Colleges and universities responding to a data breach can be subject to quickly escalating costs. In such an unfortunate situation, your institution may be responsible for not only mitigating the breach, but also paying steep regulatory fines, compliance costs and legal fees.
“In a breach, you are under fire—you typically have a very short time to respond and do the right thing,” Segal Select’s Mark Dobrow told the National Association of College and University Business Officers (NACUBO) in a recent article. Without a response plan and pre-arranged access to legal, forensic and P.R. experts, “administrators often find that they will be tripping all over themselves. Plus, an improper breach response is often an open invitation for a liability suit from the affected individuals or parties.”
Cyber liability insurance helps prevent events from spiraling out of your administration’s control. A well-constructed policy is affordable and will provide the experts and tools needed to halt a breach in progress, meet the legal responsibilities for notification and protect your institution against litigation — giving you and your colleagues the peace of mind of knowing the problem is being handled quickly and professionally.
Could your institution benefit from cyber liability insurance? Use our free self-assessment tool to find out. If you’d like to learn more, get in touch. We’re here to help.
Even in the absence of hackers, rogue employees or troublesome students, a simple mistake can turn into a big cyber-security problem. Whether it’s a misdirected email, a lost device, improper data disposal or absent-minded clicks on malicious website links, human negligence is a leading cause of data breach — and one of the hardest to control. Training employees and students to be vigilant about these risks is a first step in establishing a secure data environment. But even as your administration works to improve data security, it’s wise to remain prepared for the worst.
When a data breach occurs, a loss of reputation may be the biggest hit an institution takes. “Suddenly, you may have all these alumni donors who are now nervous about their information not being protected,” Segal Select Insurance’s Mark Dobrow told the National Association of College and University Business Officers (NACUBO) in a recent article. “That could lead to a reduced number of applicants, a backlash from students and faculty, and a diminishing of the institution's overall brand.”
In a data breach, cyber liability insurance provides an affordable, highly effective way for your institution to mitigate the damage and contain the costs. Is your institution at risk? Take a free self-assessment to find out. If you’d like to know more, get in touch.
Colleges and universities need to remain open and connected for learning to flourish. But this openness can leave their IT systems vulnerable. Open Wi-Fi networks can be compromised by factors outside of your control, such as easily decipherable usernames and passwords or unsecured personal devices that can be corrupted without the user even knowing it. Once your network has been penetrated, the gates are open for immediate data theft and the planting of malware for continuous or delayed attacks. Cyber liability insurance helps your institution contain the fallout and cover the costs of such attacks — and it can be obtained at a competitive price.
In the age of data, it’s not about whether your higher education institution will face a cyber-attack but how prepared you’ll be when it happens.
Legacy systems and limited IT budget to install security controls leave many institutions susceptible to unauthorized network access by outside parties, including hackers who can perpetrate phishing attacks or insert malicious code.
When such an attack occurs, the consequences can be severe, exposing the legally protected information of faculty, staff or students and saddling the institution with steep compliance and legal costs.
Is your institution at high risk for a data breach? Find out by taking a free self-assessment.
Learn more about your risk level and how cyber liability insurance can help mitigate these risks by getting in touch with one of our experts.
Cyber liability insurance greatly reduces the impact and cost of a data breach by providing your institution with resources for:
Some institutions are more prepared for a cyber-security event than others. Find out how ready your institution would be.
Segal Select Insurance has developed an expertise in cyber liability insurance that few brokers can match, allowing us to help you: