Private Schools' Secret Weapon Technology E&O Insurance Reimagined

Real-World Examples and Statistics

Consider the case of a private school that experienced a cyberattack resulting in the theft of sensitive student information. The legal and recovery costs exceeded $500,000, a figure that would have been covered by a comprehensive technology E&O policy. According to a study by the Ponemon Institute, the average cost of a data breach in the education sector is around $245 per record¹. Given that private schools often manage thousands of student records, the financial implications of a breach can be significant.

Moreover, as schools increasingly rely on digital learning platforms, the risk of service interruptions due to software errors or cyber incidents grows. A survey by the Consortium for School Networking found that 69% of schools experienced at least one cybersecurity incident in the past year². These statistics underscore the critical need for private schools to consider technology E&O insurance as part of their risk management strategy.