Wealthy private school students are being targeted by hackers for extortion.

According to a recent report by Australia's cyber espionage agency, wealthy private schools in the country are becoming a prime target for online criminals. The Australian Signals Directorate released its annual threat assessment today, revealing that cybercrimes in the past financial year have caused small businesses to lose an average of $50,000. For individuals, the average cost of cybercrime was around $30,000.

One concerning trend noted by the ASD in the past 12 months is an increase in cyber attacks on private schools by hackers. These criminals are attracted to the valuable student data held by these institutions, including sensitive information like health and psychological records. This data can be stolen and used as leverage to extort money from parents.

The report highlights a specific incident that occurred last November, where the Association of Independent Schools of NSW was targeted by malware. The attack was triggered when an employee searched for an Australian education sector enterprise agreement online and clicked on a malicious link. The hacker was able to gain persistent access to the network for three days before the Australian Federal Police were called in to prevent further damage.

According to the ASD, education and training providers are among the most popular targets for cyber criminals, along with industries such as transport, warehousing, electricity, and waste services. In the past financial year, the cyber spy agency received a staggering 87,000 reports of cybercrime and responded to 1100 incidents, a similar figure to the previous year.

Defence Minister Richard Marles, whose department oversees the ASD, noted that while the number of reports has remained consistent, the impact and costs of cybercrime are on the rise. He also issued a warning to individuals and businesses to not give in to hackers' demands in ransomware attacks, as there is no guarantee that paying them will result in the recovery of stolen data.

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