Cyber Extortion: What It Is and How It Threatens Your Business

September 3, 2024

What is Cyber Extortion?

Cyber extortion involves criminals threatening to harm your business by compromising your data and digital assets unless you pay a ransom. This often means ransomware, which locks your data until you meet their demands. Sometimes, they go a step further by stealing and threatening to release your data publicly, a tactic known as double extortion.

A recent 2024 report reveals a staggering 77% increase in cyber extortion victims over the past year. Small businesses are particularly at risk, being four times more likely to be targeted than larger companies. In the first quarter alone, 1,046 businesses were hit by double extortion attacks, and the real number is likely higher due to underreporting.

Every sector is vulnerable, but industries like manufacturing, professional services, wholesale trade, and healthcare are especially at risk. Cyber extortion incidents in the US have surged by 108%.

To safeguard your business, consider these crucial strategies:

1. Back up Your Data: Store critical data offline or offsite and regularly test your backup restoration.
2. Keep Software Updated: Ensure all devices have the latest software updates.
3. Implement Multi-Factor Authentication (MFA): Add an extra layer of security with MFA and restrict user access to necessary systems only.
4. Patch and Manage Vulnerabilities: Regularly update your systems to fix security flaws.

Understanding and preparing for cyber extortion is essential to protecting your business. If you need guidance, don't hesitate to contact us.

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