Cyber extortion has become a headline-grabbing issue, keeping many business owners awake at night.
Are you aware of it? You should be—because it could impact your business someday.
What is cyber extortion?
Cyber extortion is a type of cybercrime where attackers threaten to damage your business by compromising its data and digital assets unless a ransom is paid. This often involves ransomware, a malicious software that encrypts your data, rendering it inaccessible until you pay the demanded ransom.
In some cases, cybercriminals escalate their threats by stealing data and threatening to release it publicly on dark web leak sites if their demands aren’t met. This tactic, known as double extortion, adds another layer of risk.
According to a 2024 report, the number of cyber extortion victims has surged by 77% over the past year. Alarmingly, small businesses are four times more likely to be targeted than larger ones. This is particularly concerning, as smaller companies often lack the resources to defend against these attacks.
In just the first quarter of this year, 1,046 businesses fell victim to double extortion. While this number may seem modest, the true figure is likely much higher due to many cases going unreported, hidden in what experts call the “dark number.”
The reality is that all businesses, regardless of size or industry, are potential targets. However, certain sectors are more frequently attacked. The manufacturing, professional, scientific, and technical services, as well as wholesale trade sectors, are among the most targeted. Additionally, the healthcare and social assistance sectors are seeing a notable rise in attacks, despite the potential societal and political implications.
Cybercriminals are both opportunistic and strategic, often targeting regions with strong economic growth and shared languages. For instance, cyber extortion attacks in the US have increased by 108%.
While the rise of cyber extortion is concerning, there are steps you can take to protect your business. Here are some key strategies:
- Back up your data: Ensure you have a solid backup plan. Store your critical data in an offline or offsite location and regularly test your backup restoration process.
- Keep software updated: Make sure all your devices are running the latest software, especially those connected to the internet.
- Implement Multi-Factor Authentication (MFA): Strengthen access controls with MFA. This adds an extra layer of security by requiring multiple forms of verification before granting access, such as a code on a separate device. Also, limit user access to only the systems they need for their job.
- Patch and vulnerability management: Regularly update your systems to fix security vulnerabilities. Cybercriminals often exploit known weaknesses, so staying on top of patches can prevent many attacks.
By understanding cyber extortion and how it operates, you can better prepare your business to defend against it. Remember, proactive measures are key.
If you need assistance in safeguarding your business, feel free to contact us.
