Cyber extortion has become a pressing concern for businesses everywhere, and it’s something you should be aware of to protect your operations. So, what exactly is cyber extortion, and how can it impact your business?

Understanding Cyber Extortion

Cyber extortion is a form of cybercrime where attackers threaten to damage your business or compromise its data unless a ransom is paid. Often, this involves ransomware—malicious software that locks up your data, making it inaccessible until you meet the demands of the attackers.

In some cases, the criminals don’t just lock your data; they steal it and threaten to release it publicly on dark web sites if their demands aren’t met. This is known as double extortion and represents a severe threat to both your data security and business reputation.

The Growing Threat

Recent data shows a staggering 77% increase in cyber extortion incidents over the past year. Alarmingly, small businesses are particularly vulnerable, being four times more likely to be targeted than larger companies. The first quarter of this year alone saw 1,046 businesses hit by double extortion, though the true number is likely much higher due to underreporting.

All businesses, regardless of size or sector, are at risk. However, certain industries are more frequently targeted, including manufacturing, professional services, and wholesale trade. The healthcare sector is also seeing a troubling rise in attacks, despite the significant implications for public health and safety.

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

How to Protect Your Business

1. Back Up Your Data: Implement a robust backup plan. Store critical data offline or offsite and regularly test your backup restoration process to ensure it’s effective.
2. Keep Software Updated: Ensure all your devices are running the latest software updates, particularly those connected to the internet. This helps close security gaps that attackers might exploit.
3. Use Multi-Factor Authentication (MFA): Strengthen access controls by requiring multiple forms of verification before granting access. Also, restrict user access to only the systems necessary for their roles.
4. Patch and Manage Vulnerabilities: Regularly update your systems to address security vulnerabilities. Attackers often exploit known weaknesses, so staying up-to-date with patches is crucial.

Being informed about cyber extortion and proactive in your defenses can significantly reduce your risk. If you need help preparing your business to face these threats, feel free to reach out. We’re here to assist in safeguarding your operations.