Here’s a growing concern that’s been dominating headlines and keeping many business owners up at night: cyber extortion.
Is it on your radar? If not, it should be, because your business could be at risk.
What exactly is cyber extortion?
It’s a form of cybercrime where attackers threaten to harm your business by compromising your data and digital assets unless you pay a ransom. This often involves ransomware, malicious software that encrypts your data, rendering it inaccessible until the ransom is paid.
Some cybercriminals take it further by stealing your data and threatening to leak it on dark web sites if their demands aren’t met—a tactic known as double extortion.
A 2024 report shows that incidents of cyber extortion have surged by 77% in the past year. Small businesses are especially vulnerable, being four times more likely to be targeted than larger companies. This trend is particularly troubling as smaller businesses often lack the resources to defend against such attacks.
In just the first quarter of this year, 1,046 businesses experienced double extortion. While this number may seem modest, the true figure is likely much higher due to many cases going unreported—part of what experts refer to as the “dark figure.”
Every business, regardless of size or industry, is a potential target. However, certain industries are more frequently targeted, including manufacturing, professional services, and wholesale trade. The healthcare and social assistance sectors are also seeing a sharp rise in attacks, despite the potential societal and political consequences.
Cybercriminals are opportunistic and strategic, often focusing on regions with strong economic growth and shared languages. For example, cyber extortion attacks in the US have surged by 108%.
The rise in cyber extortion is alarming, but there are steps you can take to protect your business. Here are some critical strategies:
– **Back up your data:** Implement a solid backup plan. Store critical data offline or offsite and regularly test your backup restoration process.
– **Keep software updated:** Ensure all devices are running the latest software, especially those connected to the internet.
– **Use Multi-Factor Authentication (MFA):** Enhance your security by requiring multiple forms of verification before granting access. Limit user access to only what’s necessary for their role.
– **Manage patches and vulnerabilities:** Regularly update your systems to fix security vulnerabilities. Cybercriminals often exploit known weaknesses, so staying current with patches can prevent many attacks.
By understanding cyber extortion and how it operates, you can better equip your business to defend against it. The key is to be proactive.
If you need assistance in safeguarding your business, don’t hesitate to reach out.