A skilled criminal would be very uneasy performing a bank heist. It puts the offender in danger during the process of the crime and results in severe sanctions if he or she is caught.

However, criminals who engage in ransomware attacks often go unnoticed and seldom get caught. And that’s what makes this type of crime so attractive.

How does cyber extortion work?

Cyberextortion is a type of internet attack used to demand large ransom payments. This is typically accomplished by encrypting your data and then stopping you from accessing it. Such an attack is known as a denial of service (DDoS) attack.

Blackmail occurs online and takes the following forms:

• People with malicious intent block your access to your computer network and demand a ransom to let you back in. This often occurs when a dangerous link is unintentionally clicked, which downloads malware, encrypts the files, and locks you out.
• As an alternative, someone takes over your system, copies confidential information, and threatens to reveal it to the public unless you pay. Sometimes this entails social engineering, in which they just use psychological ploys to make you mistakenly feel there has been a hack when there hasn’t.
• Distributed Denial of Service (DDoS) occurs when your network is overrun with phony service requests, blocking your actual users from accessing it. It is occasionally used to conceal data theft.This is achieved through a botnet—a collection of compromised servers—or memcaching, which slows or crashes the server. Losses may be substantial depending on the size of your internet business.

A DDoS assault can be cheaply funded for as low as $4 per hour while costing the victim hundreds of thousands of dollars in damages. In addition to the immediate loss, downtime drives clients to your rivals, resulting in long-term losses.

How Can Cyber Extortion Be Prevented?

You can take some very simple precautions to help you defend against online attacks, however a robust cyber insurance policy can protect your home or business from data loss or ransom.

#1 Refrain from clicking on malicious links

Attackers frequently prey on this innocent trait of human psychology called curiosity.

About 54% of ransomware assaults began using phishing emails as the entry point. As such, it is important that members of your team are educated on how to spot spam emails and the importance of not clicking on any suspicious links.

You could get even more sophisticated and share dummy phishing emails with weekly campaigns to offer live training. It will function more like vaccines, which guard against live dangers with a limited quantity of dead viral loads.

You can also train staff members on how to use sandboxing-like technologies to open dubious links and programs.

2# Security solutions and software updates

Old software is vulnerable to cyber extortion assaults regardless of your OS.

Another widespread misunderstanding is that using a Mac will keep you safe. That is wholly incorrect. And the Malwarebytes state of malware report shatters Mac users’ illusions of security. In truth, hackers have not previously invested a significant amount of attention in developing viruses to attack iOS because the majority of the target market was Microsoft OS users.

However, as consumer habits have changed, so have the targets of hackers.

With this in mind, you should implement security software and ensure your operating systems, apps, and software packages are all regularly updated.

#3 Use robust passwords

Many people use the same password for multiple platforms and devices. To add insult to injury, many of these passwords are very weak and easy to guess.

While it is easy to ask employees to use strong passwords that contain a combination of numerical and alphabetical characters, there is no guarantee that they will follow your instructions.

One way of overcoming this is by introducing platforms for user authentication.

These systems can be used to enforce your organization’s strong password requirements.

#4 Create an offline backup of your data

Even the most well-known cybersecurity professionals have been known to fall victim to DDoS attacks, let alone small business owners.

By creating offline data backups on a regular basis, you can rest assured that you will still have access to important information if you fall foul of a hacker.

#5 Use a content delivery network (CDN)

Effective content delivery networkshave the ability to identify and prevent significant DDoS attacks.

Cloudflare, an excellent CDN, was responsible for keeping the WannaCry killswitch online continuously for two years. It also assisted it in withstanding many DDoS assaults throughout that period.

A CDN keeps a cached version of your website on numerous servers all around the world. To prevent server overloads and outages, they shift extra loads to their network.

This approach not only safeguards against DDoS threats but also produces lightning-fast websites for users everywhere.

Finally, there is no way to completely safeguard you from cyber extortion. It’s best to always have a cybersecurity professional on board because things change over time.

But what if it, nonetheless, occurs? Here are the steps you should take if you are the target of an internet extortion attempt:

Don’t give in to demands

Other than the usual fear, the first thought that comes to mind after a ransomware attack is to pay and move on.

But this approach might not always be successful. In fact, paying the ransom can often be the last thing you should do. Many companies have found out the hard way that paying a ransom will not result in their data being returned.

Therefore, it’s possible that complying with ransom demands will backfire. You become reliant on the malicious actor and his equipment to decrypt your data, which delays your recovery.

Furthermore, there is no assurance that the hacker’s provided tool will ever function. It might not work or infect your system more deeply. Paying the crooks also reveals your company as one of their paying clients. A future attack that is comparable to this one has a very high likelihood of occurring.

In conclusion, paying ought to be your last option. Instead of paying an unidentified criminal with cryptocurrency, it is safer to use alternative techniques like restoring backups.

A few businesses also contacted top cybersecurity agencies and alerted law enforcement.

Cyberextortion: Summary

As a business owner, you need to be aware that cyberextortion is not as unusual as you might imagine. The best strategy, of course, is to preserve backups and strengthen your defences.

If you do find yourself the victim of a hacking crime, remain composed, launch local rescue efforts, and get in touch with specialists.

However, resist the urge to comply with the ransom demands because, even if you spend all of your money, it might not be successful.