The Threat of Cyber Extortion and How to Defend Your Company

What is Cyber Extortion?

Cyber extortion is a serious crime that could threaten your business. Criminals may attack your company’s data, demanding money to stop the harm. This often involves ransomware, which locks your data until you pay a ransom. Sometimes, these criminals might steal your data and threaten to share it if you don’t pay up. This is called double extortion.

Why Should You Worry?

A recent study in 2024 shows a 77% jump in cyber extortion victims last year. Cybercriminals target small businesses four times more often than bigger ones, putting them at higher risk.With fewer tools to fight these crimes, small businesses suffer more.

In just the first part of this year, over 1,000 businesses faced double extortion. Many more cases of extortion likely remain hidden because people never reported them to the authorities.

All types of businesses are at risk, but some industries like manufacturing and healthcare are hit harder. These criminals often attack places with strong economies and similar languages, like the US, where such crimes have risen by 108%.

How to Protect Your Business

1. Back Up Your Data: Keep your important information safe in different places. This includes having backups offline or in separate locations.
2. Update Your Software: Always use the latest software on all devices that connect to the internet.
3. Use Multi-Factor Authentication (MFA): Add extra security steps to verify who accesses your systems, like a code sent to a phone.
4. Manage Patches and Vulnerabilities: Keep your systems up-to-date to close any security holes that criminals could use.

Being aware of what cyber extortion is and how it works helps you prepare and protect your business, so being proactive is key.

Need help securing your business? Contact us today!

Want more information? Watch this video.