Computers are vital to every day operations of colleges and universities. However, their use has exposed them to another category of risks. Higher education insurance can help protect colleges and universities from any problems they may arise as a result of online activity at their schools.
There have been an ever increasing amount of highly sophisticated cyber-attacks on colleges and universities. Many of the attacks are believed to come from China and can number in the tens of thousands for one school in a 24 hour period. The hacking incidents have (involved) the stealing of personal data such as social security numbers. Also at risk is the valuable information contained in the thousands of patents the schools, particularly research institutes, receive each year. The patents are for everything from computer chips to prescription drugs and many have tremendous monetary potential.
On-Line Business Transactions
Higher education insurance can help to safeguard the many businesses transactions colleges and universities do online each day. This includes such things as paying and registering for classes. If the systems in place don’t function the way they are supposed to, or if there is a breach to the system, it has the potential to be very costly for a school.
Higher education insurance can offer a safety net for colleges and universities in the event they are the target of cyber-attacks or if their online business transactions are compromised.