Ransomware attacks on schools fetched $6 Billion loss

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According to a report compiled by Comparitech, Ransomware Attacks on schools and colleges operating in United States could have fetched a $6 billion loss to the institutes on a combined note in 2020 alone.

The only good news is that the research team found that the average downtime was witnessed to have decreased from 14 days to 7 days, while the recovery time improved from 73.8 days to 55.4 days.

Estimates regarding the financial loss gained through ransomware attacks was highly speculative, researchers from Comparitech say that the actual loss could be close to the guesstimated figure as their previous comparisons of 2018 and 2019 matched the actual loss figures of $63.7 million and $8.2 billion.

Comparitech research states that over 1740 schools and 2,623 colleges fell prey to the hackers gang spreading file encrypting malware and on an average nearly 1.4 million students were estimated to be affected- an increase by 39% and 67% respectively when compared to 2019.

One more interesting fact was also figured out by those investigating the ransomware attacks that took place on educational institutes operating in United States. And the fact is that the hackers majorly targeted school districts and universities that had made big on annual budget, hoping to gain heavy on their ransom payment demands.

Note- The suggested figures are just predictive and not conferred in real. So, they can only be used for reference and not be taken as a definitive statement.

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Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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