Fighting Back Against Cyber Extortion – How To Protect Your Business

In today’s digital world, cyber extortion has become a significant threat to businesses of all sizes. Cyber extortion is the act of threatening an individual or organization with cyberattacks, data theft, or other malicious activities unless a ransom or other demand is met. These attacks can have devastating effects on businesses, including loss of data, financial losses, and damage to reputation. However, there are steps that businesses can take to protect themselves and fight back against cyber extortion.

You can always report malicious activities online at FraudTrac; nevertheless, it’s important to know how to protect your business from cyber extortion.

Have a Backup & Recovery Plan

Nearly 40% of small businesses have reported losing crucial data because of cyber attacks. Businesses should have a comprehensive backup and recovery plan in place. This means regularly backing up all data and storing it in a secure location, such as an offsite server or cloud storage.

Regular testing of the backup and recovery plan should also be conducted to ensure it is working correctly. By having a solid backup and recovery plan, businesses can quickly recover from a cyberattack without paying the cybercriminals a ransom.

Educate Employees on Different Cyber Threats

There are 1.2 million employees in the cybersecurity industry. However, considering the rising frequency of the attacks, all businesses should educate their employees to protect their businesses from cyber extortion. This can be done through regular training sessions and the implementation of cybersecurity policies and procedures.

Employees should be trained to recognize phishing emails, suspicious attachments, and other social engineering attacks commonly used in cyber extortion schemes. By providing ongoing cybersecurity training, businesses can empower their employees to be the first line of defense against cyber threats.

Invest in Robust Cybersecurity Solutions

Businesses should invest in robust cybersecurity solutions. This includes firewalls, antivirus software, and other security tools that detect and prevent cyber threats. It is also essential to keep these solutions up to date by regularly updating software and security patches. By implementing strong cybersecurity solutions, businesses can significantly reduce the risk of falling victim to a cyber extortion attack.

lock on a keyboard

Have Guidelines In Case of An Attack

In the event of a cyber extortion attack, businesses should follow a set of guidelines to respond appropriately. This includes immediately disconnecting any infected devices from the network, alerting the appropriate personnel, and contacting law enforcement.

It is essential to remain calm and avoid making hasty decisions, such as paying the ransom demand. Businesses should also have a plan in place for communicating with customers and stakeholders in the event of a data breach to protect their business from cyber extortion and loss of data.

Report Cyberattacks at FraudTrac

Cyber extortion is a growing threat to businesses that can have severe consequences. Businesses can protect themselves by implementing a comprehensive backup and recovery plan and other measures mentioned above. But if you see any cyberattack or scam happening to another business, you should report it!

If you want to report scams online or file complaints about cyber-attacks, FraudTraccan help. We have an online cyber-attack tracker where you can file a complaint and track the progress of your complaint. Get in touch with us today to report malicious activities and cyber-attacks that should never be ignored!

 

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