Insider Fraud and Cyber Crime

Here’s a stunning statistic according to a recently published Government report: The overall cost to the UK economy from cyber crime is £27 billion per year.

The charity sector is not immune, particularly smaller charities with less infrastructure and technical support.

Guidance on how best to avoid these potential threats is provided by clicking here:

And if that wasn’t enough to worry about, The Charity Commission has recently issued an alert from the National Fraud Intelligence Bureau (or the NFIB), highlighting the insider threat from fraudsters and cyber criminals. The alert identifies that over 50% of organisations have suffered an insider threat attack in the previous year. Insider fraud is committed by someone involved within your charity, whether a trustee, an employee or volunteer. The Commission warns that charities are as vulnerable to insider threats as the private or public sector.

The NFIB warns that insider fraud poses a greater threat than external fraud due to knowledge of sensitive information and access to an organisation’s systems and inner workings. You can read more on this story here, and you can find the Charity Commission’s guidance to protecting your organisation from fraud here.