K-12 Online Education company reports the decision to pay cyber criminals from Ransomware Attacks.
K-12 (stick ticker: LRN) pays for Ransomware
The company is currently investigating with forensics the results from cyber security attacks that included Ransomware. The companies stated in the cyber security insurance policy investigators and have agreed to pay "undisclosed" payments for data that was stolen in the breach to be released from the internet. Ransomware is a type of malicious software designed to block access to a computer system until a sum of money is paid.
The company released comments on the attack stating "certain parts of our corporate back-office systems, including some student and employee information on those systems". the report also mentioned risks associated with cyber security, "While there is always a risk that the threat actor will not adhere to negotiated terms, based on the specific characteristics of the case, and the guidance we have received about the attack and the threat actor, we believe the payment was a reasonable measure to take in order to prevent misuse of any information the attacker obtained".