Cyber extortion is not limited to money extortion alone. Cyber extortion can be executed by many different threat actors using different methods. This results in an impasse that continues till you pay money to the hacker using some of the following areas:
- Hacking of social media accounts
- Security breach of your PC and data theft
- Making data public on the open platforms
- Complete seizure of your PC and shut down it
- Data erasing
Hackers commoditize the revenue from such illegal actions to convert it into a hard to track legal revenue stream which is regarded as their primary source income; a legitimized profession!
Therefore, it is critical to start securing your digital assets and your business’s legacy. But, Where do you start? The cyber world is full of advice from online experts and it can be even more confusing. Going back to the basics, a business owner may follow best practices used by security companies such as LegacyArmour.
What you can do:
- Risk analyses: Unless you know where your business stands today in terms of its preparedness against the cyber threats, you will never be able to adopt the correct measure here. Therefore, analyses like this must continue without a break. CryptoLocker, for instance, is a type of cyber extortion malware and it is evolving.
- Data backup: Take a three-step data backup daily with a view to arresting the data loss and secure it with the encrypted e-vaults.
- Training and development: Your business is run by the people. In other words, one of the most critical elements of your business is people and they must be trained and abreast enough to safeguard your business. Interestingly, a single lapse at any stage of the data protection process jeopardizes the entire system involving millions of data worldwide.
- Limit setting: Limiting your social footprints and your administrative capabilities for systems potentially safeguards you against cyber extortion threats. You should know that hackers create forged social accounts and if they can break anyone’s social account within your network, they could seize your account as well.
- Keep patching: Always keep patching up your software and customize things bespoke to your need here.
- Cyber insurance cover: Go for a security company that has an active cyber insurance cover. This doubly ensures your happiness in business.
Recent push on digitization has made services with encrypted e-vaults and auto delivery of digital assets to the designated recipients critical to the survival of the business. LegacyArmour; a Top 10 InsurTech US company is a great platform to secure your digital assets and your business legacy. By following the best practices above and be securing your information, you have made it more difficult for cyber extortionists worldwide to have access to your most valuable information.