Cybersecurity is a critical concern that could one day impact your business. One of the most pressing threats today is cyber extortion.
What is cyber extortion?
Cyber extortion is a type of cybercrime where criminals threaten to harm your business by compromising its data and digital assets unless a ransom is paid. Often, these threats involve ransomware, a malicious software that encrypts your data, rendering it inaccessible until the ransom is paid.
Sometimes, cyber criminals take it further by stealing data and threatening to release it publicly on dark web leak sites if their demands aren’t met. This dual threat is known as double extortion.
A 2024 report shows that the number of victims of cyber extortion scams has surged by 77% over the past year. Small businesses are particularly vulnerable, being four times more likely to be targeted than larger companies. This trend is alarming, especially as smaller enterprises often lack the resources to defend themselves effectively.
In just the first quarter of this year, 1,046 businesses fell victim to double extortion. While this number may seem manageable, the reality is likely much worse, as many cases go unreported, hidden in what experts call the “dark number.”
The fact is, businesses of all sizes and industries are potential targets. However, certain sectors are more frequently attacked. Manufacturing, professional, scientific, and technical services, as well as wholesale trade, are at the top of the list. The healthcare and social assistance sectors are also experiencing a significant rise in attacks, despite the potential societal and political consequences.
Cybercriminals are both opportunistic and strategic, often targeting regions with strong economic growth and shared languages. For example, cyber extortion attacks in the UK have risen by 96%.
While the increase in cyber extortion is concerning, there are proactive measures you can take to protect your business. Here are some key strategies:
- Back up your data: Implement a robust backup plan, storing critical data in an offline or offsite location, and regularly testing your backup restoration process.
- Keep software updated: Ensure all your devices are running the latest software, especially those connected to the internet.
- Implement Multi-Factor Authentication (MFA): Strengthen your access controls with MFA, which adds an extra layer of security by requiring multiple forms of verification before access is granted. Additionally, limit user access to only the systems necessary for their job.
- Patch and vulnerability management: Regularly update your systems to fix any security vulnerabilities. Cyber criminals often exploit known weaknesses, so staying on top of patches can prevent many attacks.
Understanding what cyber extortion is and how it works is crucial to preparing your business for defense. The key is to be proactive.
If you need assistance in safeguarding your business, the Cyber Security Experts in Essex are here to help. Get in touch today.
