Cyber extortion has been a topic lately keeping many people up at night and grabbing headlines. Have you thought about it? You should as it could impact your business in the future.
So what is cyber extortion?
It’s a form of cybercrime where criminals threaten to harm your business by breaching its data and digital assets unless a ransom is paid. These threats often involve ransomware, a program that locks your data until you cough up the cash.
Sometimes cybercriminals take things further by stealing data and threatening to expose it on dark web sites if their demands aren’t met. This two pronged threat is known as extortion.
A report, from 2024 shows that the number of victims falling prey to cyber extortion schemes has shot up by 77% over the year. Whats more small businesses are four times likely to be targeted than their larger counterparts. This concerning trend is amplified by the fact that smaller businesses often lack the resources to fend off attacks.
In the first quarter of this year 1,046 businesses found themselves victims of double extortion. It might not sound like an issue but its important to consider that the actual number could be much higher as many cases go unreported staying hidden in what experts refer to as the “dark figure.”
The reality is that all businesses, no matter their size or industry are targets. However certain sectors face frequent attacks. Manufacturing, professional services, scientific and technical services and wholesale trade are among the targeted. Alarmingly there has been an increase in attacks on the healthcare and social assistance sectors despite potential societal and political implications.
Cybercriminals are both opportunistic and strategic. They focus on regions with economic growth and shared languages. For example cyber extortion attacks in the UK have risen by 96%.
Although the surge in cyber extortion is concerning there are measures you can implement to safeguard your business. Here are some essential strategies:
- Backup your data: Ensure you have a backup plan in place. Store your data in an offline or offsite location and regularly test your backup restoration process.
- Keep software up to date: Ensure all your devices run on the software versions, particularly those connected to the internet.
- Enforce Multi Factor Authentication (MFA): Enhance your access controls, with MFA.
Enhancing security measures involves implementing layers of protection that require various verification methods before granting access, such as utilising a code from a different device. Additionally it is important to restrict user access to the specific systems necessary for their job roles. - Patch and vulnerability management: Regularly updating your systems to address security vulnerabilities through patch management is essential. Cyber attackers commonly target known weaknesses so staying vigilant with updates can thwart potential attacks.
To effectively safeguard your business against cyber extortion it is crucial to comprehend the nature of threats and how they operate. Taking an approach in defense strategies is key.
If you require assistance, in fortifying your business and ensuring its safety feel free to reach out for support.
