Cybersecurity in Companies: Beware of Cyber Extortion

Have you heard about cyber extortion? Yes, it is a real crime and more businesses have fallen victim to this in the past year. That is why cybersecurity in companies, big or small, must be strengthened now more than ever.  

Cyber Extortion by Definition and Why Boost Cybersecurity in Companies 

Cyber extortion is a very serious matter for business, regardless of size. This is a matter of urgent concern to prevent its catastrophic results. By definition, Cyber extortion is a type of cybercrime which involves criminals intimidating and threatening businesses to pay ransom otherwise they will compromise company data or digital.  

Most of the time, the threat is executed via ransomware, which is a malicious software launched by attackers. This corrupted software will encrypt your company’s data, making it inaccessible for you until payment of the ransom is made. And it gets even worse. In severe cases of double extortion, attackers not only encrypt your information but actually steal it from you. They then threaten to release it publicly through the dark web. In order to prevent all these, cybersecurity in companies must be strong and reliable. 

Cybersecurity in Companies: Cyber Extortion

Statistics from Experts of Cybersecurity in Companies 

A recent report shows that there is an astounding 67% increase in cyber extortion victims in 2023. What is more alarming is that small businesses are at greater risk. This is because they are being targeted four times as much than that of their larger companies. It then becomes a bigger concern especially since small enterprises usually have less resources and capacity to withstand cyber-attacks. 

According to the same report, although all businesses can be a victim of cyber extortion at any time, there seems to be more cases noted in some sectors. Some of these include wholesale trading, manufacturing and those companies offering professional, technical and scientific services. Recently, the healthcare sector has been a major target with pharmacies and clinics being victimized. Thus, causing distress not just to owners and practitioners but to patients as well. In the same vein, it must also be noted that attacks are prevalent in countries with strong economic posture such as the US and Canada.  

Proactive Steps to Bolster Cybersecurity in Companies 

These attacks can happen anytime to anyone. Therefore, business owners and managers must make sure to reinforce the cybersecurity measures in place. Here are some things that can be done: 

Ensure Data is Backed Up 

Create and implement a robust backup plan. Always keep important and classified data in offline and/or offsite locations. Similarly, regularly test your backup restoration process to ascertain that they are working at top condition.  

Update Your Software 

Outdated software of any kind is a vulnerability. Make sure all devices have the latest versions of their software so as to avail yourself of security patches added to these updates.  

Make Multi-Factor Authentication (MFA) a Must 

Aside from strong passwords, MFAs add another layer of protection to your files and systems. So, it would be best to make this a must rather than just an option. By requiring multiple forms of verification before granting access to systems, it makes it harder for hackers to get through.  

Test Your System for Vulnerability 

Always test your system to see if they are functioning as intended. Make sure to go through the process regularly and update any weak points as needed. This prevents exploitation from threat actors. 

Get a Team of IT and Cybersecurity Professionals to Help 

We know that all these talks and threats of cyber extortion are already exhausting as it is. However, now is not the time to succumb to the pressure. We at EBSolution offer our services so that you can take this off your plate. Talk with us today about your needs and concerns. We will ensure to provide solutions to your company’s specific and unique challenges. 

Get in touch with us now!