Here is a topic that has been making headlines and causing sleepless nights for many: Cyber extortion.
Is it something that is on your radar? It should be because it might affect your business one day.
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, a malicious software that encrypts your data, making it inaccessible until you pay the ransom.
Sometimes, cybercriminals go a step further by stealing data and threatening to release it publicly on dark web leak sites if their demands are not met. This dual threat is known as double extortion.
A 2024 report revealed that the number of victims of cyber extortion scams has skyrocketed by 77% over the past year. What is even more concerning is that small businesses are four times more likely to be targeted compared to larger corporations. This is a worrying trend, especially considering that smaller businesses often have fewer resources to defend against these attacks.
In the first quarter of this year alone, 1,046 businesses fell victim to double extortion. That number might not seem huge, but the actual figure is likely much higher since many cases go unreported, hidden in the shadows of what experts call the "dark number."
Are you at risk?
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. In the United States, cyber extortion attacks have surged by 108%.
How do you protect your business?
While the rise in cyber extortion is alarming, there are steps you can take to protect your business. Here are some key strategies:
- Back up your data: Make sure you have a robust backup plan. Keep your critical data in an offline or offsite location and regularly test your backup restoration process.
- Keep software updated: Ensure that all your devices use the latest software, especially those connected to the internet. Updates often include vital security patches that block known vulnerabilities.
- Implement Multi-Factor Authentication (MFA): Strengthen your access controls with MFA. This adds an extra layer of security by requiring multiple forms of verification before access is granted (such as a code sent to a separate device). Limit user access to only the systems they need for their role.
- Patch and vulnerability management: Regularly update your systems to fix 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 works, you can better prepare your business to defend against it. The key is to be proactive.
Let us help you stay protected.
River Run’s expert team is here to assist you in preparing your business to face these threats and keep it safe from harm. Reach out to us today to discuss how we can bolster your defenses against cyber extortion and other cyber threats.
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