attacks including healthcare, financial services, retail, and local government.
For the past decade, Safetech’s parent company has been at the forefront of cybersecurity developments in Romania, a global sector leader. Today Safetech officially launches in the UK, bringing together Safetech’s unparalleled global cybersecurity expertise with the UK’s legacy being at the cutting edge of cyber development. Safetech will also build a new Security Operations Centre at Plexal Stratford, the innovation hub for tech change-makers and the legacy site of the 2012 Olympic Park.
This launch marks one of the most significant private investments into the UK tech sector by a Romanian company since Brexit, and will create highly skilled local jobs to service clients around the world.
Safetech is a Department of Business and Trade supported organisation.
“Anything with a digital interface can be hacked – but having the most advanced technology is only half the battle in protecting organisations from cybercrime. You must also understand the behaviour of cyber criminals and how they prey on your vulnerabilities. By combining our expertise in both the technology and people involved in cybercrime, we keep our customers safe,” said Anca Stancu, Co-Founder and Managing Director of Safetech Innovations Global Services. “I’m proud to launch Safetech here in London as testament to the strength of the British market, and to continue Britain’s legacy being at the cutting edge of cyber development.”
“I’m pleased to celebrate the launch of Safetech in the United Kingdom, as yet another example of the strong Romanian-British partnership,” said Laura Popescu, Romanian Ambassador to the UK. “Romania is a world leader in cybersecurity, and I hope this significant investment in the UK technology sector will attract even more business for our two nations.”
“I’m excited and humbled that Safetech has chosen to base their headquarters at our Plexal Stratford location and will also build their new Security Operations Centre here,” said Andrew Roughan, Chief Executive of Plexal. “Safetech is emblematic of Plexal’s mission to bring together expertise and innovation in technology, from industry leaders to government policymakers, and solve the greatest challenges facing the UK.”
The 3 Most Modern Methods of Cyber Security Protecting Businesses in 2022
Cybercrime takes many forms, many of which can be devastating for businesses. Computer viruses can damage software and hardware, causing some operations to slow down or cease completely. Malware attacks can release programs onto computers and servers that can cripple them. Ransomware attacks can result in denials of service or the loss of sensitive information unless money is paid to the cybercriminals. Cybercrime represents a clear and present danger to any organization. No company is truly immune from the effects of cybercrime, and it is a sobering fact that acts of cybercrime continue to rise around the world. Businesses of all sizes need to protect themselves from the threats posed by cybercrime. In this article, three main ways in which this can be achieved will be described.
Take out cyber insurance
A growing trend amongst corporations from a wide range of sectors is to take out comprehensive cyber insurance plans with a provider specializing in this insurance field. A good cyber insurance plan will include cover and financial protection from system damage that typically occurs in the wake of a cybercrime. In addition, if an act of cybercrime directly affects your customers you will have protection from any liability claims on their part. If money is extorted because of a ransomware attack or theft from online accounts, this can also be covered against. When taking out a cyber insurance plan, pay attention to exactly what is covered and what is not. A comprehensive cyber insurance policy covers all major types of cybercrime and allows the business to feel assured that elevated levels of protection and cover are in place.
One of the most powerful tools in the battle against cybercrime is having a highly educated and knowledgeable workforce who are fully aware of the methods used by cybercriminals and the impacts of a successful cyber attack on a business. Research strongly suggests that education in the methods and effects of cybercrime is at least as important as protection against these acts. In many instances, employees can prevent cybercrime from taking place through vigilance and knowledge. For example, a malicious email containing malware can be identified easily with the right level of training and education. Ideally, this cybercrime education should be delivered to staff by regular training sessions in addition to mandatory training packages provided annually and to new starters.
Strong IT infrastructure
Finally, another key weapon in the war against cybercrime is ensuring that IT systems and networks are protected against cyber attacks. Companies should ensure that their IT departments install strong firewall software within their IT networks. This is a key way in which IT professionals can identify threats and subsequently quarantine them before any damage or theft takes place. In addition, having modern and regularly updated antivirus software installed across all IT platforms and smart devices can effectively minimize the risk of virus attacks. Today, antivirus software and modern firewall systems can identify and protect against an immense range of cyber attacks.
World’s Richest Could Only Cover 22% Of 2022’s Cybercrime Costs
If the world’s richest ten people combined their net worth, they’d still be $4.7 trillion short of the annual predicted cost of cybercrime this year alone, covering just 22% of the annual damages. By 2025, if their net worth stayed the same, that percentage would fall to just 13%.
Research by IT support experts, ramsac, has uncovered that none of the top 10 richest people worldwide could cover the cost of worldwide cybercrime damage.
Elon Musk, who currently holds the highest net worth, estimated at $229.4 billion dollars, could only cover the cost of 3.82% of this year’s estimated damages.
The Costs of Cybercrime
Forecasts from Cybersecurity Ventures estimate the cost of cybercrime, which includes damage and destruction of data, lost productivity, restoration of hacked systems and reputational harm, to reach $6 trillion in 2022, soaring to an astounding $10.5 trillion by 2025.
In 2021, four in ten UK businesses suffered a cybersecurity breach or attack, with one in five going on to lose money, data or other assets as a result. The average cost of a data breach in 2021 in the US was $9.05 million dollars, the UK at $4.67 million dollars and averaging globally at $4.24 million dollars. Cybercrime damage costs can devastate a business.
The costs to businesses every year is substantial, and not just in the immediate with loss of business resources, but also in the long term with reputation management, data recovery, and increased measures of cybersecurity. Cybercrime can range from a phishing email to larger ransomware breaches, all of which cost businesses precious time to investigate, and leaves people’s data at risk.
Covering the Costs
Every year, cybercrime devastates companies and individuals, exposing passwords, putting them at risk of identity theft and further breaches. Looking to the future, as the amount and value of data increases, as well as the technology available to us, the cost of cybercrime damages increases.
While some of the world’s richest have wealth the rest of the world cannot even fathom, when you place their net worth against the annual predicted costs of cybercrime damage, it’s a mere drop in the ocean.
How much are the world’s richest people worth?
- Elon Musk – Founder and CEO of SpaceX and Tesla:
- Worth $229.4bn
- Equal to 3.82% of global cybercrime cost
- Jeff Bezos – Chairman and Founder of Amazon:
- Worth $173.8bn
- Equal to 2.90% of global cybercrime cost
- Bernard Arnault – Chairman and CEO of LVMH Moët Hennessy – Louis Vuitton:
- Worth $161.3bn
- Equal to 2.69% of global cybercrime cost
- Bill Gates – Co-founder of Microsoft and Founder of the Bill & Melinda Gates Foundation:
- Worth $131.1bn
- Equal to 2.19% of global cybercrime cost
- Warren Buffet – CEO of Berkshire Hathaway:
- Worth $118.3bn
- Equal to 1.97% of global cybercrime cost
- Larry Page – Co-founder and Board Member of Alphabet:
- Worth $113.9bn
- Equal to 1.90% of global cybercrime cost
- Sergey Brin – Co-founder and Board Member of Alphabet:
- Worth $109.8bn
- Equal to 1.83% of global cybercrime cost
- Larry Ellison – Co-Founder and CTO of Oracle:
- Worth $106.7bn
- Equal to 1.78% of global cybercrime cost
- Steve Ballmer – Ex-CEO of Microsoft and owner of Los Angeles Clippers:
- Worth $95.6bn
- Equal to 1.59% of global cybercrime cost
- Gautam Adani – Chairman and Founder of the Adani Group:
- Worth $90.5bn
- Equal to 1.51% of global cybercrime cost
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