Cyber Extortion: What You Need to Know to Protect Your Business

In today’s digital world, cyber extortion has become a major threat that can wreak havoc on businesses of all sizes. This disturbing trend is making headlines and causing many sleepless nights for business owners.

So, have you thought about cyber extortion? If not, it’s time to start, because this threat could hit your business sooner than you think.

What is Cyber Extortion?

Let’s break it down. Cyber extortion is when cybercriminals threaten to mess with your business by compromising your data and digital assets unless you pay up. Usually, this involves ransomware—nasty software that locks up your data and holds it hostage until you pay the ransom.

But here’s where it gets even scarier: some cybercriminals take it a step further. They steal your data and then threaten to release it publicly on the dark web if you don’t meet their demands. This tactic, known as double extortion, is becoming more and more common.

Why Should You Care?

A recent report from 2024 shows that cyber extortion cases have shot up by a staggering 77% over the past year. If you run a small business, the risk is even higher—you’re four times more likely to be targeted than larger companies. That’s a pretty terrifying statistic, especially considering that small businesses often don’t have the resources to fend off these attacks.

In just the first quarter of this year, over 1,000 businesses were hit by double extortion attacks. And honestly, the real number is probably much higher because many victims never report these attacks. They’re hiding in what experts call the “dark number.”

The bottom line? Every business, big or small, is a potential target. But some industries are getting hit harder than others. If you’re in manufacturing, professional services, or wholesale trade, you’re high on the list. Even more concerning, the healthcare and social assistance sectors are seeing a sharp rise in attacks, despite the potential societal impact.

How Do Cybercriminals Choose Their Targets?

Cybercriminals are smart and strategic. They tend to focus on regions with booming economies and common languages. For example, in the United States, cyber extortion attacks have jumped by a whopping 108%. This rise highlights why it’s so important to stay on top of your cybersecurity game.

What Can You Do to Protect Your Business?

Yes, the rise in cyber extortion is frightening, but don’t worry—there are steps you can take to protect your business:

1. Back Up Your Data: Make sure you have a solid backup plan. Keep your critical data in a secure offline or offsite location, and regularly test your backup system to ensure it works when you need it.
2. Keep Your Software Up to Date: Don’t let outdated software be the weak link. Regular updates fix security flaws that hackers love to exploit.
3. Use Multi-Factor Authentication (MFA): Add an extra layer of protection with MFA. This requires multiple forms of verification before granting access, like entering a code sent to your phone. Also, be sure to limit access so that employees only get into the systems they need for their work.
4. Stay on Top of Patches and Vulnerability Management: Regularly update your systems to close any security gaps. Hackers often exploit known weaknesses, so staying updated can prevent many attacks.

Stay Ahead of the Threat

Understanding how cyber extortion works is the first step to defending your business. The key to cybersecurity is being proactive, not reactive.

Need help preparing your business and staying safe from cyber threats? Reach out to us. In today’s connected world, protecting your digital assets is more crucial than ever. Call us first! We can help.