Rising Frequency and Cost of Cybercrime in K-12
The education sector is a gold mine for cyber criminals. The combination of high-risk behaviors, limited security budgets, and sensitive personal information that can be monetized in various ways, is driving up both the cost and frequency of breaches.
Several factors may contribute to the increase, including:
Increased Digitization:
With the growing use of technology in education, there's a greater reliance on digital systems to store and manage student records, making them more vulnerable to cyberattacks.
Lack of Cybersecurity Measures:
Many educational institutions, especially those with limited budgets, may not have robust cybersecurity measures in place to protect against sophisticated cyber threats.
Human Error:
Data breaches can also occur due to human error, such as employees falling victim to phishing scams or unintentionally exposing sensitive information.
Target for Cybercriminals:
K-12 institutions may be seen as easier targets compared to larger organizations, making them more susceptible to attacks.
Ransomware Attacks:
Ransomware attacks, where hackers encrypt data and demand payment for its release, have become increasingly common in various sectors, including education.
The K-12 Security Information Exchange
Number of publicly-disclosed The K-12 Cyber incidents by incident type: 2016-2021
The Cost of Cybercrime is on the Rise
Today, school districts are struggling under the burden of more damaging cyber attacks than ever before and costs of recovery from such attacks can be staggering.
The global cost of cybercrime
estimated to hit by 2025
Cybersecurity Ventures: 2022 Official Cybercrime Report
The Cost of a Data Breach
In IBM’s Cost of a Data Breach Report 2023, they’ve looked at 500 breaches broken down by vertical and geography.
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