Janardhan NMitgata: Leading Cyber Insurance Service Provider
We are India’s leading full-stack cyber resilience company, trusted by over 800+ businesses across 25+ industries. Our strong partnerships with top insurers ensure that your EdTech company gets the right protection against the increasing threats in today’s digital landscape.
Why 800+ Companies Choose Mitgata as Their Partner?
- Exclusive Access to Mitigata Console: In addition to insurance, we give you tools to stay ahead of threats. With the Mitigata Console, you can run phishing simulations, monitor your attack surface, and receive alerts if your data appears on the dark web.
- Always-On Expert Support: You gain direct access to cyber specialists whenever you need them, without any lengthy waiting periods.
- Best-in-the-market Pricing: Clear, upfront pricing with no hidden fees or surprise charges. And a cost that aligns with your budget planning and growth trajectory.
- Complete Protection: You receive comprehensive coverage that spans incident investigation, legal defence, business continuity, and reputation management.
- Fast Claims: Instead of wasting time on lengthy documentation, you can just focus on getting back to serving your customers and growing your business.
Cyber insurance for EdTech Brands starting at ₹49,000/Year*
Common Security Concerns Faced by EdTech Companies
Here are the most commonly faced cybersecurity issues of Edtech companies:
Data and Privacy Breaches
EdTech firms collect a significant amount of student information, including names, grades, and study habits.
When hackers break in, they can take all of this valuable information. This puts students at risk for identity theft and targeted scams.
For example, in 2019, Edmodo experienced a data breach that exposed the personal information of 77 million users, including student email addresses.
Compliance with Evolving Regulations
Laws such as FERPA and GDPR regulate how firms manage student data, but these rules are constantly evolving.
Companies struggle to stay up and fear severe penalties if they fail. When GDPR was implemented in 2018, several EdTech organisations had to redesign their data systems.
Some smaller businesses even closed because they couldn’t afford the compliance charges.
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Ransomware and Business Interruption
Hackers lock up computer systems and demand money to unlock them, stopping all learning activities. Students can’t access lessons, teachers can’t reach classes, and the whole platform goes down.
In 2020, several school districts using online learning platforms were hit by ransomware during COVID-19. The attacks disrupted the education of thousands of students for weeks while systems were restored.
Vulnerabilities in Third-Party Integrations
EdTech platforms integrate with various other services, including payment systems and content libraries. Each connection creates a potential entry point for hackers to sneak in.
It’s like having multiple doors to your house where you can’t control every lock. When the popular education service Canvas experienced issues through a third-party integration, it affected millions of students across multiple universities.
Account Takeovers and Phishing
Students and teachers often fall for phishing emails that appear to be from their school’s platform.
Hackers trick them into giving away passwords by sending fake support messages. Once they get in, they can access personal data and attack other users.
During remote learning, many schools reported an increase in phishing attempts targeting both students and faculty, with fake “urgent account verification” emails.
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Uninvited Guests in Online Classes
“Zoombombing” occurs when strangers enter virtual classrooms and disrupt or display inappropriate content. This became a major issue during online learning since security settings were inadequate.
In 2020, multiple schools experienced Zoombombing incidents, in which intruders disrupted classes with objectionable content. This compelled many organisations to entirely overhaul their virtual meeting security practices.
Insider Threats
Threats can originate from persons who already have access to the system, such as employees or students. An employee may steal data, or a student may share login information with others. With so many individuals with varying levels of access, it is difficult to fully monitor everyone.
A noteworthy case was a university employee who obtained and disclosed thousands of student records after being denied a promotion.
One breach can cost crores— Our cover Costs only ₹49,000/year*
Trusted by 800+ businesses and partnered with top insurers, Mitigata provides comprehensive cyber insurance at the best market rates.
What Does a Cyber Insurance Policy Cover?
Think of cyber insurance as your EdTech platform’s comprehensive safety net – covering the financial fallout when things go wrong, so you don’t have to waste your time and money.
Data Breach Response and Notification Costs
When student information gets stolen, you have to tell families and government agencies what happened. This incurs a significant expense for investigations, sending official notices, and managing the resulting bad publicity.
Cyber insurance covers these expenses, allowing you to focus on resolving the issue. For example, when a learning app called ClassDojo had a data incident, they had to hire lawyers and send notifications to millions of parents.
