It’s an expensive problem; one that is crippling not just to institutions themselves, but most importantly, to those that rely on those institutions.
In the world of malware data breaches, Ransomware has become “all the rage” — a true “rage” for those that are forced to deal with the fallout. In recent weeks higher education has suffered the brunt of malware attackers’ malicious ways. Ransomware attacks on Howard University in Washington, D.C., and Virginia Tech, have shown just how much of a juggernaut these attacks can be.
The COVID-19 pandemic has thrust much of the world into leaning on innovation to survive. For higher education, technology is that innovation, providing ways of teaching and learning, from distance learning and field research, all the way to the classroom setting. While technology has allowed the gears of the world to keep on grinding, it comes with major risks, especially for institutions that are not fully cybersecure.
Cloud services are empowering, but, unfortunately, they’re also enabling. As more and more universities and colleges rely on these breakthroughs to keep the business of education in full swing, they’ve unintentionally opened doors to cybercriminals. The prize that awaits, personal information and cutting-edge intellectual property, can be impossible for the nefarious actors to resist.
Stronger and more robust cybersecurity must be the endgame. Without a truly strong cyber-hygiene, one that emphasizes risk and security solution, the door will only open wider and wider, providing more and more criminals more paths to the inside. Resilience brings these seemingly separate areas together, providing the most unique, comprehensive solutions.
The work of creating insurance standards across the industry, and at the same time, providing security solutions, must be treated with the urgency that it deserves. This is why we’re working with partners at the federal level and in private industry to create a sustainable framework that begins to not just close that door but locks it for good.
Resilience Cyber Insurance Solutions provides comprehensive insurance coverage and patented cybersecurity tools to protect mid-market companies. By bringing together security, insurance, and recovery, Resilience goes beyond risk transfer to help clients become cyber resilient. Resilience insurance, the cyber program manager of Intact Insurance Specialty Solutions –which is backed by the financial strength of Intact Financial Corporation – leverages Cyber Meteorology, a proprietary data-driven risk analytics platform, to provide highly targeted coverage and allowing for a superior claims experience. Resilience is backed by Lightspeed Venture Partners, Founders Fund, CRV, Intact Ventures, UL Ventures, and John Thompson, Chairman of Microsoft. For more information, visit www.resilienceinsurance.com and follow us on Twitter and LinkedIn.