Cyber extortion: What is it and what’s the risk to your business? • Blisstech Solutions

Here’s a topic that’s been making headlines and causing sleepless nights for many: Cyber extortion.

Is it something that’s on your radar? It should be, because it might affect your business one day.

What is cyber extortion?

It’s a type of cyber crime 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 aren’t met. This dual threat is known as double extortion.

According to a 2024 report, the number of victims of cyber extortion scams has skyrocketed by 77% over the past year. Moreover, small businesses are four times more likely to be targeted than their larger counterparts. 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 may not seem huge, but bear in mind the actual number is likely much higher since many cases go unreported, hiding in the shadows of what experts call the “dark number.”

The truth is that all businesses, regardless of size or industry, are potential targets. However, certain sectors are more frequently attacked. Manufacturing, professional, scientific, technical services, and 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. For instance, cyber extortion attacks in the UK have increased by 96%.

While the rise in cyber extortion is a big worry, 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: Make sure all your devices use the latest software, especially those connected to the internet.
  • 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 on a separate device). Also, limit user access to only the systems they need for their job.
  • 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 cyber extortion and how it works, you can better prepare your business to defend against it. Remember, the key is to be proactive.

If we can help prepare your business and keep it safe, get in touch.

More Content

How to plan a big IT project

We all dream of making changes to our business that will make us more efficient and profitable, but significant changes to the technology you use to run your business should never be rushed.

How to choose the correct hardware for your business

Do you know how to choose the correct hardware for business? Slow isn’t often a word you want to associate with your business. But when your hardware isn’t performing, you’ll hear it a lot. Complaints about PCs, your internet connection, even your network. Not only is...
Did you notice Incognito mode’s improved privacy?

Did you notice Incognito mode’s improved privacy?

If your team use Google Chrome’s Incognito mode, you probably assume your browsing is private. But until Microsoft spotted this big flaw, your info could be shared across devices… here’s how they’ve fixed it.

Browse with confidence: Microsoft Edge’s Enhanced Security

Microsoft is working on a major security update for its Edge browser, which will bring Edge enhanced security to everyone using it.

Tech Tip: How to align in objects in Microsoft PowerPoint

In today's Tuesday's Two Minute Tech Tip Matt shows you how to align objects in PowerPoint. It can be a pain when trying to align things manually in PowerPoint, but there is a handy little feature that makes this easy. This video will show you how to: 👉 How to quickly...
How to disable fast startup - thumbnail image

Tech Tip: How to disable Fast Startup and shutdown your computer properly

It is a fact of life that we occasionally have to turn our Windows computers off and back on again to fix problems.  However, if you are not shutting down your computer fully then your efforts may not have the desired effect because of a feature called Fast Startup....
A woman on a laptop with a shield and lock on the screen

Why you should use a password manager

Introduction It can be difficult to keep track of all of your online passwords, especially if you have multiple accounts for different purposes.  But did you know that there is a way to keep all of your passwords safe and secure? A password manager such as LastPass...

Why the Cloud is not backup

Cloud computing has revolutionised the way businesses work.  Companies that utilise the cloud will have coped the best with COVID-19 imposed restrictions.  Whether forced to by circumstance or not, businesses are moving from the traditional server in the office to...

Cyber attacks are getting bigger and smarter. Are you vulnerable?

Recently, the biggest ever DDoS attack was reportedly blocked. Worse still, more businesses are being targeted with criminals demanding huge ransoms

A woman on a laptop with a shield and lock on the screen

7 ways to secure small business IT

It is hard enough running a business without having to worry about how to ensure your computer systems and data are secure from bad guys.  To help you out, we have put together a list of the top 7 things that you should do to secure your small business IT systems. 1....
Share This
Contact
Love Lane
Cleobury Mortimer
Shropshire DY14 8PE

01299 382 321
[email protected]
Copyright © 2024 Blisstech Solution Ltd
Registered No: 08125391 VAT No : 307 5490 05