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Black Arrow Cyber Threat Briefing 15 March 2024

Black Arrow Cyber Threat Intelligence Briefing 15 March 2024:

-Mind The Gap - Mimecast Report Finds Humans Are Biggest Security Flaw

-Three-Quarters of Cyber Victim Are SMBs - Why SMBs are Becoming More Vulnerable

-Cyber Security Skills Gap and Lack of Boardroom Engagement Invite Hacker Havoc

-UK Government’s Ransomware Failings Leave Country ‘Exposed and Unprepared’

-Data Breaches up 72% to New Record High: Cyber Security Incidents Rank as #1 Global Business Threat in 2024

-Finance Sector Facing Huge Number of Cyber Attacks That Could Leave It On its Knees, Highlights the Need to Build a Robust Security Culture

-Microsoft Confirms Russian Hackers Stole Source Code, Some Customer Secrets

-Independent Cyber Security Audits Are Powerful Tools for Boards

-Navigating Cyber Security in The Era of Mergers

-Phishing Tactics Evolve as Sophisticated Vishing and Image-based Phishing Take World by Storm

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

Mind The Gap: Mimecast Report Finds Humans Are Biggest Security Flaw

A global report from Mimecast has found that 74% of all cyber breaches are caused by human factors, including errors, misuse of access privileges or social engineering. Email remains the primary attack vector for cyber threats. Further, 67% of respondents expect AI-driven attacks to soon be the norm and 69% believe their company will be harmed by an attack.

No matter the size, sector or budget of an organisation, people remain a consistent risk factor. Even with strong technology controls, people can still be the risk that brings down the organisation. It is therefore important for organisations to integrate people into their cyber security investments. This should include awareness and education training, and fostering a cyber secure culture in the organisation.

Sources: [IT Security Guru] [Beta News] [Verdict]

Three-Quarters of Cyber Victim Are SMBs: Why SMBs are Becoming More Vulnerable

According to a recent Sophos report, over three-quarters of cyber incidents impacted smaller businesses in 2023, with ransomware having the largest impact. The research also found that in 90% of attacks, data or credential theft was involved and in 43%, data theft was the main focus.

The report found significant usage of initial access brokers; these are attackers whose speciality is to break into computer networks and sell ready-to-go access to other attackers. In fact, the report found that almost half of all malware detected in SMBs were malicious programs used to steal sensitive data and login credentials. Unfortunately, many SMBs struggle to keep up due to a lack of resources and budget; instead, they must be able to prioritise their cyber security efforts to get the most return on investment.

Sources: [Infosecurity Magazine]  [Help Net Security] [TechRadar] [Nairametrics] [TechTarget]

Cyber Security Skills Gap and Lack of Boardroom Engagement Invite Hacker Havoc

The Ipsos report on Cyber Security Skills in the UK Labour Market 2023 sheds light on the persistent challenges faced in recruiting, training, and retaining cyber security professionals across various domains. With approximately 739,000 businesses lacking basic cyber skills and 487,000 facing advanced skills gaps, the demand for trained professionals is escalating. The shortage of incident response skills highlights the need for comprehensive education and training programs. Senior management and board-level executives must also be equipped with the knowledge to manage incidents effectively, emphasising reporting, seeking external assistance, and maintaining a no-blame culture. Understanding cyber risks at the business level is crucial, as cyber crime has evolved into a well-organised industry with distinct roles and profit-sharing mechanisms among cyber criminal groups. Conducting tabletop incident response exercises can effectively prepare senior leadership for cyber incidents, ensuring a proactive and coordinated response to mitigate risks and safeguard organisational resilience.

Source: [TechRadar]

UK Government’s Ransomware Failings Leave Country ‘Exposed and Unprepared’

The recent response from the British government to warnings about the looming ransomware threat has sparked criticism, with accusations of adopting an "ostrich strategy" by downplaying the severity of the national cyber threat. Despite alarming assessments from the Joint Committee on the National Security Strategy (JCNSS) regarding the high risk of a catastrophic ransomware attack, the government's formal response has been met with scepticism. Key recommendations, such as reallocating responsibility for tackling ransomware away from the Home Office, were rejected, with the government arguing that its existing regulations and the current National Cyber Strategy were sufficient. This argument has raised concerns about the government's preparedness and resource allocation. With ransomware attacks escalating in the UK, the Committee underscores the urgency for a proactive national security response to mitigate the potentially devastating impacts on the economy and national security.

Source: [The Record Media]

Data Breaches up 72% to New Record High: Cyber Security Incidents Rank as #1 Global Business Threat in 2024

Research conducted by the Identity Theft Resource Center (ITRC) found that 2023 set an all time high in data breaches, 72% more than the prior year. Separately, the Allianz Risk Barometer identified cyber incidents as the biggest global business threat for 2024, ranking above regulatory concerns, climate change and a shortage of skilled workers. It is crucial that the severity of this risk is reflected in the actions taken by organisations, who must effectively govern and implement their cyber security strategy.

