Defend Your Business Against Rising Cyber Extortion Risks

Cyber extortion is a type of cyber crime where criminals threaten to harm your business by compromising its data and digital assets unless a ransom is paid. These threats often involve ransomware, a malicious software that encrypts your data, making it inaccessible until you pay the ransom. Sometimes, cyber criminals go a step 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.

The number of victims of cyber extortion scams has skyrocketed by 77% over the past year, and small businesses are four times more likely to be targeted compared to their larger counterparts. In the first quarter of this year alone, 1,046 businesses fell victim to double extortion, but the actual number is likely much higher since many cases go unreported.

All businesses are potential targets of cyber extortion, but certain sectors are more frequently attacked. Manufacturing, professional, scientific, and technical services, as well as wholesale trade, top the list. Additionally, the healthcare and social assistance sectors are also seeing a significant rise in attacks.

Cyber criminals are opportunistic and strategic, targeting regions with strong economic growth and shared languages. For instance, cyber extortion attacks in the UK have increased by 96%.

Protecting your business is crucial.

Here are some key strategies:

1. Back up your data: Make sure you have a robust backup plan and regularly test your backup restoration process.

2. Keep software updated: Ensure all your devices use the latest software, especially those connected to the internet.

3. Implement Multi-Factor Authentication (MFA): Strengthen your access controls by requiring multiple forms of verification before access is granted and limit user access to only the systems they need for their job.

4. Patch and vulnerability management: Regularly update your systems to fix any security vulnerabilities.

By understanding what cyber extortion is and how it works, you can better prepare your business to defend against it. Remember, the key is to be proactive. If you need help in preparing your business and keeping it safe, Get in touch or book a face to face appointment.