Business Interruption and Revenue Loss
If hackers shut down your platform, you lose money every day it’s offline because students can’t use your service. Insurance helps replace this lost income and covers refunds you have to give to upset customers.
When several school districts were hit by ransomware in 2020, they lost weeks of subscription fees and had to refund parents. Some even had to pay for alternative learning tools while their systems were being fixed.
Check out our expertly curated cyber insurance cost guide and find out which factors affect its premium.
Cyber Extortion and Ransomware
Criminals may lock your system and demand money to unlock it, or else threaten to publicly release student data. Cyber insurance for Edtech may help cover these costs, which could include hiring individuals who are knowledgeable about dealing with scammers.
In 2020, the Baltimore County school system encountered a similar issue when hackers demanded payment and threatened to release sensitive student information.
Third-Party Liability Claims
When your platform gets hacked, parents and schools might take you to court for not protecting their children’s information properly.
Legal fights are expensive, even if you win, so insurance covers lawyer fees and any money you have to pay.
After the Pearson Education breach, several schools filed lawsuits claiming the company failed to protect student test data adequately.
Regulatory Fines and Penalties
Breaking privacy rules such as FERPA or GDPR can result in hefty fines that could ruin small businesses. Many Edutech cyber insurance policies help cover these regulatory costs when you’ve made good-faith efforts to comply but still face penalties due to a security incident.
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System Recovery and Restoration
After an attack, you need to rebuild your databases, restore learning materials, and sometimes buy completely new computer systems. This technical recovery work is expensive and time-consuming, but insurance covers these costs.
When ransomware hit the learning platform Blackbaud in 2020, they had to spend months and millions of dollars rebuilding their systems.
Incident Response and Expert Support
When hackers strike, you need cybersecurity experts, investigators, and lawyers immediately to minimise the damage. Insurance provides you with instant access to specialists who understand education technology and can respond quickly.
These experts know exactly what steps to take and can often prevent small problems from becoming major disasters.
Don’t gamble with your students’ important data.
From startups to large platforms, Mitigata delivers 24/7 support, fast claims, and trusted protection for EdTech growth.
What Cyber Insurance Does Not Cover?
While cyber insurance for EdTech and E-learning platforms provides broad protection, it is essential to be aware of certain exclusions. Here’s what typical policies don’t cover:
Physical Damage to Hardware or Property
Cyber insurance doesn’t cover physical damage to your company’s hardware, such as servers, computers, or other devices. If your equipment is damaged due to a cyberattack, you may need a separate property insurance policy to cover those costs.
Costs of Pre-Existing Vulnerabilities
If your company had known about these vulnerabilities before purchasing the insurance, they may not be covered. For example, if your platform is hacked due to outdated software that you haven’t updated, the insurance might not cover the damages..
Losses from Employee Misconduct
While cyber insurance protects against external cyberattacks, it doesn’t typically cover losses caused by internal threats, such as fraud or negligence by your employees. If an employee intentionally misuses their access to steal data, the insurance policy may not apply. However, some policies can cover this under specific conditions.
Read the ultimate guide to
cyber insurance cost and premiums
Financial Loss from Business Decisions
Cyber insurance for Edutech companies won’t cover financial losses resulting from business decisions or strategic choices, such as failing to invest in updated security systems or opting for substandard IT services. You’ll still be responsible for managing your own internal business risks.
Loss of Reputation Due to Unrelated Issues
While cyber insurance can help with rebuilding reputation after a breach, it does not cover reputational damage caused by circumstances other than a cyber event. For example, the insurance does not cover a PR crisis that is unrelated to a cyberattack.
Criminal Fines and Penalties
Cyber insurance for EdTech often does not cover fines or penalties resulting from criminal activity. For example, if your company engages in a criminal cyberattack or intentionally breaks the law, the fines will not be covered. Policies are intended to assist with unintended violations or accidents, not deliberate mistakes.
Conclusion
So far, you would have a good understanding of why protecting an EdTech platform is more important than ever. From data breaches that reveal student records to ransomware attacks that shut down virtual classrooms, cyber risks are more than just IT issues; they pose existential challenges to your educational goals.
With the proper coverage, you can keep your organisation strong, compliant, and secure.
Do not wait for a security incident to discover faults in your cyber resilience strategy.
Get a free risk assessment from Mitigata today.
