Testing your zero-trust architecture is also important. Even when cyberattacks are successful, a zero-trust approach reduces the average cost of a breach by $1.76 million; this can affect your premium.
Universitywide multifactor authentication testing is a key part of this. The zero-trust model works under the notion that it’s safest to operate without trusting anyone. Since careless and otherwise untrained insiders are the largest source of security threats at educational institutions — larger even than the general hacking community — it’s urgent to protect yourself against user negligence. The last thing you want is to be breached because a student lost a smartphone or an employee forgot to log out of the university system.
It’s important to test and evaluate all of your cybersecurity systems just as you would in preparation for a cybersecurity audit. The more your insurer trusts your cybersecurity infrastructure, the more likely you are to pay a lower premium, especially if you’re aligned with all government regulations.
FIND OUT: How McAFEE MVISION Unified Cloud Edge stands ready to enhance your security.
Maintain Consistent Compliance with Government Privacy Regulations
Biometric authentication through a fingerprint or a retinal scan might seem like a fantastic security measure. But such authentication practices can also get you into trouble if you don’t abide by continuously evolving security regulations.
Biometric privacy regulations will vary depending on where you’re located. For example, Texas’s biometric legislation does not permit “capture of biometric identifiers” without prior consent, and the California Consumer Privacy Act considers biometric data “personal information” and regulates it as such. Knowing these privacy regulations and maintaining consistent compliance with them is crucial to avoiding biometrics-related class-action lawsuits.
When it comes to insurance, meeting current and forthcoming privacy regulations can go a long way toward lowering your premium. These government regulations exist because the government wants to ensure that your school is protected. Abiding by the rules shows you’re committed to keeping students and faculty safe — and that’s what cyber insurers want to see.
RELATED: The difference between security, privacy and confidentiality.