University of Calgary: Cyber Insurance “Pays Off”

Last Friday, the University of Calgary made an announcement at a town hall urging other institutions to acquire cyber insurance. Recently, the university had a run-in with ransomware, costing it $15,000 to recover stolen academic data, which was not covered by insurance. However, the university still believes in cyber insurance, as last year, it suffered its first phishing attack just two hours after its cyber insurance policy started. University Vice President of Finance and Services Linda Dalgetty stated that cyber insurance is important due to the ubiquity of cybersecurity threats, the monetary protection and the assistance it offers in handling breaches. Dalgetty ended the town hall by saying she only knows of two other major Canadian universities with cyber insurance policies.