Higher education institutions continue to face significant cyber threats due to the valuable information stored on their networks and the ability for threat actors to use network infrastructure to launch operations against other targets. College and university networks can be difficult for administrators to effectively secure because of their size and the number of users as well as the need for internal and external users to access and share information.
Institutions in the MHEC member states have been asking for a cyber insurance solution which is tailored to deliver the right mix of risk transfer and advisory solutions for institutions to assess, manage, and respond to their risk. Along with MHEC’s Program administrator for programs of insurance, Marsh, MHEC is now able to offer institutions the flexibility of insurance carrier choice, the broadest coverage available, and access to limits that meet institutional coverage needs. The MHEC Cyber Insurance approach analyzes the institution’s threat environment, assesses the significance of the vulnerabilities in security controls, and determines how much financial exposure the institution faces. MHEC’s approach can also provide benchmarking on how much cyber coverage institutions of similar risk are buying.
MHEC will work to build a critical mass of participating institutions to provide a potential option of risk sharing in an excess layer of coverage. This shared excess layer would afford additional coverage at a reduced cost versus an institution securing coverage on a stand-alone basis.
Institutions may also directly contact Frank Cella, managing director at Marsh, at (312) 627-6082.