Ransomware May Have Cost US Schools Over $6bn in 2020

InfoSecurity Magazine -

Ransomware May Have Cost US Schools Over $6bn in 2020

Scores of ransomware attacks on US schools and colleges last year may have cost them over $6bn, according to a new report published today.

Security testing site Comparitech analyzed the 77 attacks reported by educational institutions nationwide in 2020 and calculated the cost to these victims from estimated downtime and recovery time.

Rransom costs are difficult to gauge given most schools kept their payments secret. However, the research team was able to work out average downtime (seven days) and recovery time (55.4 days) from roughly half of all incidents.

It then applied a third-party 2017 estimate for the cost of downtime averaged across 20 sectors.

While the eventual figure of $6.6bn for total downtime cost in 2020 is speculative, it can be used to provide interesting comparisons with 2019 ($8.2bn) and 2018 ($623.7m).

Comparitech claimed that 2020 saw 1,740 schools and colleges

The article Ransomware May Have Cost US Schools Over $6bn in 2020 was originally published at InfoSecurity.

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