Page 29 - The EDGE Fall 2022

CYBERSECURITY

BY WES GATES
Here Are Ways to Save on Cyber Liability Coverage

As school districts are well aware, threats to “factors” before system or data access is
cybersecurity have become both more common granted — e.g., a user’s login credentials
and more severe over the years. According to plus authentication from a separate device,
Statista, data breaches have increased nearly like a user’s cell phone.
10-fold since 2005. Looking at the same time 4. Vulnerability scanning of networks, devices,
period, VisualCapitalist.com finds that 8 of the 10 and applications for any known weaknesses.
largest breaches have occurred in the past half- 5. Endpoint detection and response software
decade. services, which can identify suspicious
activity on devices that connect to a network,
Among the many unfortunate downsides of these e.g., desktops, notebooks, servers, etc.
trends is reinsurers’ increased skepticism about 6. Requirements around timely installation of
cyber liability coverage. They’re hiking rates, software patches.
reducing coverage limits, and applying more 7. Plans to protect and segregate end-of-life
stringent underwriting standards. What’s worse, software – software that the manufacturer is
many insurers don’t want to write this business no longer updating or supporting.
at all. Not long ago, as the Trust was exploring
the market for cyber liability reinsurance, we had While this may seem like an imposing list, most
preliminary conversations with 93 carriers. Only school districts aren’t starting from scratch. Some
two expressed interest. of these requirements, like items 1, 2, and 3, have
been in place for several years, and many districts
As a result of these developments, schools are already in compliance. For others, like items
and other organizations are being asked to put 4 through 7, there are no-cost or affordable
heightened security measures in place in order solutions available.
to secure coverage. These include things like the
following: "Wherever you are in your cyber-
security journey, rest assured that
1. An air gap backup system, that is, a system improving your cyber posture is
in which data backups are physically or
electronically separated from the network worth the investment."

and are inaccessible through it.
2. Phishing simulation tests and training. Additionally, districts have a variety of ready
3. Multi-factor authentication (MFA) for all accessible resources to help them improve their
employees and all remote access connections. cyber posture and meet insurers’ requirements.
MFA requires presentation of multiple For example, SchoolSafety.gov and the

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