Sources: [JDSupra]

Finance Sector Facing Huge Number of Cyber Attacks That Could Leave It On its Knees, Highlights the Need to Build a Robust Security Culture

Cyber security has become a pressing issue on financial institutions due to the rise in cyber attacks, as highlighted by the February attack on Bank of America via a third-party service. The involvement of the LockBit ransomware group underlines the persistent nature of these threats, particularly targeting the financial sector. These attacks disrupt services and undermine trust in the financial system, necessitating robust cyber security frameworks. The new US Securities and Exchange Commission (SEC) rule requiring immediate disclosure of cyber security incidents presents both benefits and challenges, calling for clear guidelines and industry-wide collaboration. BlackBerry’s Global Threat Intelligence Report revealed a staggering million attacks globally in just 120 days last year. These attacks, often using commodity malware, make up almost two-thirds of all industry-related incidents. The 27% increase in novel malware samples highlights the need for improved defences. These findings emphasise the need for AI-driven detection and defence strategies. While critical infrastructure remains a primary focus, commercial enterprises must remain vigilant, with a third of threats targeting various sectors, emphasising the pervasive nature of cyber threats across industries.

Source:[ SC Media] [TechRadar]

Microsoft Confirms Russian Hackers Stole Source Code, Some Customer Secrets

In a recent revelation, Microsoft disclosed that the Kremlin-backed threat group known as Midnight Blizzard successfully accessed some of Microsoft’s source code repositories and internal systems following a hack in January 2024. The breach, believed to have originally occurred in November 2023, exploited a legacy test account lacking multi-factor authentication by employing a password spray attack. Microsoft assured no compromise to customer-facing systems but warned of ongoing attempts by Midnight Blizzard to exploit stolen corporate email data. The extent of the breach remains under investigation, with concerns raised over the potential accumulation of attack vectors by the threat actor. The incident underscores the escalating sophistication of nation-state cyber threats and prompts a re-evaluation of security measures, highlighting the imperative for robust defences against such adversaries.

Source: [The Hacker News]

Independent Cyber Security Audits Are Powerful Tools for Boards

Board members are increasingly held accountable for their organisation's cyber posture, facing personal liability for lapses. To gain insight and demonstrate proactive leadership, independent cyber security audits have become indispensable. These audits not only aid in regulatory compliance but also uncover blind spots in the organisation's security measures. Recent regulations, such as by  the US Securities and Exchange Commission (SEC) underscore the imperative for robust cyber security oversight at the board level. The audit process involves defining the scope, conducting assessments, validating findings through simulations, and presenting comprehensive reports to leadership. By embracing cyber security audits, boards can fulfil their duty of overseeing and enhancing the organisation's cyber resilience in an ever-evolving threat landscape.

Source: [Bloomberg Law]

Navigating Cyber Security in The Era of Mergers

In today's landscape of frequent mergers and acquisitions (M&A), organisations grapple with the challenge of aligning cyber security measures across subsidiaries, posing a risk to overall security. According to an IBM survey, over one in three executives attribute data breaches to M&A activity during integration. This complexity arises as security teams may lack insight into subsidiary infrastructure, hindering risk assessment and mitigation efforts. Historical incidents like the NotPetya attack on Merck and the Talk Talk hack highlight vulnerabilities post-acquisition, emphasising the need for a proactive approach to subsidiary cyber security. To address these challenges, organisations must conduct comprehensive risk assessments, standardise security protocols, foster collaboration, and consider unified security platforms. By proactively addressing visibility gaps and implementing standardised protocols, organisations can fortify their defences against evolving cyber threats amidst M&A activities.

Source: [Forbes]

Phishing Tactics Evolve as Sophisticated Vishing and Image-based Phishing Take World by Storm

According to a recent report, 76% of organisations were compromised by QR-code phishing in the last 12 months. Along with this, there has also been a rise in the number of sophisticated vishing attacks, with recent attacks costing organisations millions. The introduction of artificial intelligence has only added fuel to this fire already impacting security controls such as call-back procedures. With the tactics of phishing evolving, organisations need to ensure they are up-to-date and that employees are trained effectively to mitigate the risk of these.

Sources: [Help Net Security] [Dark Reading]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Training, Education and Awareness

Regulations, Fines and Legislation

Models, Frameworks and Standards

Backup and Recovery

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare, Cyber Espionage and Geopolitical Threats/Activity

Nation State Actors

China

Russia

North Korea

Vulnerability Management

Vulnerabilities

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

·         OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

Look out for our ‘Cyber Tip Tuesday’ video blog and on our YouTube channel.

You can also follow us on Facebook, Twitter and LinkedIn.

Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

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Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 16 February 2024

Black Arrow Cyber Threat Intelligence Briefing 16 February 2024:

-Active Phishing Campaigns Targeting Office 365, Another Forcing Remote Management Software Downloads

-Cyber Security is Your Defensive Strategy, Cyber Resilience is Your Business

-Leveraging Threat Intelligence for Regulatory compliance

-The Risks of Quishing and How Enterprises Can Stay Secure

-Phishing Attacks Increased 106% Year Over Year as 91% of Organisations Impacted by AI-enhanced Phishing Attacks

-Microsoft and OpenAI Warn State-backed Threat Actors are Using AI En Masse to Wage Cyber Attacks

-Cyber Risk Management: Bring Security to the Boardroom

-Trustees Open to Cyber Risks by Not Responding to NCSC Reporting Changes

-Nation State Actors Intensify Focus on NATO Member States

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

Active Phishing Campaigns Targeting Office 365, Another Forcing Remote Management Software Downloads

Proofpoint have released an alert relating to an active hacking operation in which cyber criminals are employing phishing traps and shared Office 365 documents to steal credentials. Hackers have been threading together credential phishing and account takeover (ATO) tactics to gain access to enterprise resources, with multiple organisations already hit. One of the identified methods in use involves attackers inserting links that direct users to click to view a document. This subsequently links them to a phishing page controlled by the attacker.

