Cyber extortion has become a growing concern, making headlines and keeping many business leaders and owners on edge.
Is it something you are monitoring? It should be, as it could one day directly impact your business.
What is cyber extortion?
Cyber extortion is a form of cyber-crime where attackers threaten to harm your business by compromising its data and digital assets unless a ransom is paid. These threats often involve ransomware, a type of malicious software that encrypts your data, making it inaccessible until a ransom is paid.
In some cases, cyber criminals escalate their demands by stealing data and threatening to publicly release it on dark web leak sites if their demands are not met. This tactic, known as “double extortion,” poses a dual threat.
A 2024 report reveals that the number of cyber extortion victims has surged by 77% over the past year. Disturbingly, small businesses are four times more likely to be targeted than larger organisations. This trend is particularly concerning given that smaller businesses often have fewer resources to defend against such attacks.
In the first quarter of 2024 alone, 1,046 businesses fell victim to double extortion. While this figure may seem modest, the actual number is likely far higher, as many cases go unreported, contributing to what experts refer to as the “dark number.”
The reality is that businesses of all sizes and across all industries are potential targets although certain sectors are more frequently attacked. Manufacturing, professional, scientific and technical services, as well as wholesale trade, are among the most targeted. The healthcare and social assistance sectors are also experiencing a sharp rise in attacks, despite the potential societal and political implications.
Cyber criminals are both opportunistic and strategic, often targeting regions with strong economic growth and shared languages. Cyber extortion attacks in the United Kingdom have increased by 96%.
Although the rise in cyber extortion is alarming, there are measures you can take to protect your business. Key strategies include:
- Data Backups: Ensure you have a comprehensive backup plan. Store critical data offline or at a secure offsite location, and regularly test your backup restoration process.
- Software Updates: Keep all devices, especially those connected to the internet, updated with the latest software.
- Multi-Factor Authentication (MFA): Strengthen your access controls with MFA, which adds an additional layer of security by requiring multiple forms of verification before access is granted. Limit user access to only the systems necessary for their role.
- Patch and Vulnerability Management: Regularly update your systems to fix security vulnerabilities. Cyber criminals frequently exploit known weaknesses, so staying current with patches can prevent many attacks.
By gaining a clear understanding of cyber extortion and its methods, you can better prepare your business to defend against it. The key is to remain proactive.
If you would like assistance in safeguarding your business, please do not hesitate to reach out.
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