Cyber extortion is a rising threat that’s been grabbing headlines and causing significant concern. Is it on your radar? It certainly should be, as it could potentially impact your business.
What is Cyber Extortion?
Cyber extortion involves criminals threatening to damage your business by compromising its data or digital assets unless a ransom is paid. This often takes the form of ransomware, malicious software that encrypts your data, rendering it inaccessible until the ransom is settled.
In more severe cases, attackers may steal sensitive data and threaten to release it publicly on dark web leak sites if their demands are not met. This tactic, known as double extortion, combines data theft with public release threats.
Recent reports indicate that cyber extortion incidents have surged by 77% in the past year. Alarmingly, small businesses are four times more likely to be targeted than larger organisations. This increase is particularly troubling as smaller enterprises generally have fewer resources to combat such threats.
In just the first quarter of this year, 1,046 businesses experienced double extortion. Although this number might seem modest, it’s likely that many cases remain unreported, hidden in what experts refer to as the “dark number.”
No business is immune to cyber extortion, regardless of its size or sector. However, certain industries are more frequently targeted. Manufacturing, professional services, scientific and technical services, and wholesale trade are particularly vulnerable. Disturbingly, the healthcare and social assistance sectors are also facing a sharp rise in attacks, despite the potential for serious societal and political consequences.
Cyber criminals are highly strategic, often focusing on regions with strong economic growth and shared languages. For example, cyber extortion incidents in the UK have risen by 96%. Still interested? Check out this short video on cyber extortion (or skip ahead for 4 easy things you can do to protect your business).
While the increase in cyber extortion is concerning, there are effective measures you can take to protect your business:
Cyber extortion victims grow by 77%, with small businesses impacted four times more often than medium and large businesses combined, reveals Orange Cyberdefense.
1. Backup Your Data: Ensure you have a robust backup strategy in place. Store critical data in offline or offsite locations and regularly test your backup restoration process.
2. Keep Software Updated: Ensure that all your devices run the latest software updates, especially those connected to the internet.
3. Implement Multi-Factor Authentication (MFA): Enhance your security by using MFA. This adds an additional verification step, such as a code sent to a separate device, before granting access. Also, restrict user access to only the systems necessary for their roles.
4. Manage Patches and Vulnerabilities: Regularly update your systems to address security vulnerabilities. Cyber criminals often exploit known weaknesses, so keeping up with patches can prevent many attacks.
By understanding cyber extortion and implementing these strategies, you can better safeguard your business. The key is to stay proactive.
If you need assistance in preparing and securing your business, don’t hesitate to contact us.
