What is Cyber Extortion?
Cyber extortion involves hackers accessing a business’s servers and retaining control until the organization agrees to pay a specified sum.
Once the attack begins, the business will often receive a message from the hacker demanding funds to stop the attack. Unfortunately, even after payment, some cybercriminals continue the ambush in hopes of more money.
Cyber extortion can quickly lead to significant financial and data losses that could jeopardize any company. Additionally, there are various ways that hackers will go about cyber extortion, so your business must have the right commercial insurance to stay protected.
Types of Cyber Extortion
The following are the most common types of cyber extortion used by hackers:
- DDoS: Distributed Denial of Service (DDoS) attacks overwhelm a company server with requests, making the website inoperable for customers. The attack continues until the hacker receives funds.
- Data Extortion: Also known as data kidnapping, data extortion involves an unauthorized user stealing files from a business computer or server and holding it hostage until they are paid.
- Ransomware: Ransomware attacks are similar to data extortion and involve cybercriminals using malware to disrupt company servers and steal data until payment is received.
Falling victim to cyber extortion can be costly. Proper protocols and business insurance will protect your business from financial losses and exposure of sensitive information.
Please contact Steve Longenecker (303-808-9351, x2) at Mountain Insurance: Longmont to discuss your business insurance coverage options in Longmont, CO, and our neighboring communities.
We give out $25 gift cards for referrals that become our insurance clients.
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