Cybersecurity Concerns and Protocols for Medical Nonprofits

Medical nonprofits face unique cybersecurity challenges, particularly with sensitive financial and, in some cases, stakeholder-related data.

Below are a few protective measures you might consider to help safeguard your nonprofit’s financial assets at a time when cybersecurity attacks are commonplace:

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1. Multi-Factor Authentication (MFA). Implement robust MFA for all financial account access, requiring at least two verification methods beyond passwords. This approach significantly reduces unauthorized access risks by creating multiple layers of identity verification, making it exponentially harder for cybercriminals to breach accounts.

2. Regular Cybersecurity Training. Conducting quarterly cybersecurity awareness training for all staff helps create a human firewall against potential threats. These sessions can transform your nonprofit’s employees from potential security vulnerabilities into active defenders. Your staff will learn how to recognize sophisticated phishing attempts, create and manage passwords effectively, and learn about the latest tactics used by cybercriminals.

3. Financial Account Monitoring. Set up comprehensive monitoring systems that provide real-time visibility into financial account activities. By implementing procedures that provide automatic transaction verification and fraud detection services, nonprofits can quickly identify and respond to suspicious activities, preventing potential financial losses and maintaining the organization’s fiscal integrity.

By insisting on thoughtful, comprehensive policies, your organization can transform financial uncertainty into easily accomplished tasks. With agreed-upon protocols for common contingencies, you can protect your organization’s mission, navigate economic challenges, and create sustainable pathways for ongoing efficiency.

PRACTICAL ACTION STEPS FOR BOARDS TO CONSIDER

1. Identify key personnel who should have access to accounts.

2. Create and communicate clear, transparent account access and management protocols.

3. Do a tech audit to uncover potential cyber vulnerabilities.

Excerpted from When Mission Meets Money: Financial Guidance for Medical Nonprofit Leaders by Matt Paprocki, JD, CFA, CFP®.