How S.A.F.E. Can Help Reduce Your Cybersecurity Insurance

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Cybersecurity insurance has been around since the early 2000s, following the rise of the internet. These specialized insurance policies cover several types of cyberattacks, including ransomware, data breaches, phishing, and more. Many insurance companies also offer coverage policies for newer threats in different industries.

For instance, the higher ed industry has been losing millions of dollars in scholarship and financial aid money since the pandemic due to bot-driven fake student applications infiltrating their enrollment systems.

In the past, cybersecurity insurance was considered a luxury for colleges. However, it has become a necessity today as most campuses are actively digitalizing their operations and increasing their cybersecurity risks. As a result, the average cost of a data breach has increased exponentially to nearly $5 million, the highest in history.

It’s no surprise that insurance companies have raised their insurance rates to protect themselves, especially when partnering with colleges with outdated infrastructures and poor security policies.

Due to these trends, colleges are actively seeking solutions to secure different touchpoints in their infrastructures to reduce premiums. As it stands, enrollment is the most vulnerable touchpoint for colleges and the number one target for fraudsters and hackers looking to get access to scholarship funds.

Here, AMSA’s S.A.F.E. maximizes protection in this specific area and help colleges protect their financial resources. In this post, we’ll share three ways S.A.F.E. reduces cybersecurity insurance premiums for colleges.

3 Ways S.A.F.E Can Reduce Cybersecurity Insurance Premiums for Colleges

1. Eliminate Fraudulent Student Applications

The core function of S.A.F.E. is to detect, report, and eliminate fake student applications on college websites and portals. The solution utilizes artificial intelligence and machine learning to analyze traffic and different elements of applications to look for red flags, such as:

· VoIP numbers

· Non-US IPs

· Fake addresses

· Python code, etc.

With S.A.F.E. actively monitoring your campus infrastructure, you can significantly reduce the risk of fraudsters stealing your financial resources. By doing so, you can ask your insurance company to reevaluate your risk profile and lower your premium.

2. Eliminate Fake .Edu Email Addresses

Fake .edu email addresses are another emerging problem for colleges. Fraudsters use these addresses to gain access to discounted software, exclusive events, and student resources. However, this is potentially just the tip of the iceberg. With .edu email addresses, malicious criminals can also carry out internal phishing attacks, extortion, and other serious crimes.

As a result, insurance companies charge higher premiums to colleges unable to protect their domain. S.A.F.E. is the only solution in the market capable of detecting and eliminating fake .edu email addresses. Therefore, colleges that employ this solution can prevent fraudsters from using their domain for unethical or criminal activities.

3. Know Your Student Implementation

Finally, S.A.F.E. is an excellent solution for establishing and carrying out KYS protocols on your campus. The solution provides real-time monitoring and allows users to verify the identity of applicants and students based on the information provided (name, address, SSN, etc.). You can also generate custom reports for suspicious activities based on their type, location, and level.

In short, S.A.F.E. allows colleges to develop and improve their due diligence processes, prompting insurance companies to reduce their premiums.

Learn More About S.A.F.E.

Fake student applications are becoming a serious problem for colleges. They’re doing a lot more damage to campuses than stealing scholarship funds. As colleges become more vulnerable to this growing threat, they must pay higher cybersecurity insurance premiums to cover losses and theft.

With the higher education industry becoming more competitive, the last thing any college wants is to add unnecessary expenses to its expenditures. Budget creeping can affect their operating capital, planning, marketing campaigns, student events, hiring, and other initiatives.

AMSA Connect’s S.A.F.E is the world’s only solution designed specifically to detect and remove fake student applications, recommendation letters, essays, and other documents. This game-changing software can reduce the risk of scholarships and other financial theft. Moreover, it can also prevent access to your infrastructure using fake .edu email addresses.

Both these functions (and more) can considerably reduce your cybersecurity insurance premiums. Get in touch with our team and let us equip your campus systems and team with this innovative security solution.

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