Cyber extortion has become a major concern for businesses, grabbing headlines and causing significant anxiety. Is it something that’s on your radar? It should be, because it could affect your business at any time.
What exactly is cyber extortion?
It’s a type of cybercrime where attackers threaten to harm a business by compromising its data and digital assets unless a ransom is paid. Often, this involves ransomware, a malicious software that encrypts your data, rendering it inaccessible until a ransom is paid to the criminals.
In some cases, cybercriminals employ a tactic known as double extortion. Here, they not only encrypt data but also steal it, threatening to release it publicly on the dark web if their demands are not met. This additional threat increases pressure on victims to comply with the ransom demands.
According to a 2024 report, there has been a staggering 77% increase in the number of cyber extortion victims over the past year. Alarmingly, small businesses are four times more likely to be targeted than larger organizations. This trend is particularly concerning because smaller businesses often have fewer resources to defend against these sophisticated attacks.
In just the first quarter of this year, 1,046 businesses fell victim to double extortion. While this number might seem relatively small, it’s important to note that the actual figure is likely much higher, as many incidents go unreported, concealed within what experts refer to as the “dark number.”
The reality is that businesses of all sizes and across all industries are potential targets. However, certain sectors are more frequently attacked. The manufacturing, professional, scientific, and technical services sectors, along with wholesale trade, are at the top of the list. Alarmingly, the healthcare and social assistance sectors are also experiencing a significant rise in attacks, despite the potential societal and political consequences.
Cybercriminals are opportunistic and strategic. They often target regions with strong economic growth and shared languages. For instance, in the United States, cyber extortion attacks have increased by a whopping 108%.
While the rise in cyber extortion is a cause for concern, there are proactive measures you can take to protect your business. Consider implementing these key strategies:
Data Backup: Make sure you have a robust backup strategy. Ensure that your critical data is stored in an offline or offsite location, and regularly test your backup restoration process to ensure data integrity and availability.
Software Updates: Keep all your software up to date, especially those connected to the internet. Regular updates ensure that security vulnerabilities are patched, reducing the risk of exploitation by cybercriminals.
Multi-Factor Authentication (MFA): Strengthen access controls with MFA. By requiring multiple forms of verification before access is granted, you add an extra layer of security to your systems. Limit user access to only the systems necessary for their job functions.
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 how it operates, you can better prepare your business to defend against these threats. Remember, the key is to be proactive in your approach to cybersecurity.
If you need assistance in fortifying your business against cyber threats, please get in touch. Our team is here to help you implement robust security measures and safeguard your business assets effectively.
Apollo IT Services has been helping businesses since our founding in Austin, TX in 2015. With offices in Austin and Northwest Arkansas, we’ve continued to evolve alongside technology, adapting our services to include comprehensive managed IT solutions, cybersecurity expertise, and cloud services. Our mission is simple: to empower your business with reliable IT and empower you with peace of mind. Give us a call today!