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

February 2, 2023

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:

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:

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.