Cyber Coverage
Exposures in the Higher Education Industry
+ Student populations carry unique risks and exposures
that mean potential vulnerabilities and failure points for
exploitation
+ Increased reliance on capturing and saving data creates
exploitable vulnerabilities
+ Cyber threat landscape continually evolves, with attackers
growing more sophisticated and expanding their targeting
+ In 2020 over 1,650 education institutions experienced a
cyber incident
Insurance by Industry | Higher Education | Cyber Coverage
The Real Cost of a Cyber Incident
Above the Surface:
Well-known Cyber Incident Costs
+ Ability to conduct business may be directly impacted during and after cyber event
+ Reputation is damaged in the academic community
+ Intellectual property could be lost or made widely available, damaging competitive advantage
Below the Surface:
Hidden or Less Visible Costs
+ Lose cutting-edge value with loss of intellectual property
+ Cost of post-breach protections
+ Attorney fees and litigation
+ Fines for regulatory compliance
+ Large insurance premium increases
+ Payments to investigate cyber crime or pay in the event of cyber extortion
As higher education’s use of technology has grown over the last 20 years, from email to billing systems and beyond, so too have the risks associated with cyber losses.
IMA’s Cyber Risk practice leverages a proprietary proactive risk management playbook, specifically designed to address the risks faced by higher education institutes to minimize the risk of a data breach or hack:
Vendor Contracting
Security Checkup
Risk Measure
Cyber Risk Hub
+ Data Breach Modeling
+ Cyber Claims Studies
+ Security and Privacy Awareness Training
