Higher education institutions have increased their cybersecurity budgets as more universities fall prey to cyber attacks, Moody’s Investor Service says in a report. The bond ratings agency reports that higher education institutions allocating a portion of their budget to cybersecurity increased more than 70 percent from 2019 to 2023. Despite the new spending jump, universities still focus less on cyber spending than other institutions do. In 2023, the higher education sector’s average budget allocation was 7 percent for cybersecurity, below the global average’s 8 percent of spending.
