There has been a spate of ransomware attacks on cities and government agencies in recent months and the healthcare industry sees more than its fair share of attacks, but they are not the only industries being targeted.
Schools, colleges, and universities are prime targets for hackers and ransomware attacks are common. One recent attack stands out due to its scale and the massive ransom demand that was issued. The attackers demanded $2 million (170 BTC) for the keys to unlock the encryption.
Monroe College in New York City was attacked at 6:45am on Wednesday, July 10, 2019. The ransomware quickly spread throughout the network, shutting down the computer systems at its campuses in Manhattan, New Rochelle and St. Lucia and taking down the college website.
The college has switched to pen and paper and is finding workarounds to ensure students taking online courses receive their assignments. No mention has been made about whether files will be recovered from backups or if the ransom will need to be paid.
This is one of many recent ransomware attacks in the United States. Ransomware may have fallen out of favor with cybercriminals in 2018, but it now appears to be back in vogue and attacks are rising sharply. So too have the ransom demands.
$2 million is particularly high, but there have been several recent attacks involving ransom demands for hundreds of thousands of dollars. In several cases, the ransom has been paid.
Riviera Beach City in Florida was attacked and was forced to pay a $600,000 ransom to regain access to its files and bring its computer systems back online. Lake City in Florida also paid a sizeable ransom – $500,000. Jackson County was also attacked and paid a $400,000 ransom.
There have been several cases where ransoms have not been paid. The City of Atlanta was attacked and around $51,000 in Bitcoin was demanded. Atlanta refused to pay. Its cleanup bill has already reached $3 million. With such high costs it is clear to see why many choose to pay up.
In all of the above cases, the cost of implementing cybersecurity solutions to protect against the main attack vectors would have cost a tiny fraction of the cost of the ransom payment or the mitigation costs after an attack.
For less than $2 per employee, you can ensure that the email network is secured and you are well protected against web-based attacks. To find out more, call TitanHQ today.