Cyber Extortion Soars: SMBs Hit Four Times Harder

Cyber extortion is on the rise by 77% YoY, according to a report by Orange Cyberdefense. The report identified 60 distinct ransomware groups accounting for 4374 victims during Q1 2023 to Q1 2024. Small and medium-sized businesses were up to 4.2 times more likely to suffer cyber extortion than larger enterprises. Manufacturing was the most targeted sector, followed by professional, scientific, technical services and healthcare, with the latter seeing a 160% increase in cyber extortion attacks. The report also revealed a trend of ‘revictimization’ where a victim is targeted multiple times.