Schools Held Hostage: Education Pays the Price for Ransomware in 2024
Schools, colleges, and universities face skyrocketing costs from ransomware attacks, with some paying a median ransom of $6.6 million. Sophos reports that while attacks dropped in 2024, the demands skyrocketed. With backups compromised, schools are left paying more, both in ransom and recovery. The education sector is under siege, holding sensitive data hostage.
Hot Take:
Ransomware attackers are clearly not fans of school spirit! They’ve turned our educational institutions into their personal piggy banks, and it’s costing these establishments an arm, a leg, and a few million bucks. Maybe it’s time to turn those IT classes into cybersecurity boot camps?
Key Points:
- 44% of schools faced ransom demands of $5 million or more.
- Median ransom paid by schools was a whopping $6.6 million.
- Ransomware attacks decreased in 2024 compared to 2023 but are still higher than in 2022.
- 95% of attacked institutions had backup compromise attempts, with 71% success rate.
- Common causes: vulnerability exploits, malicious emails, and compromised credentials.
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