884,000,000 is the staggering number of records* which were leaked from the education sector across the globe in 2020, with a major cause being ransomware.
If your school was to suffer a ransomware attack, or indeed any other form of cyber-attack, are you confident that you would be able to do the following?
- Immediately access specialist legal advice to ensure that your regulatory, reporting and notification obligations are fulfilled?
- Access independent IT specialists to undertake forensic analysis, halt the attack and help you to get back up and running again?
- Recover any losses of income and/or additional costs incurred as a result of the attack, including reputational damage?
- Access legal and monetary resources to deal with any third party liability action relating to the attack?
If the answer to any of the above points is “no”, then now may be the time for you to consider the risk transfer solutions which are available to you, such as cyber insurance.
Not only can a cyber insurance policy provide all of the above (and more), for a fixed upfront cost, in many cases policyholders also receive access to free or discounted cyber risk management tools, training and advice.
Despite the frequency and severity of cyber-attacks for the education sector increasing, the insurance solutions available remain relatively low cost and are generally straightforward to put in place.
If you would like to discuss cyber insurance in more detail and/or if you would like us to obtain a no obligation quote
Further reading for schools about cyber security can be found at:
NCSC - Cyber security for schools
Ecclesiastical - Cyber risk and education
CFC underwriting - Cyber claims case study: Education infiltration
CFC underwriting - 6 things cyber underwriters love