In another currently active phishing campaign, threat actors are targeting potential victims via email and SMS, with personalised content to match victim roles within their organisation. But instead of phishing for information directly, they are convincing victims to download remote monitoring and management software. Victims were directed to newly registered websites mimicking various financial institutions and asked to download a “live chat application”, which turned out to be an old version of AnyDesk. Once downloaded, the software would then allow full access to victim’s machine and network resources.

Sources: [Verdict] [Help Net Security]

Cyber Security is Your Defensive Strategy, Cyber Resilience is Your Business

A cyber attack is a matter of when, not if, and as such businesses must prepare for such an event happening to them. Whilst cyber security aims to defend the organisation, cyber resilience is about ensuring that your digital operations, which are the heart of your organisation, can withstand and quickly recover from any cyber attack, technical malfunction, or even deliberate tampering. If we think back to Covid, a lot of organisations suddenly had to adapt, to ensure that they could function as close to normal as possible. How many have tested their organisation’s ability to continue work since, or prepared for a loss of access to critical systems for an extended period of time? It’s the cyber resilient organisations that know they’ve made the right investments to significantly reduce the risk of their operations grinding to a halt.

Source: [Security Brief]

Leveraging Threat Intelligence for Regulatory Compliance

The collective improvement of cyber security is a high international priority and a wealth of EU legislation, such as NIS2 and the Digital Operational Resilience Act (DORA) is in the pipeline, to oblige organisations to understand and manage their cyber risks appropriately. As part of these regulations, threat intelligence is often a feature that can be leveraged to improve cyber resilience.

Threat intelligence can be collected from a variety of sources such as governmental advisories, dark web monitoring, private sector feeds, intelligence-sharing communities and open source information. The key for organisations is to be able to digest this, and apply it accordingly to their specific organisation, to improve their cyber resilience efforts.

Black Arrow provides weekly threat intelligence free of charge through our online blog and weekly subscription summary email. To sign up, visit https://www.blackarrowcyber.com/subscribe

Source: [BetaNews]

The Risks of Quishing and How Enterprises Can Stay Secure

QR codes have surged in popularity in the past two years, mainly due to their convenient and touchless features that streamline daily transactions, making it easy for users to scan and access information quickly. However, this surge in popularity has also caught the attention of cyber criminals, who exploit QR codes to perpetrate phishing attacks, known as "quishing." Attackers use tactics, such as disguising malicious QR codes in seemingly legitimate contexts; these pose substantial risks, leading to compromised personal and corporate data, financial loss, and reputational damage. Organisations must prioritise understanding and fortifying defences against quishing, as these attacks pose significant risks to both individuals and organisations. By educating employees on discerning phishing attempts, enforcing device security measures, and leveraging specialised solutions, organisations can bolster their resilience against QR code-based cyber threats and safeguard their digital assets effectively.

Source: [Zimperium]

Phishing Attacks Increased 106% Year Over Year as 91% of Organisations Impacted by AI-enhanced Phishing Attacks

A recent report found that phishing attempts increased 106% year on year, with malware detections up 40%. In a separate report on phishing, it was found that 91% of organisation were impacted by AI-enhanced phishing attacks. Such numbers reinforce the reason for organisations to implement effective phishing training, and this should include training regarding AI-enhanced phishing emails.

Sources: [The Fintech Times] [Security Magazine]

Microsoft and OpenAI Warn State-backed Threat Actors are Using AI En Masse to Wage Cyber Attacks

Microsoft has released a report detailing how prominent state-linked actors are using generative AI to enhance their attack methods. Russian, North Korean, Iranian, and Chinese-backed threat actors are attempting to use generative AI to inform, enhance, and refine their attacks, according to the report. It’s clear that AI is a double-edged sword, and organisations must implement processes to reduce their risk and increase their resilience to it.

Source: [ITPro]

Cyber Risk Management: Bring Security to the Boardroom

Organisations are facing the dual challenge of managing business risk and aligning with ever-expanding cyber security goals; as such, the need for a robust cyber risk management strategy is more critical than ever. This calls for organisations to effectively communicate their security posture to the board with relevant metrics.

Engaging the board requires a strategic approach, emphasising clear communication and contextual visibility. Board members are already increasingly recognising the impact of poor security on an organisation’s reputation, budget, and overall well-being; it is essential to translate security concerns into tangible metrics that resonate with the board. Real-time metrics, alignment with business goals, and educating the board on cyber security nuances can help build the foundation for such a strategy.

Source: [Trend Micro]

Trustees Open to Cyber Risks by Not Responding to NCSC Reporting Changes

Recent changes in the National Cyber Security Centre's (NCSC) threat reporting framework have prompted a call to action for pension scheme advisors.

Cyber security has fast become one of the biggest threats to pension schemes. Data breeches, scamming, ransomware, fraud: these have all become the stuff of trustee nightmares. And the sophistication of those threats is evolving rapidly, so it is important that schemes stay as far ahead of them as possible with comprehensive and proactive defence measures. It’s also imperative to check-in regularly with advisors that their measures are robust, and ensure that reports are undertaken frequently to demonstrate progression of mitigation of all vulnerabilities. A onetime spot check is simply not enough in this environment.

