Cyber Strategy
Cyber Secure
Cyber Operations
Cyber Response
Cyber ResilienceThe frequency of cyber crimes is increasing as the worlds become more connected through technological innovation and adoption. From credit card fraud to personal data theft, bad actors are constantly devising new ways to infiltrate and exploit their victims. Cybercrime has become so ubiquitous that it is now regarded as its own industry. Malicious actors earn around 1.5 trillion USD per year through cyber extortion and other forms of cybercrime.
Being a victim of cybercrime and extortion is a terrifying prospect, but it occurs all the time. While some types of cybercrime are simple to avoid, others are more challenging.
What exactly is cyber extortion? What methods are used for cyber extortion? What precautions can you follow to avoid becoming a victim of extortion if you are already a victim? Should you pay when you fall victim to cyber extortion? We will discuss all these in this article.
The frequency of cyber crimes is increasing as the worlds become more connected through technological innovation and adoption. From credit card fraud to personal data theft, bad actors are constantly devising new ways to infiltrate and exploit their victims. Cybercrime has become so ubiquitous that it is now regarded as its own industry. Malicious actors earn around 1.5 trillion USD per year through cyber extortion and other forms of cybercrime.
Being a victim of cybercrime and extortion is a terrifying prospect, but it occurs all the time. While some types of cybercrime are simple to avoid, others are more challenging.
What exactly is cyber extortion? What methods are used for cyber extortion? What precautions can you follow to avoid becoming a victim of extortion if you are already a victim? Should you pay when you fall victim to cyber extortion? We will discuss all these in this article.
What is Cyber Extortion?
What is Cyber Extortion?
Types of Cyber Crimes used for Extortion
Understanding the various types of cybercrime and extortion is crucial to spotting potential threats and taking appropriate precautions. The following are some of the most frequently employed techniques by malicious hackers to extort their victims:
- Ransomware: Ransomware is a form of malware, a malicious software that is used to unlawfully gain access to a victim’s system. Unlike other malware, ransomware, usually, encrypts the victim’s files or system. The attacker then demands a ransom from the victim to restore access to the data upon payment. Ransomware infections have been driving the charge in cyber extortion for years, and there is no sign of a slowdown. Most frequently, ransom demands for victims of ransomware are in the range of hundreds to thousands of dollars in less traceable mediums like bitcoin, gift cards.
Phishing emails, which refers to unsolicited emails with attachments or links that are sent to victims under the guise of a trusted file, is one of the most popular ways that ransomware is introduced into a victim’s system. Once downloaded and launched, the attackers can gain remote access and hijack a victim’s computer. Some ransomware variants that are more aggressive exploit security flaws to infect machines without the need to trick the victim. - DDoS: Distributed Denial of Service, or DDoS, is a type of cybercrime that involves attacks on websites or other online services by overwhelming them with requests from numerous bot-induced users. This can cause the site server to crash, slow down, or even fail. It’s a serious threat to online infrastructure that cybercriminals leverage to disrupt operations, take down websites, and extort money from organizations, or steal user/confidential data.
Types of Cyber Crimes used for Extortion
Understanding the various types of cybercrime and extortion is crucial to spotting potential threats and taking appropriate precautions. The following are some of the most frequently employed techniques by malicious hackers to extort their victims:
- Ransomware: Ransomware is a form of malware, a malicious software that is used to unlawfully gain access to a victim’s system. Unlike other malware, ransomware, usually, encrypts the victim’s files or system. The attacker then demands a ransom from the victim to restore access to the data upon payment. Ransomware infections have been driving the charge in cyber extortion for years, and there is no sign of a slowdown. Most frequently, ransom demands for victims of ransomware are in the range of hundreds to thousands of dollars in less traceable mediums like bitcoin, gift cards. Phishing emails, which refers to unsolicited emails with attachments or links that are sent to victims under the guise of a trusted file, is one of the most popular ways that ransomware is introduced into a victim’s system. Once downloaded and launched, the attackers can gain remote access and hijack a victim’s computer. Some ransomware variants that are more aggressive exploit security flaws to infect machines without the need to trick the victim.
