Just today, it was reported that a computer system at the University of Wisconsin-Milwaukee (UWM) was hacked and contaminated with mal-ware, exposing the names and Social Security numbers of about 75, 000 students, faculty, and staff.
Another alternative, an idea similar to that proposed by my colleague Richard Vedder in his book Going Broke by Degree, would be to offer tenure (or enhanced job security) as one of a number of compensation options for which individual faculty choose from a menu of compensation items, including salary, health and life insurance plans, retirement contributions, and time off, etc.