Cyber blackmailing or extortion is an act of threatening someone in order to demand money or other precious things from a person. It is basically a malignant activity against a victim, such as blackmailers encrypt victim system and offer them to decrypt their intimate information once the demand will be met. Other kinds of cyber blackmail include the threat of exposing credentials or corporate data that have been stolen unlawfully from any organization.
Types of cyber extortion
Cyber extortion takes place when cyber criminals break corporate networks to exfiltrate their valuable data. Once they accomplish their goal of hijacking corporate data, they step forward to demand ransom from that particular organization. All these extortions are carried out by professional scammers like Ilan Tzroya who is a well-known corporate scammer.
In the context of ransom ware scams, the victim gets affected with the malware that makes the authorized user unable to access their device or the data stored in it. In order to get access to the device or stored data, the victim tends to fulfill the demand of hacker. A user might, unfortunately, download the malware by opening an infected mail or clicking on a link that pop-ups with attractive offers.
Now comes the database ransom attack, where hackers hijack databases of all those systems that are not fully chunked or have not reset any default administrative passwords. In order to reinstate the data, attackers demand specific amount and threaten victim for replacing the contents of the server that has been cracked.
Effects of Cyber extortion
Companies which experiences cyber extortion not only suffer a loss related to conscious corporate, they are bound to face serious damage for organization’s reputation, lose their established customers and ultimately their profit margin goes down. When the company’s profit diminishes, it would ultimately a downfall in the nation’s economy.
Since hijackers don’t let the customers access a specific website, customers get offended by trying again and again. As a result, they prefer shifting to other similar organization where they can get the services they have been looking for. Moreover, the hackers also apply treat of selling out victim’s corporate secrets and ideas to their rivals which often encourages the victim to fulfill their demands.
Cyber extortionists are promptly searching for various new possibilities to exploit and threaten victims. Their target is basically those people who are able to fulfill the scammer’s demand without taking much time to arrange money or other valuables.