Purchasing insurance is nothing new to us, both in our personal lives and at work. Basically, we buy insurance to minimize our risk and transfer potential losses to an insurance company to which we pay premiums. We can insure our home, vehicle or health care individually, or we can select an umbrella policy to provide additional liability insurance to cover claims exceeding our regular coverage. In some instances, carrying insurance is required by law.
For colleges and universities, insurance companies typically provide coverage for general liability, property, employee liability and employment process liability. However, the insurance landscape is quickly changing as higher education becomes an attractive target for hackers to steal personally identifiable information (PII) and important research data. In addition, institutions are increasingly falling victim to phishing and ransomware attacks. As a result, the insurance portfolio for many higher education institutions now includes cybersecurity insurance (CSI), and it’s becoming an integral part of the overall insurance strategy for universities and…
