Rabiul Islam is a seasoned cybersecurity specialist. He is also the founder, CEO and managing director of TechForing Ltd.
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Fame does not grant anyone immunity from cyber extortion. There have been incidents where celebrities, CEOs and other affluent individuals have had their private information leaked online as part of extortion or blackmail, leading to financial or reputational damage.
However, as with most things, there is both good and bad news regarding cyber extortion. The good news is that protecting yourself from these attacks can be pretty easy once you know and understand the process. The bad news is that if you don’t act now, you may find yourself in a complicated situation when you are least expecting it.
About Online Blackmail And Extortion
Online blackmail or extortion is when someone threatens you on the internet to publicly reveal information about you (or a family member) if you don’t give them money. These stolen materials can include private photos, videos, emails, text messages, financial documents or anything else that can embarrass the victim or damage their reputation.
Types Of Online Blackmail
Cyber extortionists blackmail high-net-worth individuals in several ways. The most common form of online blackmailing is threatening to spread personal information unless they get paid. Other forms of online extortion include:
• Ransomware: An attacker encrypts or steals your files and threatens to publish your information unless you pay a ransom.
• Doxing: The perpetrator threatens to release your private information online unless they receive payment. This information can include your legal name, home address, social security number and information about your family or finances.
• Swatting: Swatting is the act of calling the police and making false reports claiming someone is committing a serious crime (murder or hostage-taking, for example). Cybercriminals use swatting to blackmail people and demand payment. Swatting can be dangerous as it may lead to arrests or worse.
Why Business Leaders, Executives And Affluent Individuals Are Targets
High-net-worth individuals (business leaders, executives and affluent individuals) get targeted for online blackmail and extortion because attackers know that most people are less likely to go to the police. Additionally, blackmailing these individuals might result in a large payout because they likely have the money for it.
Another thing these online blackmailers rely on is the urgency to protect their reputation. If the CEO of a company gets blackmailed with some personal photos, the company might feel pressured to pay the ransom. Because having those photos out in public may result in reputation damage to the company or cause the stock to drop.
How To Avoid Becoming An Online Blackmail Victim
As mentioned before, protecting yourself from online blackmail is an easy task once you know and understand what to do. There are some recommendations that you can apply to your lifestyle to avoid falling victim to cyber extortion.
• Educate yourself: It is vital to educate yourself about online blackmail. It includes how it works, the signs and how to prevent it. Knowing the signs of an online blackmail situation would protect you from becoming a victim. Look out for red flags such as unexpected requests for money, asking about private information, threats of violence, etc. Avoid communicating with them as soon as you notice such behavior.
• Assess your publicly available information: Your publicly available information plays a crucial role in your chances of falling victim to online blackmailing. Sharing too much personal information online or posting about every life event on social media can make you a target of cybercriminals.
• Avoid online dating: Dating online might sound convenient and lucrative on paper, but more often than not, it brings more problems than success. Especially for high-net-worth individuals, dating online can lead to disastrous results. You can get blackmailed with intimate photos, texts and other private details if you're not careful.
• Beware of spyware: Spyware is a kind of software that can collect a device's network information, including browser history, usernames and passwords. It can also perform other tasks like taking screenshots, recording audio and video, tracking location, etc. Some businesses use enterprise spyware to track employee activity, protect sensitive files and reduce theft. However, hackers can target high-net-worth Individuals with spyware to gather information about them and use that information for blackmailing. These spyware programs can infiltrate a device by phishing, using vulnerable software or even through a simple text message or a missed call. Attackers use a technique called "zero-day vulnerability," where they exploit software bugs undetected by the developers to take control of a device.
• Periodically assess the network for loopholes: A well-protected network is useless if someone can enter it. A constantly monitored network is much more secure. You can assess your network periodically for loopholes (weak security settings or passwords, outdated software, etc.) that can be exploited by hackers and fix them right away.
• Secure your devices: Securing your devices can protect you from cyberattacks and data theft. You can adopt some steps to secure your devices, like keeping all your devices, operating systems and other software up to date. You must also use anti-malware protection and keep backups of your sensitive data. Be aware of your online interactions and avoid clicking on unknown links or email attachments. Using password-protected screen locks or fingerprint recognition on your devices can add an extra layer of security.
• Seek help from professionals in case of extortion: When dealing with online extortion, you need to stay calm and not give in to threats. Contact the police immediately and document everything you can about the incident. If you need immediate help, there are many capable cybersecurity companies you can contact that can provide you with support and quick investigation.
Conclusion
Online blackmail and extortion can pose a threat to your reputation and the safety of you and your loved ones. However, you can take these simple steps mentioned here to protect yourself. But if you do become a victim, take action quickly and put a stop to the threats.
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