Source: [The HR Director]

Nation State Actors Intensify Focus on NATO Member States

The head of threat research and analysis at Google Cloud has highlighted that nation state actors consider cyber warfare as another tool in their box, noting the current ongoing cyber warfare between Russia and Ukraine. Separate reports have found that the cyber war has extended to NATO member states, with initial access brokers (individuals who sell credentials to organisations) increasingly targeting entities within NATO member states.

Sources: [Help Net Security] [World Economic Forum ] [Inforisktoday] [Help Net Security]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Supply Chain and Third Parties

Cloud/SaaS

Encryption

Social Media

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare, Cyber Espionage and Geopolitical Threats/Activity

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea

Other Nation State Actors, Hacktivism, Extremism, Terrorism and Other Geopolitical Threat Intelligence

Vulnerability Management

Vulnerabilities

Tools and Controls

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling·        

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

·         OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

Look out for our ‘Cyber Tip Tuesday’ video blog and on our YouTube channel.

You can also follow us on Facebook, Twitter and LinkedIn.

Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 02 February 2024

Black Arrow Cyber Threat Intelligence Briefing 02 February 2024:

-The Financial Sector Is Plagued by Increasingly Sophisticated Cyber Attacks That Demand a Defensive Paradigm Shift

-The $10 Billion Cyber Insurance Industry Sees a Dangerous Year in Cyber Crime Ahead. AI, Ransomware, and War are its Biggest Concerns

-Microsoft Says Russian Hackers Used Known Identified Tactics to Breach Senior Exec Emails

-Old Methods, New Tricks: Cyber Criminals Are Still Using Social Engineering to Steal Your Credentials

-UK Government Unveils New Cyber Threat Guidelines as 32% of Firms Suffer Attacks in Past Year

-94% of Organisations Would Pay a Ransom, Despite Having ‘Do Not Pay’ Policies, as 79% Faced an Attack in 2023

-Interpol Arrests More than 30 Cyber Criminals in Global Operation

-Divide and Succeed: Splitting IT and Security Makes Business Sense

-Ransomware Groups Gain Clout with False Attack Claims

-Payment Fraud is Hitting Organisations Harder Than Ever Before

-Chinese Hacking Operations Have Entered a Far More Dangerous Phase, US Warns

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

The Financial Sector is Plagued by Increasingly Sophisticated Cyber Attacks That Demand a Defensive Paradigm Shift

A series of interviews with senior cyber executives and decision makers around the world gave insights into the attacks seen in the financial sector. The findings include 77% of financial organisations detecting campaigns to steal non-public market information, 48% falling victim to attacks solely focused on destroying data and 45% of organisations believing they were a victim of an attack which they were unable to detect. The financial sector remains a valuable target for cyber criminals and as such, organisations within this sector must proactively protect themselves.

Source: [PR News Wire]

The $10 Billion Cyber Insurance Industry Sees a Dangerous Year in Cyber Crime Ahead. AI, Ransomware, and War are its Biggest Concerns

A recent report by insurance broker Woodruff Sawyer sheds light on pressing concerns from the perspective of the insurance industry. Amidst ongoing global conflicts and the rise of AI-driven cyber threats, the boundaries between war and cyber attacks are blurring. Insurers are increasingly wary, with many opting not to provide coverage, particularly against war-related risks. The survey reveals a grim outlook, with 56% of clients anticipating a significant increase in cyber risks in 2024, primarily driven by ransomware and war associated threats. The challenge lies in defining and navigating these evolving risks, leaving clients uncertain about their cyber security strategies. Additionally, updated US Securities and Exchange Commission (SEC) rules mandating rapid disclosure of cyber breaches add further complexity to the cyber security landscape, warranting close monitoring by insurers. As cyber threats continue to evolve in a turbulent world, the insurance industry faces unprecedented challenges in safeguarding against cyber risks.

Source: [Fortune]

Microsoft Says Russian Hackers Used Known Identified Tactics to Breach Senior Exec Emails

Hackers allegedly linked to Russia’s Foreign Intelligence Service (SVR) breached a legacy non-production test tenant account in Microsoft last November, before pivoting into their senior executives’ email accounts. Microsoft only discovered the incident on 12 January. In a blog post, Microsoft said that the attackers had used a password spray attack on a limited number of accounts. One of these accounts was a legacy, non-production test account that had elevated access to the Microsoft corporate environment, and the ability to create malicious OAuth applications with access to other corporate mailboxes, leading to them accessing senior executives’ emails. Microsoft has since confirmed that multi-factor authentication was not enabled. Microsoft has previously warned the public about this exact scenario, writing that attackers “compromise user accounts to create, modify, and grant high privileges to OAuth applications that they can misuse to hide malicious activity.”

Sources: [The Record] [Bleeping Computer]

Old Methods, New Tricks: Cyber Criminals Are Still Using Social Engineering to Steal Your Credentials

2023 showed us that despite all the advancements in cyber security, most threat actors are simply just logging in. To do this an attacker needs credentials, often gained through phishing, the most common social engineering tactic. The emergence and utilisation of artificial intelligence has only made this easier, the point being that now virtually anyone can conduct a sophisticated phishing campaign, and with huge success. But what can organisations do? Focus on their human firewall. Social engineering will remain, and organisations need to ensure that their staff are consistently trained to be vigilant, as well as regular updated training on current trends. Users should ensure that they don’t reuse passwords across accounts, nor use easy to guess passwords or patterns. Users should be encouraged to use password managers to enable better, and more manageable, password hygiene. Where possible, multi factor authentication should be enforced.

