December 9, 2013
For-profits and nonprofits are at increased danger of cyberattacks and fraud. Small and midsize businesses in particular are at risk because of uncertainty about possible security threats. A study by the Ponemon Institute found that senior management at many smaller companies is failing to prioritize cybersecurity.
For nonprofits, cyberthreats may be even greater
Cyberthreats often come in the form of identity theft or the breach of sensitive financial information. Unfortunately for nonprofits, their charitable nature often puts them in the sights of con artists, both on the Web and in person. Nonprofits that are struggling to meet financial obligations likely do not have the resources to prepare for possible scams or cyber attacks.
Professional financial services can help mitigate fraud risk
One way for organizations to keep the risk of fraud low is to have a strong handle on their finances. Understaffed accounting departments can often fall victim to scams without even noticing it. The theft of financial information through a cyberattack may take a month or more to show up on statements and reports. By that time, the impact of the attack will be much greater.
Professional financial services can supervise a nonprofit's accounting staff or even fully assume the department's responsibility. This not only provides better protection against fraud, but can also free up employees that could be utilized elsewhere.
Experts can also conduct fraud prevention audits so that nonprofits know how vulnerable they are to an attack. Along with these specific audits, organizations can have a review of their accounting systems, payroll and benefit systems. This not only reduces instances of fraud but also helps the organization run more efficiently.
Content presented by First Nonprofit Group, a leading provider of financial consulting services for 501(c)(3) nonprofit employers.
First Nonprofit has saved us so much money over the state’s program. We had one little glitch with the state recently and we contacted FNP immediately. FNP staff called us back immediately and moved to remedy the problem.
First Nonprofit has been a great partner. They have helped us saved hundreds of thousands of dollars! They have awesome resources for our nonprofit organization. Thanks for the partnership.
Life is certainly busy these days but having business partners like First Nonprofit has made some of the process hassle free. We have worked with this team for years. When we changed payroll systems, they outlined every step. I think this team is terrific and I know they get the job done! Thank you, Cruz, to all the team at FNP.
FNP has helped our agency to save thousands of dollars every year on our unemployment coverage. The service is phenomenal, and we are thankful to their team as our partner. My experience working with Marshall on the advocacy around UE for nonprofits was also a highlight as someone who teaches advocacy and lobbying for nonprofits. Really, your whole team is top shelf, so thank YOU!
Chicago Children’s Theatre has greatly benefited from our partnership with First Nonprofit, and I have always enjoyed working with the staff on our filings and any complicated questions. I would not hesitate to recommend First Nonprofit to fellow nonprofits. We’re very happy customers.
FNP is a great resource for Daniel Kids. To have a TPA that we can count on to take point on not only managing our unemployment claims, but to support and guide any protest hearing, is invaluable. All the professional support staff we have worked with have been excellent, very knowledgeable and responsive. We are grateful for the help and support, thank you.
When I first began in my position at my organization, I hadn’t had experience working with a company like FNP. The staff was so patient and helpful in helping to explain the benefits of First Nonprofit. Anytime I reach out with a question I receive a quick, clear, and thorough response. I’m so thankful that we decided to partner with FNP. Their excellence in customer service, coupled with their variety of packages frees us up to truly serve our staff and community with a peace of mind knowing that our organization is protected against unanticipated unemployment insurance expenses.
First Nonprofit gets an A+ in my book. You are so easy to work with & very knowledgeable! Whether it is my quarterly correspondence with Kim or my random interactions with Dawn about a bond … I am so pleased that I get to work with such a helpful company. Thank you!