April 26, 2013
Nonprofits need to maximize their budgets and can't afford to let a data breach drain available capital at the organization. A recent survey conducted by global professional services company Towers Watson revealed companies are paying more attention to risk management and increasingly guarding against a number of cyberthreats.
Risk managers protect organizations
The research showed 39 percent of respondents have made investments in network security/privacy liability policies, an 11 percent increase from last year. With decision-makers at nonprofits showing they are trying to protect the company and limit risks, the potential of a data breach and cyberattack may not be as devastating as originally believed.
"Our survey results show a mounting awareness of cyberattack capabilities, which require a more comprehensive protective net than reliance on even the most capable IT staff," said Larry Racioppo, vice president of the executive liability group at Towers Watson. "Yet, six in 10 companies are still without a liability policy in place, and this is alarming. The financial and reputational costs companies face could be enormous if they don't develop comprehensive risk strategies to thwart cyberattacks."
Data breaches are almost inevitable
Risk managers at nonprofits are making a smart choice when purchasing network security and privacy liability policies because cybercriminals are becoming smarter, making it more likely for them to find a way into an organization's virtual infrastructure. In fact, recent data compiled by Lieberman Software showed more than 70 percent of IT security professionals are not very confident in their organization's ability to prevent a potential data breach.
"While vendors of conventional security products – like firewalls and anti-virus – are constantly updating their tools to reactively protect against the latest threats, hackers are looking for flaws and engineering new attacks to exploit them," said Philip Lieberman, president and CEO of Lieberman Software.
Throughout our membership in the Unemployment Savings Program, First Nonprofit understood our demands, community dynamics, and the importance of seamless services; that allowed us to serve our constituents better.
Because INCS advocates for the operating conditions that allow charter public schools to provide high quality public education, partnering with First Nonprofit was an easy decision. First Nonprofit’s unemployment programs provide our member schools two operating elements crucial to their ability to provide high quality public education: savings and budget certainty. Capable, committed teachers are the key to student success. By participating in the unemployment insurance savings plan, charter public schools gain peace of mind and are able to invest more money in their teachers.
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NYCON members who use First Nonprofit’s programs enjoy enduring savings and improved efficiency. Our association knows that success, because from the beginning, we achieved the same great benefits. Great savings, seamless technology, and responsive service. NYCON highly recommends First Nonprofit’s remarkable unemployment solutions.
Visually Impaired Preschool Services has been a client of First Non-Profit since it was first offered as a benefit of VisionServe Alliance. We completed a thorough evaluation of cash savings to our agency before taking advantage of this wonderful benefit and it has been a very wise decision. Our experience with the processes from accounting to claims have been professional, expeditious and easy.
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The Ensight Skills Center has enjoyed working with First Nonprofit for several years. We are enrolled in their Unemployment Savings Program and although we have not required a lot of intervention, there have been a few times. I know others have dealt with the same problem of unemployment fraud over the last year and in our case, a call to First Nonprofit (they actually answer their phones) cleared up the issue. They also sent us a letter to send to all our employees telling them what they needed to do to prevent this in the future and protect themselves. What a relief! Over the years if I have questions or concerns, they are happy to listen, advise and help if they can. Another BIG advantage of using First Nonprofit is that all the money that is paid into the Unemployment Savings Program lives on my balance sheet as an asset. The money continues to be Ensight’s not the governments. First Nonprofit has certainly given me peace of mind.