Having your company’s operations halted due to a ransomware attack is pretty high up on the list of nightmare situations for any business owner. Depending on the severity of the attack and the state of your backups and business continuity plan, this could mean days of downtime while data is restored, and systems sanitized. In the case of a storied Illinois college, it took them months to restore services after a ransomware attack in December 2021, and by the time systems were brought back online, the downtime was enough to hammer the final nail in the coffin for Lincoln College, a 157-year old institution that was already financially reeling from the Covid pandemic.
What this means for you
It’s unclear from the small amount of information available on the incident on why it took so long to restore systems at the college, but if my time in the higher-education industry illuminated anything for me, it was that academic institutions aren’t always at the forefront of technology security or disaster recovery, mostly because of underfunded technology budgets. If I had to name one thing that always catches ransomware victims off-guard, it’s the misconception that their particular company or organization is not worthy of being targeted for these types of attacks. While cybercriminals are definitely targeting high-value organizations in a very specific and determined manner, there is a wider, more generalized “net casting” of ransomware attacks that are more opportunistic and seem to care not for the financial means of the victim. Lincoln College may have not been targeted specifically – someone with sufficient privileges to key systems may have inadvertently fallen into a widely-cast phishing net (a broadly targeted phishing campaign), and once the hook was set, the hackers moved in for the kill, not caring (or even knowing) that the college was already in dire financial straits. What most people don’t realize is that there is literally no financial disincentive for hackers to attack, hook and ransomware as many targets as possible. It costs them literally nothing to spread ransomware, and if the victim doesn’t pay, they just move on to the one that will. Unfortunately for victims without proper data backups and a business continuity plan, that random attack could shutter the business for good.
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