Sources: [Security Boulevard] [Beta News] [Security Intelligence]

UK Government Unveils New Cyber Threat Guidelines as 32% of Firms Suffer Attacks in Past Year

The UK government is urging organisations to prioritise cyber threats as a key business risk, on par with financial and legal challenges. They have released new guidelines, the Cyber Governance Code of Practice, aimed at directors and senior leaders to elevate cyber security as a focal point in business operations. The code recommends clear roles and responsibilities, customer protection, and plans to respond to cyber attacks. It also emphasises the need for employees to possess adequate cyber awareness and skills. As cyber security incidents rise, a report found that 77% of financial services organisations have experienced a cyber attack. Other figures also show that 32% of firms have suffered a cyber breach or attack in the past year alone. These guidelines align with the UK Government’s National Cyber Strategy, aiming to protect and promote online security in the country. With the financial sector experiencing underperforming cyber security providers, organisations need to strengthen their anti-fraud defences, possibly incorporating cyber risk ratings for a more robust security posture.

Source: [The Fintech Times]

94% of Organisations Would Pay a Ransom, Despite Having ‘Do Not Pay’ Policies, as 79% Faced an Attack in 2023

A recent study has found that 94% of organisations would pay a ransomware demand, even if they had a ‘do not pay’ policy, in the event of an attack. The study found that 79% had suffered a ransomware related attack in the second half of 2023. When it came to resilience, only 21% had full confidence in their organisation’s cyber resilience and ability to address today’s escalating cyber challenges and threats, and 23% reported that they would need over three weeks to recover data and restore business processes. A common theme in the study was the belief that senior and executive management do not fully understand the serious risks, with only 35% of respondents believing risks were fully understood.

Sources: [Beta News] [ Security Magazine] [MSSP Alert]

Interpol Arrests More than 30 Cyber Criminals in Global Operation

This week, international law enforcement announced that it detained 31 suspected cyber criminals and identified 1,300 malicious servers which were used to conduct phishing attacks and distribute malware. The operation, labelled “Synergia” was in response to “the clear growth, escalation and professionalisation of transnational cyber crime and the need for coordinated action against new cyber threats” Interpol said. Nearly 60 law enforcement agencies and several private companies were involved in the operation.

Sources: [The Record]

Divide and Succeed: Splitting IT and Security Makes Business Sense

Maintaining year-round security hygiene is important to protect both consumers and organisations. Cyber attacks, like the recent one on 23andMe, often exploit vulnerabilities that persist due to incomplete patching and compromised credentials. Many organisations cite time constraints as the primary reason for not updating security features. Ideally, in any organisation, and indeed in all organisations that have reached a level of maturity in this space, security and IT teams should be separate; however, this is not really achievable in many organisations and hence the responsibility to protect ultimately falls on IT teams. Overburdened IT teams, and IT teams whose primary focus is on operational IT, further compound the issue, spending significant time managing data requests and analysing data, leading to cyber security risks. As consumers become more privacy-conscious, businesses must review and adapt their data privacy policies to build trust. Additionally, the growing use of artificial intelligence poses new risks, necessitating the development of company-wide AI policies to protect data privacy. While privacy legislation remains fragmented, staying proactive by updating data privacy policies, understanding data usage, and fortifying cyber security defences is crucial for organisations.

Source: [Digital Journal]

Ransomware Groups Gain Clout with False Attack Claims

A concerning trend is on the rise: fake breach claims by ransomware groups. Cyber criminals are leveraging the dark web and social media to spread misinformation about alleged breaches, triggering unwarranted cyber investigations and generating unwanted, and unwarranted, negative publicity for the alleged victim. Recent incidents involving Technica Corp and Europcar exemplify this growing threat. While these claims often lack credible evidence, they serve as a means for ransomware operators to gain attention and clout in the cyber criminal world. These groups resort to false claims to maintain relevance. Cyber security teams must adapt to this new ransomware misinformation communication strategy and exercise caution when evaluating breach claims.

Source: [Dark Reading]

Payment Fraud is Hitting Organisations Harder Than Ever Before

According to research, 96% of companies in the US were targeted with at least one fraud attempt in the past year. 36% who suffered said the average loss they experienced was more than $1 million and for 25%, this was more than $5 million. The study found misaligned perception as despite the number falling victim, only 5% believed they could not keep up with fraud. Of concern, 75% of C-level finance leaders said they would stop doing business with an organisation that fell victim to payment fraud.

Source: [Help Net Security]

Chinese Hacking Operations Have Entered a Far More Dangerous Phase, US Warns

In the US, the directors of the FBI, the National Security Agency (NSA) and the Cybersecurity and Infrastructure Security Agency (CISA), have stated that China’s cyber activity is moving beyond the last decade’s spying and data theft toward direct attacks on critical infrastructure. It was identified that Chinese nation-state actors were planting malware on network routers and other internet-connected devices that, if triggered, could disrupt water, power, rail and other critical services, possibly causing widespread chaos, or even injury or deaths as a result.

