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.

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