Cyber and privacy risk overview
The University of California, much like other institutions of higher education, is subject to a variety of unique exposures related to electronic information security and privacy. With 10 campuses and 5 medical centers, the University is faced with managing a multitude of systems and endless records of information for students, faculty, staff and patients.
The Office of Risk Services, in collaboration with Information Technology Services, has developed a program that has allowed the University to obtain an insurance product that helps promote best practices in the area of information security while providing insurance coverage for privacy, confidentiality and security breaches. This approach has been termed as “reverse underwriting,” as it allows the insurance market to underwrite to standards as opposed to existing conditions and has created a new concept for the insurance industry.
Risk Services oversees various programs which are available to assist in the event of a loss involving Information Technology Hardware and Data. These programs involve purchased insurance policies with various retentions (deductibles).