Source: [Defense One]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Identity and Access Management

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare, Cyber Espionage and Geopolitical Threats/Activity

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

Other Nation State Actors, Hacktivism, Extremism, Terrorism and Other Geopolitical Threat Intelligence

Other News

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

·         OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

Look out for our ‘Cyber Tip Tuesday’ video blog and on our YouTube channel.

You can also follow us on Facebook, Twitter and LinkedIn.

Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 05 January 2024

Black Arrow Cyber Threat Intelligence Briefing 05 January 2024:

-A “Ridiculously Weak“ Password Causes Disaster for Spain’s Number 2 Mobile Carrier

-Russia Kyivstar Hack Should Alarm West, Ukraine Security Chief Warns

-23andMe Tells Victim It’s Their Fault Their Data Was Breached

-Financial Sector Faces More Cyber Attacks Than Other Sectors

-An Innocent-Looking Instagram Trend Could Be a Gift to Hackers

-Cyber Criminals Shared Millions of Stolen Records During Holiday Break

-Law Firm that Handles Data Breaches was Itself Hit by Data Breach

-Nigerian Hacker Arrested for Stealing Millions from Charities

-Cyber Criminals Implemented Artificial Intelligence for Invoice Fraud

-Shadow IT Threatens Corporate Cyber Security, Study Reveals

-Escalating Cyber Threats: Bots, Fraud Farms, and Cryptojacking Surge

-Putin has Declared a Cyber War on Britain

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

A “Ridiculously Weak“ Password Causes Disaster for Spain’s Number 2 Mobile Carrier

Spain’s second largest mobile operator, Orange España, suffered a major outage after an unknown party obtained a “ridiculously weak” password and used it to access an account for managing the network that delivers the company’s internet traffic. The attacker had posted the account they had compromised, and researchers found that the associated system had been infected with a Raccoon type infostealer back in September of 2023. The compromised account was Orange’s RIPE administrator account, with the password “ripeadmin”. The incident led to a 50% drop in connections for a 4 hour period, and  underscores the critical importance of robust cyber security measures, including strong passwords, and serves as a stark reminder that even seemingly minor oversights can lead to significant disruptions.

Source: [Ars Technica]

Russia Kyivstar Hack Should Alarm the West, Ukraine Security Chief Warns

If Ukraine's core telephone network can be taken out, organisations in the West could easily be next, Ukraine's SBU chief says. December's cyber attack on Ukrainian telecommunications operator Kyivstar by Russian-backed threat actor ‘Sandworm’ dealt a catastrophic blow to the telecoms provider, according to Illia Vitiuk, head of the Security Service of Ukraine's (SBU) cyber security department. It is believed that although the attack took place in December 2023, the threat actors likely had access to Kyivstar systems since May 2023.

Source: [Dark Reading]

23andMe Tells Victims It’s Their Fault Their Data Was Breached

A cyber incident at DNA data firm 23andMe started with credential stuffing 14,000 user accounts. Credential stuffing is the process by which a malicious actor uses previously harvested usernames and passwords from earlier unrelated breaches to break into other sites and services. Many of the 14,000 accounts had opted-in for a feature whereby information is shared with relatives, which meant that once compromised, attackers had access to 6.9 million users: nearly half of the user base.

Facing over 30 lawsuits from victims, 23andMe is now blaming victims, according to letters seen by victims. 23andMe stated “users negligently recycled and failed to update their passwords following these past security incidents, which are unrelated to 23andMe”. This has caused divide in the cyber world; on one side, recycling and failing to update passwords is poor cyber hygiene and on the other hand, there are technical controls that could have better prevented this type of well known and common attack.

Source: [TechCrunch] [The Register]

Financial Sector Faces More Cyber Attacks Than Other Sectors

A recent study found that more than three-quarters (77%) of financial organisations detected an attack on their infrastructures in 2023, compared with around two-thirds (68%) of other sectors. In particular, the study found that financial workers were at a higher than average risk of phishing compared to other workers. Despite their target attractiveness, only three-quarters (73%) of the financial sector respondents said that they have a cyber security policy in place or will do so within the next year. A separate report from Kaspersky stated that the financial sector is poised to experience an influx of artificial intelligence based attacks 2024, adding to the fire.

Sources: [SC Media] [TechRadar ]

An Innocent-Looking Instagram Trend Could Be a Gift to Hackers

A recent trend that has picked up traction at the end of December on social media apps such as Instagram and TikTok, encourages their followers to “get to know them better”. This trend gets people to answer a popular template, freely giving away personal information such as their height, date of birth, and various details that they feel strongly about including favourite food and phobias. While these questions may seem harmless, these sorts of personal details are used by companies for security questions, for example when a person wants to reset their password. Hackers can use this information to easily social engineer victims or impersonate them to get access to their accounts.

Source: [Business Insider]

Cyber Criminals Shared Millions of Stolen Records During Holiday Break

While many people unwind and enjoy their time off during the festive season, cyber criminals remain active. In fact, they leaked approximately 50 million records containing sensitive personal information during this period. These data breaches were not limited to the West; they had a global impact, affecting individuals in various countries such as Peru, Australia, South Africa, and more. It is important to note that not all the data leaks were recent; some appeared to be remnants of older incidents. For instance, some of the leaked data belonged to customers of the credit company Klarna, which was rumoured to have experienced a breach back in 2022, although it was never publicly confirmed. This ‘Free Leaksmas’ event, as it’s been dubbed, underscores the extensive global reach and serious consequences of these cyber criminal activities.

