Cyber extortion is making headlines and causing sleepless nights for many business owners. Is it on your radar? It should be—because it could affect your business when you least expect it.

What is Cyber Extortion?

Cyber extortion is a type of cybercrime where criminals threaten to harm your business by compromising its data and digital assets unless a ransom is paid. These threats often involve ransomware, malicious software that encrypts your data, making it inaccessible until the ransom is paid.

Some 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 is known as double extortion.

According to a 2024 report, cyber extortion cases have surged by 77% over the past year. Small businesses are four times more likely to be targeted compared to larger ones. This is especially concerning since smaller businesses often have fewer resources to defend against these attacks.

In just the first quarter of this year, 1,046 businesses fell victim to double extortion. The actual number is likely much higher, as many cases go unreported, hidden within the "dark number" that experts refer to.

The truth is, all businesses, regardless of size or industry, are potential targets. However, certain sectors are more frequently attacked. Manufacturing, professional, scientific, and technical services, as well as wholesale trade, top the list. Alarmingly, the healthcare and social assistance sectors are also seeing a significant rise in attacks, despite the potential societal and political repercussions.

Cybercriminals are opportunistic and strategic. They target regions with strong economic growth and shared languages. For instance, cyber extortion attacks in the US have increased by 108%.

How to Protect Your Business

While the rise in cyber extortion is concerning, there are proactive steps you can take to protect your business:

  1. Back Up Your Data: Ensure you have a robust backup plan. Store critical data in an offline or offsite location and regularly test your backup restoration process. For more insights on keeping your data safe in the cloud, check out our previous blog Cloud Security Myths and Realities: Ensuring Your Data's Safety.
  2. Keep Software Updated: Ensure all devices use the latest software, especially those connected to the internet.
  3. Implement Multi-Factor Authentication (MFA): Strengthen access controls with MFA, requiring multiple forms of verification before access is granted. Limit user access to only the systems they need for their job.
  4. Patch and Vulnerability Management: Regularly update your systems to fix security vulnerabilities. Cybercriminals often exploit known weaknesses, so staying on top of patches can prevent many attacks.

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

Need help preparing your business and keeping it safe? Get in touch with us today.