Cyber Insurance at USF

Alex Campoe, Director for Information Security at the University of South Florida, had just come out from a meeting with the CIO of the University, and this thought summed up the CIO’s opinion. While Alex had heard of the term cyber insurance, this was the first time he had actually been compelled to think seriously about it. Until now, he had not considered the possibility that he might actually negotiate the terms of such a policy. There had not been any significant cyber incident at USF, and by all accounts, the IT team at USF did a fine job. Besides, he had always assumed that as a state institution, he had the backing of the State of Florida in case a severe cyber-incident were to affect USF. So, the possibility that the leadership at USF might seriously consider paying for a cyber insurance policy had not occurred to him until his CIO actually brought it up that morning.