Cyber Extortion: A Rising Threat In The Digital Age

In an increasingly interconnected world, cybersecurity is paramount. One emerging threat is cyber extortion – a form of online blackmail wherein cybercriminals exploit digital resources for monetary gain.

Cyber extortion involves unauthorised access to sensitive data or computing services, followed by threats of disclosure or disruption unless a ransom is paid. This crime can severely disrupt businesses and individuals alike, leading to substantial financial and reputational damage.

“Cyber extortionists come with many faces but the same harmful intent,” warns Nolwazi Nzama, Deputy Chief Risk Officer at African Bank. “Whether it’s through ransomware, DDoS threats, sextortion, or data breach threats, the goal is to exploit fear and uncertainty for monetary gain.”

These types of cyber extortion vary in approach but are equally disruptive:

• Ransomware attacks: Here, perpetrators infect systems with ransomware, a type of malware that encrypts the victim’s data. The victim is then forced to pay a ransom, usually in cryptocurrency, to regain access to their data.
• DDoS extortion: In this scenario, the cybercriminal threatens to overload a website or network with excessive traffic – causing a so-called Distributed Denial of Service (DDoS) – unless a ransom is paid.
• Sextortion: The attacker alleges possession of explicit material – often fabricated – of the victim, threatening to release it unless paid a ransom.
• Data breach extortion: This involves unauthorised access to sensitive data, like customer details or intellectual property. The perpetrator threatens to release the data publicly unless a ransom is paid.

“From a banking perspective, protecting oneself from cyber threats is about more than just technology; it’s about instilling secure behaviours. Always validate communication sources, don’t share sensitive information like PINs or passwords, and remember, your bank will never ask you to verify your account details via email or text message. Digital vigilance should be part of our everyday banking habits,” advises Nzama.

She shared more tips on how to protect yourself:

• Regular backups: Regularly backup your data to restore your system in case of a ransomware attack, negating the need to pay a ransom.
• Update and patch: Keep all software, including your operating system and antivirus software, updated. Cybercriminals often exploit known software vulnerabilities.
• Educate yourself: Awareness is key. Understand the common tactics used by cyber extortionists.
• Invest in security: Implement robust security measures, including firewalls and intrusion detection systems. Regularly conduct security audits to identify and fix potential vulnerabilities.
• Be cautious online: Be mindful about what information you share online. Cybercriminals often use publicly available information to fine-tune their attacks.
• Consult professionals: If you’re unsure about your cybersecurity practices, seek professional advice.

If you are experiencing cyber extortion, you should follow these steps:

• Do not pay the ransom. Paying the ransom will only encourage the cyber extortionists to continue their illegal activities. There is no guarantee that they will not release the compromised data even after you have paid the ransom.
• Report the incident to the South African Police Service (SAPS). The SAPS Cybercrime Unit can investigate the incident and help you to recover your compromised data.
• Change your passwords. Change all of your passwords, including your passwords for your email, banking, social media, and other online accounts.
• Scan your computer for malware. Use a reputable antivirus or anti-malware program to scan your computer for malware. This will help to remove any malware that may have been installed on your computer by the cyber extortionists.
• Be careful about what you click on. Be careful about clicking on links in emails or on websites. Cyber extortionists often use links in emails or on websites to distribute malware.
• Keep your software up to date. Keep your operating system and software up to date. This will help to protect your computer from known vulnerabilities that can be exploited by cyber extortionists.

“Cyber extortion is a rapidly evolving threat, and our most effective defence lies in staying informed and prepared,” adds Nzama.

In this digital age, knowledge is not just power – it’s our most effective shield against cyber threats.