"Last year saw alarming growth in the number of cyberattacks targeting North American universities, and the costs of ransomware attacks continued climbing as well. Now industry experts are warning that cyberinsurance premiums will skyrocket this year across all sectors as underwriters crack down on the amount of risk they'll accept — and insurers have begun requiring organizations buying policies to prove that their network security is in tip-top shape before they even get a quote, let alone active coverage."—Source: Campus Technology
WHY THIS MATTERS:
In the wake of increased higher-ed cyberattacks, cyberinsurance could be more difficult for institutions to secure this year, with both higher premiums as well as baseline requirements to minimize cyberrisk. "If you can't demonstrate your cybersecurity fitness, you won't be able to get coverage," notes Richard Seiersen from Resilience Insurance.
