Institutions of higher learning manage large open networks and massive volumes of data, making them hot targets for malicious cyberattacks. According to SC Magazine, roughly one-third of universities in the United Kingdom have been victimized by cyber criminals.
For this reason, it only makes sense that educational organizations invest in cybersecurity liability insurance to safeguard themselves from financial ruin due to cybercrime and data breach. Below are a few examples of the threats facing universities and how to handle them.
Hackers have infiltrated and preyed on colleges all over the world, but here are just a few instances from the United States:
As you can see, cyber crooks are especially interested in ripping off personal information on students and faculty. This data can be resold on the dark web to make a quick buck, or used to steal someone's identity. These episodes can harm a brand's reputation for years and sometime even result in a class-action lawsuit.
But the problems don't stop there. Colleges and universities can also be impaired by ransomware, distributed denial-of-service attacks and social engineering scams. These attacks can cost tens of thousands or even millions of dollars in damages. And while it's true that cybersecurity liability insurance can protect educational institutions from financial ruin, it's still better to prevent attacks from ever happening.
Sure, it's impossible to stymie every cyberattack. But there are steps you can take to better defend your staff, your students and your digital assets:
If you are dedicated about preserving the health and longevity of your educational institution, it's only reasonable to examine the benefits of cybersecurity liability insurance from a reputable provider.
Don't know where to start? Visit CyberPolicy for your free quote today. We can match you with the best cyber insurance provider for your needs.