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Cyber Extortion: Understanding the Threat to Your Business

Cyber extortion is a term that's increasingly making headlines and keeping business owners awake at night.

Is this on your radar? It should be—cyber extortion is a threat that could one day impact your business.

What Exactly is Cyber Extortion?

Cyber extortion is a form of cybercrime where attackers threaten to inflict harm on your business by compromising its data and digital assets unless a ransom is paid. Often, these threats involve ransomware, a type of 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 sensitive data and threatening to release it publicly on dark web leak sites if their demands aren’t met. This tactic is known as double extortion.

According to a 2024 report, the number of businesses falling victim to cyber extortion scams has surged by 77% over the past year. Alarmingly, small businesses are four times more likely to be targeted than larger enterprises. This trend is particularly concerning, given that smaller businesses often have fewer resources to defend against such attacks.

In the first quarter of this year alone, 1,046 businesses were victims of double extortion. While this number might seem modest, it's important to recognize that the true figure is likely much higher, as many incidents go unreported, contributing to the so-called "dark number."

The reality is that every business, regardless of size or industry, is a potential target. However, certain sectors are more frequently attacked, with manufacturing, professional services, technical services, and wholesale trade leading the list. Worryingly, the healthcare and social assistance sectors are also experiencing a sharp rise in attacks, despite the potential societal and political consequences.

Cybercriminals are both opportunistic and strategic, often targeting regions with strong economic growth and shared languages. For instance, cyber extortion attacks in the US have jumped by 108%.

Protecting Your Business from Cyber Extortion

While the rise of cyber extortion is alarming, there are effective measures you can take to protect your business:

  • Data Backup: Implement a robust backup strategy. Store critical data in an offline or offsite location and regularly test your backup restoration process to ensure it works when needed.

  • Software Updates: Ensure all your devices run the latest software, particularly those connected to the internet. Regular updates help protect against vulnerabilities that cybercriminals could exploit.

  • Multi-Factor Authentication (MFA): Strengthen access controls with MFA, which adds an additional layer of security by requiring multiple forms of verification before granting access. Limit user access to only the systems they need to perform their jobs.

  • Patch and Vulnerability Management: Regularly update your systems to address security vulnerabilities. Cybercriminals often exploit known weaknesses, so staying on top of patches can prevent many attacks.

By understanding the nature of cyber extortion and how it operates, you can better prepare your business to defend against it. Remember, proactive measures are key to minimizing risk and protecting your organization from these increasingly common threats.

Being vigilant and well-prepared is your best defense. Don't wait for an attack to happen—take steps now to secure your business.

Russell HaleSNH TECHNOLOGIEScyber security, cyber attack, business owners