Sextortion in Cybersecurity: An Executive Summary
1. Definition:
Sextortion – a portmanteau of ‘sex’ and ‘extortion’ – is a rapidly-increasing form of cybercrime often carried out through spear phishing or social engineering attacks. In non-technical terms, it involves the threat of releasing explicit, often illicitly-obtained, materials, unless the victim complies with certain demands, typically financial. For executives, it’s crucial to note that this digital-age crime not only targets individuals, but can pose genuine threats to business reputation and operational continuity.
2. History:
Tracing its roots back to the Internet’s infancy, sextortion’s modern understanding is a testament to the Internet’s dark underbelly. This shifting nature of internet criminality determined its evolution from being a mostly individual-based threat to a mass-scale business-risk. With personal lives and professional lives converging on digital platforms, the danger has amplified. Executives are especially targeted due to their high-profile status, and the information they hold.
3. Examples:
- In 2019, a prominent health tech company’s executive was targeted, resulting in a smear campaign that stained the company’s reputation and led to a major stock drop.
- A multinational law firm faced downtime as its IT infrastructure was compromised in a sextortion case, resulting in significant loss of revenue.
- In 2020, a media company CEO became a sextortion target, leading to significant PR disruptions and an internal management crisis.
4. Insight:
Education is the best mitigation strategy. Empower your staff to recognize phishing and social engineering attempts. Implementing advanced email filtering and rigorous data security measures can significantly reduce such threats. As leaders, ensuring the privacy of your communications, using encrypted platforms and two-factor authentication can provide additional layers of security.
5. CTA:
Navigating the cyber threatscape can be a complex task. Allow our experienced team to help you design a robust cybersecurity strategy. Our Fractional CISO services, security assessments and strategic IT security consulting can arm you with essential tools to manage your business’s cybersecurity. Contact us for a free consultation and gain confidence in your cybersecurity footing.