Cyber extortion is swelling with a substantial 77% increase in victims annually, according to Orange Cyberdefense’s 2024 Cy-Explorer report. While bigger fish may seem more lucrative, small businesses are the preferred snack, being four times more likely to fall prey. In a digital age twist of David vs. Goliath, these smaller entities are wrestling with more than just their business plans, as the cyber Goliaths wield ransomware to bend businesses to their will.
As the murky waters of cybercrime swell, the “dark number” of unreported or unknown cyber extortion cases grows denser. With an impressive lineup of 1,046 organizations admitting to being hit by double-extortion in just the first quarter, the real numbers could be staggering. Hackers now favor prosperous regions or those sharing a common language, with cyber extortion rates skyrocketing up to 108% in some areas, showing a clear strategic target on economic strongholds and linguistic kinships.
Industries across the spectrum from manufacturing to healthcare are under siege, with the latter facing increasing threats despite the dire societal impacts. Cybercriminals show no signs of backing down, leveraging fear and extended exposure on leak sites to squeeze every penny out of their victims. This cyber underbelly exposes data even up to three times on different leak sites, showing a relentless pursuit of profit over privacy, with hackers barely tweaking their tried-and-tested methods of menace.
**Hot Take**
Let’s face it: the cyber baddies are upping their game like a high-stakes poker match, betting big on those less likely to call their bluff. The art of cyber extortion has become so refined that even the Healthcare industry, with all its “do no harm” ethos, isn’t immune to these digital-age highwaymen. It’s like watching a supervillain plot unfold, except we’re short on superheroes. At this point, it might be wise to invest in a cape and some cyber superpowers. Paging Cyberman?
Original Article: https://www.techradar.com/pro/cyber-extortion-sees-huge-rise-and-small-businesses-are-four-times-more-likely-to-be-hit