Cyber extortion has been making headlines and causing concerns for many businesses. Is it on your radar? It should be—because it could affect your business one day.
What is cyber extortion?
Cyber extortion is a type of cybercrime where criminals threaten to harm your business by compromising its data or digital assets unless a ransom is paid. This often involves ransomware—malicious software that encrypts your data, making it inaccessible until you meet their demands.
In some cases, cybercriminals go further by stealing data and threatening to release it on dark web leak sites if the ransom isn’t paid. This tactic, known as double extortion, amplifies the pressure on victims.
A 2024 report shows a 77% increase in cyber extortion victims over the past year. Small businesses are especially at risk, being four times more likely to be targeted than larger companies. This is concerning, as smaller businesses often lack the resources to defend against such attacks.
In the first quarter of this year alone, 1,046 businesses fell victim to double extortion. The actual number is likely much higher, as many incidents go unreported—hidden in what experts refer to as the “dark number.”
Who’s at risk?
Every business, regardless of size or industry, is a potential target. However, certain sectors are more frequently hit. Industries like manufacturing, professional and technical services, and wholesale trade top the list. The healthcare and social assistance sectors are also experiencing a significant rise in attacks, despite the societal impact this may cause.
Cybercriminals tend to focus on regions with strong economic growth and shared languages, making the US a prime target. In fact, cyber extortion incidents in the US have risen by 108%.
How can you protect your business?
The rise in cyber extortion is concerning, but there are steps you can take to safeguard your business. Here are some key strategies:
– Back up your data: Ensure you have a strong backup plan. Store critical data offline or offsite, and regularly test your backup restoration process to ensure it works when needed.
– Keep software updated: Ensure all devices, especially those connected to the internet, are using the latest software versions to minimize vulnerabilities.
– Implement Multi-Factor Authentication (MFA): Strengthen access control with MFA, requiring multiple forms of verification, like a code sent to another device. Additionally, restrict user access to only the systems they need for their role.
– Patch and vulnerability management: Regularly update your systems to fix known security vulnerabilities. Many cybercriminals exploit outdated software, so staying current with patches is crucial.
By understanding cyber extortion and taking proactive measures, you can better protect your business from these threats.
If you need assistance in preparing your business or enhancing your security, we’re here to help. Get in touch today.