Sources: [Security Affairs] [Dark Reading]

Law Firm that Handles Data Breaches was Itself Hit by Data Breach

Orrick, Herrington & Sutcliffe, a law firm specialising in managing security incidents for other companies, has disclosed more details of the cyber attack it itself experienced in March 2023. The breach compromised the sensitive health and personal information of over 637,000 individuals. The stolen data was linked to client organisations and included the names of individuals alongside their social security numbers, medical details, and financial information. Despite the firm's expertise in cyber security, the attack highlights the pervasive risk of data breaches, even among those who advise on such matters. Orrick's delayed response and subsequent legal settlements underscore the importance of proactive security measures and swift action in the wake of a breach. This incident serves as a stark reminder to all organisations of the need for robust cyber defences and transparent communication strategies in today's digital landscape. The law firm has recently settled in principle to resolve four class action lawsuits that accused Orrick of failing to inform victims of the breach until months after the incident.

Source: [TechCrunch]

Nigerian Hacker Arrested for Stealing Millions from Charities

A Nigerian national, Olusegun Samson Adejorin, has been arrested for charges relating to business email compromise attacks that caused a charitable organisation in the US to lose more than $7.5 million. Adejorin had purchased a credential harvesting tool to steal login credentials, which were used to send emails to the charity’s financial service provider. The emails requested and authorised a transfer of $7.5 million, which the investment services provider believed it was paying to the charity whereas it was paying into a bank account controlled by the attacker.

Source: [Bleeping Computer]

Cyber Criminals Implemented Artificial Intelligence for Invoice Fraud

A cyber criminal gang known as GXC Team has been seen selling an artificial intelligence tool for creating fraudulent invoices. The tool, known as Business Invoice Swapper, scrutinises compromised emails that are fed to it, looking for emails which mention invoices or include invoice attachments. It then alters the details of the intended recipient to details specified by the perpetrator. This altered invoice then either replaces the compromised one, or is sent to a predetermined set of contacts.

Source: [Security Affairs]

Shadow IT Threatens Corporate Cyber Security, Study Reveals

With remote working becoming more and more prevalent, organisations are finding themselves at risk of cyber threats due to what is known as shadow IT; this is any software, hardware or IT resource used without the IT department’s approval, knowledge or oversight. A study by Kaspersky found of the 77% of companies that had suffered from cyber incidents over the past two years, 11% of these were directly caused by the unauthorised use of shadow IT.

Source: [Security Brief]

Escalating Cyber Threats: Bots, Fraud Farms, and Cryptojacking Surge

In the constantly evolving cyber threat landscape, 2023 has witnessed a notable surge in the use of bots, fraud farms, and cryptojacking. A new report found that 73% of web and app traffic this year has been attributed to malicious bots and fraud farms, indicating a significant shift towards automated cyber attacks. This trend poses a heightened risk to the ecommerce sector, where cyber criminals exploit API connections and third-party dependencies.

Furthermore, the surge in cryptojacking, marked by a 399% increase, reveals a diversifying strategy among cyber criminals, targeting critical infrastructure with sophisticated methods. These developments serve as a crucial reminder for organisations to bolster their cyber defences and adopt a proactive stance against these emerging and increasingly automated threats.

Source: [Help Net Security]

Putin has Declared a Cyber War on Britain

This year over 2 billion people will vote for new governments across the world, and it is crucial to be aware of upcoming threats to these elections from foreign powers. In particular, Russia is notorious for deploying bots, trolls, and deepfakes, which are techniques used to manipulate information and influence public opinion. These malicious actors are adept at spreading misinformation and disinformation, often with the goal of interfering in elections. With the upcoming UK General Election in 2024 and the US Presidential Election also falling this year, it is imperative to exercise caution and discernment when consuming online content. Not everything we see can be taken at face value.

Source: [Telegraph]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Artificial Intelligence

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Identity and Access Management

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Regulations, Fines and Legislation

Models, Frameworks and Standards

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare, Cyber Espionage and Geopolitical Threats/Activity

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea

Other Nation State Actors, Hacktivism, Extremism, Terrorism and Other Geopolitical Threat Intelligence

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

·         OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

Look out for our ‘Cyber Tip Tuesday’ video blog and on our YouTube channel.

You can also follow us on Facebook, Twitter and LinkedIn.

Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 15 December 2023

Black Arrow Cyber Threat Intelligence Briefing 15 December 2023:

-MPs say UK Could be Brought to Standstill ‘At Any Moment’ as Scathing Report Calls for Greater Security Investment

-Gartner Finds 45% of Organisations Experienced Third Party-Related Business Interruptions

-Major Cyber Attack Paralyzes Ukraine's Largest Telecom Operator; Russia Expected to Ramp Up Attacks on Ukraine’s Allies

-81% of Companies had Malware, Phishing and Password Attacks in 2023

-Cyber Criminals Hit SMEs With Skills Once Limited to Nation State Actors

-Russian Cyber Actors are Exploiting a Known Vulnerability with Worldwide Impact

-Why Cyber Security Is a Competitive Advantage: Reaching Digital Success

-Ransomware-as-a-Service: The Growing Threat You Can't Ignore

-66% of Employees Prioritise Daily Tasks Over Cyber Security

-Cyber Attack on Irish Utility Cuts Off Water Supply for Two Days

-Who Is Responsible for Cyber Security? You.

