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Colleges and Universities Financial Information at Risk Due to Hacking

The recent trend of hacking secure networks has invaded the academic world, spreading to many colleges and universities in the United States. Universities make a tempting target as enrollment and financial aid forms stored on the network often contain student and parents’ financial records that hackers could use for identity theft or other lucrative forms of fraud. The recent epidemic has reached critical mass as there have been 29 data breaches at different educational institutions and universities since 2005, culminating in a massive 2013 breach where the Maricopa County Community College District lost 2.49 million records.

In addition to IT security solutions to prevent attacks, many institutions are now considering Cyber and Privacy protection coverage, which could include coverage for First Party breach coverage, where direct damage is done to the insured. This could include a computer virus, hacker attack, cyber extortion, computer fraud or electronic funds transfer fraud. Click here to read the Business Wire article which details the epidemic and how it is affecting US educational institutions.

If you are interested in Cyber Privacy Protection coverage or would like to know more about how to protect your institution’s records, call Waldorf Risk Solutions today.