Information exposures within colleges and universities have many causes and are difficult to control. And even with the best systems, controls, personnel and procedures, no college or university is immune to the risk.
It only takes one small human error, or an office break-in, or a clever hacker to compromise millions of records and create potential havoc within your organisation.
Essentially, a data privacy breach is not a question of "if". The only question is "when?"
The negative publicity resulting from a data breach can lead to massive reputational and brand damage.
An effective response is a complicated response. BBR Services will be with you every step of the way, providing effecting data breach protection. Numerous colleges and universities have turned to Beazley to help coordinate their response to data breaches.
Higher Education Insights
personal records compromised between 2005 and 2015 were entrusted to colleges and universities (www.privacyrights.org)
data breaches in higher education cost colleges an average of $111 per record (www.chronicle.com)
of higher education breaches managed by Beazley in 2015 were caused by unintended disclosure
- significant exposure
- class action lawsuits
- regulatory investigations
- third party coverage
- Why Beazley?
Colleges and universities face complex issues when a breach occurs. You maintain personal data on applicants, students, faculty and other employees, donors, trustees, and board members, who often reside in different states with different breach notification laws. Educational institutions with health clinics may also be subject to the breach notification requirements imposed by the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health Act (HITECH). These laws require time-consuming and labor-intensive internal investigations, the expertise of specialised outside vendors, and can create a public relations nightmare.
The publicity and consumer dissatisfaction that surround a data breach have spurred a wave of class action complaints against organisations big and small. Relying on a variety of privacy laws, enterprising plaintiffs’ lawyers have filed complaints seeking billions of dollars in damages. The risk of crippling damages, and the sizeable costs of litigation, often push organisations to settle even in the absence of any clear harm to the affected individuals.
State and federal regulators have made one point clear: a significant breach of information will result in monetary penalties, onerous corrective action plans, and on-going audits. Whether through the strict data privacy and security requirements of the Family Educational Rights and Privacy Act (FERPA), or the increasing interest of state attorneys general in enforcing privacy laws, the regulatory landscape for higher education institutions carries an immense amount of risk.
In addition to covering your business, BBR also protects your partners though third party coverage. Third party coverage includes:
- Third party information security and privacy coverage with up to $15M in limits in addition to the breach response coverage
- Regulatory defense and penalties
- Website and offline media liability
- PCI fines, penalties and assessments
- Cyber extortion
- First party business interruption and data protection with limits up to $15 million.
Beazley, a leading insurer of technology and information security risks, has developed Beazley Breach Response (BBR), a solution to privacy breaches and information security exposures tailored to the needs of higher education. BBR is a complete privacy breach response management and information security insurance solution, which includes a range of services designed to help you respond to an actual or suspected data breach incident effectively, efficiently, and in compliance with the law. Numerous colleges and universities have turned to Beazley to help coordinate their response to data breaches.
Not if, but when. Any college or university handling personal information will, sooner or later, be confronted with the challenge of a data breach. It's not a matter of "if" but "when".
Higher education team
UK TMB Focus Group Leader & Underwriter
+44 207 674 firstname.lastname@example.org
Underwriter - International TMB
+44 207 674 7708Rossella.Bollini@beazley.com
US TMB Team Leader & Underwriter
+44 (0) 207 674 7589Alec.Cramsie@beazley.com
International TMB Team Leader
0207 674 email@example.com
UK & International TMB Claims Manager/UK & International Breach Response Manager
+44 207 674 firstname.lastname@example.org
Head of Third Party Complex Claims
New York, NY, USA
+1 646 943 email@example.com