Cybercriminals also commonly threaten to publish sensitive or confidential data which could lead to lawsuits. Cybercriminals often threaten businesses with DDoS attacks, claiming that the attack will occur if a fee isn’t paid to stop it. Depending on the target business, this website downtime can cause significant financial losses.ĭDoS attacks and ransomware are often used in tandem. The goal is to cause a denial of service, making the target’s network temporarily unusable. In the case of DDoS attacks, multiple compromised computer systems attack a single target. The blackmailers then contact the victim, offering to decrypt their files for a fee. ![]() The software then proceeds to encrypt the victim’s files rendering their computers and networks unusable. Cybercriminals use these emails and websites to trick their recipients and visitors into clicking on infected links, thus downloading the malicious software. Ransomware is a type of malware or “malicious software.” Malware is typically distributed via emails, infected websites, or fraudulent networks. The two most common types of cyber extortion are ransomware and DDoS (Distributed Denial of Service) attacks. Cyber extortion occurs when cybercriminals threaten to disable the operations of a target business or compromise its confidential data unless they receive a payment. What Is Cyber Extortion?Ĭyber extortion is an umbrella term for a wide array of cybercrimes. To better understand this specific threat, let’s talk about what cyber extortion is, how it could affect your business, and relay the most effective methods of protection. Obviously, business leaders need to be aware of the rising threat of ransomware and prepare accordingly. However, in recent years, cybercriminals have started employing sophisticated and aggressive methods that have severely impacted hundreds of businesses across the globe. ![]() Department of Justice announced that it intends to elevate investigations of ransomware attacks to a similar priority as terrorism.Ĭyber extortion as a phenomenon has been recognized since 2013 and was considered a relatively mild threat, similar to other uncoordinated malware attacks. The episode briefly left half of the east coast without fuel, including gasoline, diesel, home heating oil, jet fuel, and military supplies.Īs a result, the U.S. On June 3, 2021, a ransomware attack caused the Colonial Pipeline, one of the most extensive fuel pipeline operations in the U.S., to close. Set up Protocols and Have an Effective Firewall.How to Protect Your Business from Cyber Extortion.Is Your Business Vulnerable to Cyber Extortion?.The Cost of Cyber Extortion and Associated Risks.
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