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If you’re a broker looking for markets to tap, then it might interest you to know that more than two-thirds of schools and colleges in the UK are not covered by cyber insurance.
According to research by specialist insurer Ecclesiastical, only 29% of the education sector are policy-protected against cyber threats – even with a fifth of these learning institutions having experienced some form of cyberattack.
The good news is, 45% of those without cover are actually interested in getting insured.
“While it is not the only solution, cyber cover is a vital part of any cybersecurity plan,” said Faith Parish, education director at Ecclesiastical. “The policy not only covers the costs following a breach or cyberattack, but importantly it will provide access to experts and consultants who can help identify where an attack came from and help secure the client’s systems following an attack. Our research shows that this aspect of the cover is really important.”
Ecclesiastical noted the recent ransom case wherein schools received an email threatening the detonation of a bomb unless money was transferred to a bank account specified by the culprits.
“Cyber criminals often target schools and colleges to steal data or divert funds, however these organisations also face an internal threat,” added Parish. “There have been several cases where a school has been attacked by its own pupils who have hacked systems to change their exam results or even just to prove that they can. So schools have to take this into account when putting a cybersecurity plan together.”
Parish said the cost of a data breach can be as much as £72 per record in the education sector. So it’s no surprise that the loss of data (82%) is found to be the biggest cyber concern for schools and colleges.
