Understanding and Navigating Cybersecurity Risks in Higher Education and How Financial Aid Office Can Help

Between October 2021 and June 2022, more than 150 postsecondary institutions  reported  ransomware attacks to Federal Student Aid (FSA). During a ransomware attack, educational institutions lose access to critical information and systems and essentially are unable to function.

Ransomware attacks are just one type of cybersecurity risk faced by higher education. FA Solutions LLC, a financial aid-servicing partner, recommends the best practices for Financial Aid Directors in preparing for and responding to cyberattacks.

Why are Higher Education Institutions Vulnerable to Cyberattacks?

An in-depth article was recently published in  HigherEdDive  on the best way for institutions of higher education to address cyberattacks, the authors noted that the pandemic required institutions of higher education to create new ways to interact with students and forced them to “rapidly build out their digital infrastructure to ensure continuity of learning and working…” While this was necessary, it also created “new entry points for cybercriminals.”

Some issues that HigherEdDive found that make higher education institutions particularly vulnerable include:

  • They hold valuable research and student proprietary data.
  • If the institution is affiliated with an academic medical center, they also hold patient medical records.
  • They generally are more open with access to their digital information so students can share information and collaborate with each other. While this is great for students, this also makes the institutions a “prime breeding ground for cybercriminals.”
  • Higher education institutions are slow to make the monetary investment necessary to hire experts who can help them implement cybersecurity measures.
  • Students arrive on campus with their own computers, smart phones, and other devices making them easy targets.
  • Cybercriminals don’t just go after the institutions propriety data, but target parents, faculty members, and third-party service providers.

Steps the Institution and the Financial Aid Office Can Take to Help Prevent Cybercrime

Cybercriminals take their “jobs” seriously and are hard to beat, but there are steps higher education institutions, along with their financial aid office, can take to make it more difficult for them. Some suggestions are:

  • Require all network users with basic training about how to use the network and include the risks of cybercrime. This may be as simple as distributing some type of handbook to all faculty and students.
  • Implement a multi-factor authentication (MFA) requirement for all users to use when they log in.
  • Inventory the types of data used by your organization and create a data protection plan for how the data is used, how you can protect it, and who will be allowed access to it.
  • Review your vendor relationships to be sure the vendors are up-to-date with their own cybersecurity protections.
  • Prepare a plan for dealing with a cyberattack if it occurs. Being prepared with a quick response that stops the attack may prevent the loss of thousands of dollars in ransom fees and other damages.

Unfortunately, cybercriminals are determined, and even though you may not be able to completely eradicate the threat, you can take these steps with the goal of protecting your data and your reputation.

FA Solutions Provides Cybersafe Third-Party Financial Aid Processing

FA Solutions is not just a third-party service provider, but a partner with the higher education institution. We are well aware of the potential for cybercrime and take seriously our responsibility to prevent such attacks.

Contact us  to book a free consultation where you can learn more about how we can assist you in improving and streamlining operational efficiencies.

fasolutions • Feb 02, 2023
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