Gallagher welcomes report on university risks, pointing to importance of cyber insurance programme
Gallagher has welcomed a report from the National Cyber Security Centre (NCSC), which highlighted several issues, including theft, fraud and loss of student/employee information.
Tom Draper, Technology & Cyber Practice leader at the global broker, said: “The NCSC’s threat assessment is timely support for the UK academic sector. As many institutions are grappling with changing student numbers, the financial costs associated with theft by misdirecting tuition payments or responding to a loss of student/employee information has a potentially major impact.”
He added that 45 percent of Gallagher’s university clients have had to call upon their dedicated cyber insurance program to assist them with this impact. “Government assistance to help universities better understand their risk and establish policies and procedures to prepare them for an event, is another key part of a strong cyber risk management process,” said Draper.
UK university losses from cyber crime for the first half of 2018 were £145 million, according to estimates by UK Finance, a trade association for the UK banking and financial services sector.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Cyber risk quantifier Cytegic enters insurance market Global broker network expands European operations
North P&I revamps claims leadership following key departure
Granite Underwriting aims to hire 300 people in Liverpool
Feature: 10 ways insurers are using insurtech to drive new business
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze