Cyber extortion has become a hot topic in the news and is causing many sleepless nights for business owners worldwide. Is this issue on your radar? It should be, as it could impact your business at any time.

What is cyber extortion?

Cyber extortion is a form of cybercrime where attackers threaten to damage your business by compromising its data and digital assets unless a ransom is paid. These threats typically involve ransomware, malicious software that encrypts your data, rendering it inaccessible until the ransom is paid.

In some cases, cybercriminals take it 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 tactic is known as double extortion.

According to a 2024 report, the number of cyber extortion victims has surged by 77% over the past year. Alarmingly, small businesses are four times more likely to be targeted than larger ones. This trend is especially concerning because smaller businesses often lack the resources to defend against these attacks effectively.

In just the first quarter of this year, 1,046 businesses fell victim to double extortion. Although this number might not seem huge, it’s important to remember that many cases go unreported, hidden in what experts call the “dark number.”

The reality is that all businesses, regardless of size or industry, are potential targets. However, certain sectors are more frequently attacked. Industries like manufacturing, professional, scientific, and technical services, as well as wholesale trade, are often at the top of the list. Alarmingly, the healthcare and social assistance sectors are also experiencing a significant increase in attacks, despite the potential societal and political repercussions.

Cybercriminals are both opportunistic and strategic, often targeting regions with strong economic growth and shared languages. For instance, cyber extortion attacks in the UK have risen by 96%.

While the rise in cyber extortion is concerning, there are steps you can take to safeguard your business. Here are some essential strategies:

• Back up your data: Implement a robust backup plan. Store your critical data in an offline or offsite location, and regularly test your backup restoration process.
• Keep software updated: Ensure all your devices use the latest software, especially those connected to the internet.
• Implement Multi-Factor Authentication (MFA): Enhance your access controls with MFA. This adds an extra layer of security by requiring multiple forms of verification before granting access (such as a code on a separate device). Also, limit user access to only the systems they need for their job.
• Patch and vulnerability management: Regularly update your systems to address any security vulnerabilities. Cybercriminals often exploit known weaknesses, so staying on top of patches can prevent many attacks.

By understanding what cyber extortion is and how it operates, you can better prepare your business to defend against it. Remember, the key is to be proactive.

If you need assistance in preparing your business and keeping it safe, feel free to reach out to us.