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Moody’s Highlights Rising Cyber Risk in Education Sector for 2024

Moody’s Ratings has identified a significant increase in cyber risk facing the education sector in 2024. The analysis notes that higher education institutions are particularly vulnerable to cyberattacks, attributed to relatively weak cybersecurity defenses. According to Moody’s annual cyber heat map analysis, the global cyber risk scores for the education and nonprofit sectors have risen from “moderate” to “high” since 2022.

Factors Contributing to Rising Cyber Risks

This increase in risk is largely due to the ongoing digitization efforts within the sector, which lead to extensive digital footprints that present greater vulnerabilities to cyber threats. Additionally, many educational organizations have not sufficiently addressed these cybersecurity challenges. Analysts from Moody’s have highlighted the growing susceptibility of higher education institutions, which is linked to underdeveloped cybersecurity measures.

Comparison with Other Industries

In 2024, other industries also reported elevated cyber risk scores, including automobile manufacturers, financial institutions, mass transit systems, ports, and oil and gas companies. Moody’s indicates that sectors categorized as high cyber risk collectively account for $23.2 trillion in high-risk debt, with education and nonprofits representing $356 billion of this total.

Impact of Ransomware Attacks

The report reveals that the education sector has experienced one of the highest rates of ransomware attacks, with the costs associated with cybersecurity incidents having more than tripled over the previous year. It emphasizes that many entities within the education and nonprofit realms are inadequately prepared to protect their networks and implement essential cybersecurity practices. This includes utilizing multi-factor authentication and providing training for staff and students regarding cyber threats.

Advocacy and Federal Support

These findings align with increased advocacy for improved cybersecurity measures in K-12 institutions at both national and state levels, as schools confront challenges posed by ransomware incidents that threaten their academic operations. While federal funding is available to bolster cybersecurity efforts, demand for these resources exceeds the available support. The Federal Communications Commission (FCC) recently launched a cybersecurity pilot program for schools and libraries that received considerable interest, evidenced by 2,734 applications totaling $3.7 billion. FCC Chair Jessica Rosenworcel has underscored the pressing need for enhanced cybersecurity strategies, given the pervasive threats facing educational systems.

(Original source: Higher Ed Dive)

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