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Schools Are the Most Targeted Industry by Ransomware Gangs

Posted on September 20, 2023 by Dissent

Waqas reports that based on research by Sophos, the education sector is the most vulnerable and targeted by ransomware attacks.

KEY FINDINGS

  • 80% of lower education providers and 79% of higher education institutions reported ransomware attacks in the last year.
  • Education is the most targeted industry by cybercriminals, primarily motivated by the high percentage of schools choosing to pay the ransom.
  • The recovery costs from ransomware attacks have remained steady at around $1.59 million in 2023 and 2022 for lower education providers, while recovery costs in higher education have decreased significantly from the $1.42 million reported last year to just over $1 million in 2023.
  • Education providers lack the funds that large corporations have to invest in robust cybersecurity measures and even staff training, leading to many loopholes sophisticated hacker groups can exploit.
  • The Biden-Harris Administration has announced a $200 million initiative over three years to bolster cyber defences in K-12 schools.

Read more at HackRead.

Related: The State of Ransomware in Education 2023.

This post was edited post-publication to remove credit to a firm that did not provide any research of its own.

Related posts:

  • Kept in the Dark — Meet the Hired Guns Who Make Sure School Cyberattacks Stay Hidden
  • Paying the Ransom Doubles Cost of Recovering from a Ransomware Attack, According to Sophos
  • Why federal efforts to protect schools from cybersecurity threats fall short
  • The New Target That Enables Ransomware Hackers to Paralyze Dozens of Towns and Businesses at Once
Category: Commentaries and AnalysesEducation SectorOf Note

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