Ways To Safeguard Your Business Against Cyber Extortion

Cyber extortion goes beyond monetary demands, with various threat actors using different methods. This standoff persists until you pay the hacker, with tactics including:

1. Hacking social media accounts
2. Breaching PC security and stealing data
3. Publicizing data on open platforms
4. Seizing and shutting down your PC
5. Data erasure

Hackers monetize these illegal actions, turning them into hard-to-track legal revenue streams, effectively legitimizing their criminal activities. Securing your digital assets and business legacy is critical, but where do you start? The online world is full of advice, making it confusing. Returning to basics, business owners can follow best practices, like those recommended by the IronClad Family.

Here's what you can do:

1. Risk Analysis: Continuously assess your business's readiness to combat cyber threats. Cyber extortion malware, like CryptoLocker, evolves over time.

2. Data Backup: Implement a daily three-step data backup strategy to prevent data loss, securely storing it in encrypted e-vaults.

3. Training and Development: Your workforce plays a crucial role in safeguarding your business. Train them to protect your data, as a single lapse can jeopardize the entire system.

4. Limit Setting: Minimize your social footprint and administrative capabilities to reduce vulnerability to cyber extortion. Hackers often create forged social accounts to gain access.

5. Keep Patching: Regularly update and customize your software to meet your specific needs.

6. Cyber Insurance Cover: Choose a security company with active cyber insurance to further protect your business.

With the recent push towards digitization, services with encrypted e-vaults and automatic delivery of digital assets to designated recipients are critical for business survival. IronClad Family, a leading InsurTech company, provides an excellent platform to secure your digital assets and business legacy. By following the best practices outlined above, you make it more challenging for cyber extortionists worldwide to access your most valuable information.