Charities, in their noble pursuit of helping others, often overlook the lurking dangers in the digital realm. However, the cyber threats facing them are real and varied, posing significant risks to their operations, reputation, and the trust of their supporters.

Each of these threats underscores the need for robust cyber protection. Charities, often limited in resources and IT expertise, find themselves at a crossroads - needing to advance technologically while safeguarding their digital frontiers. Cyber insurance emerges as a key component in this battle, offering not just a safety net in the face of these threats but also a resource for better preparedness and resilience.

In July 2019, a charity in Manchester fell victim to a sophisticated email/bank scam, resulting in the loss of nearly £100k. During an extension project, the charity received a fraudulent email, mimicking the building company's letterhead, requesting a change of bank details. The finance manager, unaware of the scam, transferred the next payment to the fraudulent account. This spear phishing attack led to significant financial loss, but having cyber insurance in place enabled the charity to be reimbursed for the lost funds within two weeks, preventing any delay in their building project​.