Why Should K–12 IT Teams Invest in Cyber Insurance Applications?
The unfortunate reality is that it’s likely only a matter of time before a school is impacted by a cyberattack. When it happens, having a cyber insurance policy could make the difference between shelling out millions of dollars and losing weeks of school or feeling virtually no long-term effects from an attack.
Data from the K12 Security Information Exchange shows that the nation’s public schools collectively average at least one cyber incident each school day. While this number itself is alarming, K12 SIX also estimate that “perhaps 10 to 20 times more K–12 cyber incidents go undisclosed every year.” For those that are reported, the impact is often devastating.
Echoing this sentiment, a Government Accountability Office report published last year found that schools lost anywhere from three days to three weeks of classroom time following a cyberattack. Highlighting the financial repercussions, schools also suffered financial losses of $50,000 to $1 million in response expenses. These expenses included recovering encrypted information, replacing computers and paying for legal services among other costs…
