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Beyond the News

Nearly all colleges maintain cyber insurance

University Business, July 2018

Losses that may result from a data breach are clearly on the minds of campus officials.

When the University Risk Management & Insurance Association surveyed higher ed institutions in 2015, approximately 70 percent were maintaining cyber insurance.

Now about 9 in 10 have it, according to a 2018 survey of more than 144 respondents.

Such policies cover a variety of both liability and property losses associated with a data breach—including notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft.

Cyber insurance may also cover liability arising from web content as well as property exposures from issues such as computer fraud and cyberextortion.