- DDoS: Distributed Denial of Service, or DDoS, is a type of cybercrime that involves attacks on websites or other online services by overwhelming them with requests from numerous bot-induced users. This can cause the site server to crash, slow down, or even fail. It’s a serious threat to online infrastructure that cybercriminals leverage to disrupt operations, take down websites, and extort money from organizations, or steal user/confidential data.
How to Avoid Cyber Extortion
One of the most important things you can do to protect yourself from cybercrime and extortion is to be aware of their existence. It is very important to be aware of the risks posed by hackers and have ways to deal with them if they contact you.
Asides from ensuring that all software are up-to-date, use of firewalls, assessment of security risk and establishment of an effective cybersecurity framework; the most important step to protect your organization from potential cyberattack, and subsequently, extortion, is employee education.
An organization is as open to cyber risks as any of their employees. Employees are always at risk when it comes to their online activities. Whether they’re using their personal computer to surf the web, access the internet, or even work, they are at risk of cyber manipulations that could lead to theft of their login credentials and penetration into the organization’s system. While there are a few steps that the organization can take to protect itself or minimize the effect of such scenarios, it’s still important to educate your employees on the risks associated with their online activities. First, advise them on how to keep their login credentials safe. Next, make sure to enforce the use of a safe online browser that doesn’t allow third-party cookies to access the organization system. By observing these and other security best practices, you can help keep your employees safe and protect your business from cyber threats.
Should You Pay a Cyber Extortion or Not?
To pay or not to pay cyber extortionist is an industry-hot topic that has presented many valid points to give in and pay, and to not. However, depending on the severity of the attack, this decision is subjective and needs to be considered by decision-makers in the affected organization.
If the attack that led to extortion is a simple system hack that prohibits the victim from accessing their computer, this can be rectified by speaking with an experienced system specialist or completely abandoning the computer, if the system does not contain data that has not yet been backed up. However, a data breach calls for a more in-depth analysis of the situation.
It is critical to be aware of the consequences if you do not pay the hackers what they demand in order to protect your information and data. You need to carefully weigh these factors when deciding how to respond to hackers. Also, it is important to remember that the hacker doesn’t just steal your data, they steal your identity as well. Therefore, if you are willing to pay the ransom, your data may still get stolen.
How to Avoid Cyber Extortion
One of the most important things you can do to protect yourself from cybercrime and extortion is to be aware of their existence. It is very important to be aware of the risks posed by hackers and have ways to deal with them if they contact you.
Asides from ensuring that all software are up-to-date, use of firewalls, assessment of security risk and establishment of an effective cybersecurity framework; the most important step to protect your organization from potential cyberattack, and subsequently, extortion, is employee education.
An organization is as open to cyber risks as any of their employees. Employees are always at risk when it comes to their online activities. Whether they’re using their personal computer to surf the web, access the internet, or even work, they are at risk of cyber manipulations that could lead to theft of their login credentials and penetration into the organization’s system. While there are a few steps that the organization can take to protect itself or minimize the effect of such scenarios, it’s still important to educate your employees on the risks associated with their online activities. First, advise them on how to keep their login credentials safe. Next, make sure to enforce the use of a safe online browser that doesn’t allow third-party cookies to access the organization system. By observing these and other security best practices, you can help keep your employees safe and protect your business from cyber threats.
Should You Pay a Cyber Extortion or Not?
To pay or not to pay cyber extortionist is an industry-hot topic that has presented many valid points to give in and pay, and to not. However, depending on the severity of the attack, this decision is subjective and needs to be considered by decision-makers in the affected organization.
If the attack that led to extortion is a simple system hack that prohibits the victim from accessing their computer, this can be rectified by speaking with an experienced system specialist or completely abandoning the computer, if the system does not contain data that has not yet been backed up. However, a data breach calls for a more in-depth analysis of the situation.
It is critical to be aware of the consequences if you do not pay the hackers what they demand in order to protect your information and data. You need to carefully weigh these factors when deciding how to respond to hackers. Also, it is important to remember that the hacker doesn’t just steal your data, they steal your identity as well. Therefore, if you are willing to pay the ransom, your data may still get stolen.
Conclusion
Conclusion
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