What Is Cyber Extortion? New Business Threat

By: Ben Fielding | Estimated Reading Time: 2 minutes

Ransomware Just Took An Even Darker Turn

Have you heard of cyber extortion? If not, it’s time to get familiar, because it poses a very real threat to your business. Understanding what is cyber extortion is crucial for keeping your business and staff safe .

So, what is cyber extortion? It’s a form of cybercrime where criminals threaten to harm your business. Either by stealing or locking down its digital assets and demanding a ransom in return. Typically, this involves the use of ransomware. This is a type of malware that encrypts your data, rendering it inaccessible unless a ransom is paid. But cyber extortion doesn’t stop there.

Many cybercriminals now use a tactic called double extortion. They not only demand a ransom to unlock your files but also threaten to leak sensitive information on dark web leak sites if the ransom isn’t paid.

According to a recent 2024 report, the number of cyber extortion attacks has soared by a staggering 77% in the past year. Small businesses are particularly vulnerable, being four times more likely to be targeted than larger companies. This is a major concern, especially for smaller organisations that may lack the resources to defend against such sophisticated attacks.

In the first quarter of 2024 alone, over 1,000 businesses fell victim to double extortion schemes. And the actual number could be even higher due to underreporting—a phenomenon often referred to as the “dark number” in cybercrime.

It’s important to understand that no business is immune to cyber extortion. However, certain industries such as manufacturing, technical services, wholesale trade, and healthcare are more frequently targeted. In the UK, cyber extortion attacks have surged by 96%, with cybercriminals strategically targeting businesses in regions experiencing strong economic growth.

How to Protect Your Business from Cyber Extortion

While the rise in cyber extortion is alarming, there are steps you can take to safeguard your business:

  • Back up your data: Regularly back up your essential files and store them in secure, offline locations. Test your recovery process often to ensure it works when needed.
  • Keep software up to date: Ensuring that all devices are running the latest software versions will patch security vulnerabilities that could be exploited by cybercriminals.
  • Implement Multi-Factor Authentication (MFA): This security measure requires users to provide two or more verification factors before gaining access to critical systems, adding an extra layer of protection. Learn more about MFA.
  • Patch and vulnerability management: Regularly apply patches to fix known vulnerabilities. Cybercriminals commonly exploit unpatched systems, so staying current with security updates is essential.

Understanding what is cyber extortion and being proactive about cybersecurity can help protect your business from these evolving threats. Don’t wait until it’s too late—start safeguarding your digital assets today.

Nxt Steps To Protection

At Nxt Gen IT, we specialise in helping businesses prevent cyber threats like cyber extortion. If you want to ensure your business is protected, get in touch with us today. We’ll help you put the right measures in place to stay secure in the face of growing cyber risks.

Findout more about Nxt Gen IT’s cybersecurity services and keep your business safe.