-Many Popular Websites Still Cling to Password Creation Policies From 1985

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

MPs say UK Could be Brought to Standstill ‘At Any Moment’ as Scathing Report Calls for Greater Security Investment

According to the UK Parliament’s Joint Committee on the National Security Strategy (JCNSS), the UK is one of the most targeted countries in the world for cyber attacks, predominantly coming from Russian-linked threat actors. The report describes the UK as being at high risk from catastrophic ransomware attacks, and warns that the country could face significant challenges in managing future attacks.

Further, the report noted that the UK’s regulatory frameworks are insufficient and large amounts of national infrastructure are still vulnerable to ransomware because of their reliance on legacy IT systems.

Sources: [ITPro] [Emerging Risks Media Ltd]

Gartner Finds 45% of Organisations Experienced Third Party-Related Business Interruptions

Despite increased investments in third-party cyber security risk management (TPCRM) over the last two years, 45% of organisations experienced third party-related business interruptions, according to a new Gartner survey. This is reinforced by a separate survey, in which 97% of respondents reported having suffered negative impacts from a breach in a third party or supplier partner in the last year; a figure that has remained unchanged for the past three years.

The results show that despite the increase in attention and investments in third party risk management, organisations are not carrying these out in a way that is decreasing the risk.

Sources: [CIR Magazine] [Gartner]

Major Cyber Attack Paralyzes Ukraine's Largest Telecom Operator; Russia Expected to Ramp Up Attacks on Ukraine’s Allies

Ukraine's biggest telecom operator Kyivstar has become the victim of a "powerful hacker attack," disrupting customer access to mobile and internet services. Its mobile app and website were down but they managed to restore some of its landline services on the same day of the attack. 24 million Kyivstar users have been urged to change all passwords following the attack.

So far, two Russia-aligned hacker groups have claimed responsibility for the hack: Killnet and Solntsepek. While Killnet have not provided any evidence of the attack, Solntsepek posted several screenshots of Kyivstar systems that it allegedly hacked, on its Telegram channel. The group said it “destroyed 10 thousand computers, more than 4 thousand servers, all cloud storage, and backup systems”.

Further, Russia is expected to ramp up their cyber campaign efforts targeting Ukraine’s allies as part of the ongoing conflict in the region. Last winter saw an increase in attacks that is likely to be repeated this year. The use of wiper malware to target critical national infrastructure (CNI) outside of Ukraine), similar to the attack on Kyivstar above, is just one tactic that could be deployed to disrupt Western allies’ ability, and motivation, to continue military support to Ukraine.

Sources: [Record Media] [New Voice of Ukraine] [Hacker news] [Infosecurity Magazine] [Gov Info Security]

81% of Companies had Malware, Phishing and Password Attacks in 2023

According to Verizon, 81% of organisations faced malware, phishing and password attacks last year, and these attacks were mainly targeted at users. Further, it was found that 62% percent of companies suffered a security breach connected to remote working. Certainly, attacks are not limited to particular sectors or organisations. Everyone can be a target and it is important to keep that in mind when focusing on securing the organisation; yet despite cyber security affecting everyone, 91% of CEOs/CFOs put the responsibility for cyber security squarely with IT.

Source: [Security Magazine]

Cyber Criminals Hit SMEs With Skills Once Limited to Nation State Actors

According to SentinelOne, mid-sized businesses are being targeted by cyber criminals who are displaying skills previously limited to expert government hackers. Cyber criminals are more organised than ever and have a better understanding of how businesses run; this, paired with technical acumen and AI, has created a difficult environment for medium-sized businesses who don’t possess the budget of a large organisation.

Sources: [Washington Times] [SiliconANGLE]

Russian Cyber Actors are Exploiting a Known Vulnerability with Worldwide Impact

The US National Security Agency (NSA), Federal Bureau of Investigation (FBI), and co-authoring agencies warn that the Russian Foreign Intelligence Service (SVR) cyber actors are exploiting a publicly known vulnerability to compromise victims globally, including in the United States and allied countries. To raise awareness and help organisations identify, protect, and mitigate this malicious activity, the authoring agencies have jointly released a Cyber Security Advisory (CSA) on SVR’s exploiting of JetBrain’s TeamCity software, widely used by developers and software providers.

The advisory warns that APT29, the notorious Russian group behind the 2020 SolarWinds hack, are actively exploiting this vulnerability, joining state-sponsored actors from North Korea. The exploit in TeamCity could give attackers enough access to manipulate a software's source code, sign certificates, and compile and deploy processes.

Sources: [NSA] [Dark Reading] [The Register]

Why Cyber Security Is a Competitive Advantage: Reaching Digital Success

In the tech-driven world, cyber security’s importance is paramount for protecting sensitive data and critical systems. Significant increases in vulnerabilities and breaches have led to stricter guidelines and regulations for most sectors; a trend we expect to see increasing with regulations becoming more and more stringent. Increased regulation can only be good for affected industries and sectors to drive increased security.

However, beyond regulatory compliance, cyber security is a critical competitive differentiator and should be seen as such, rather than simply as a tick box exercise to satisfy a regulator or viewed as an increase in regulatory burden. Data breaches can lead to severe financial setbacks and damage to a company's reputation and customer trust. The legal and financial consequences of non-compliance with cyber security regulations are significant.

Building a comprehensive cyber security strategy that includes risk assessments, incident response plans, and proactive measures is essential in this era of rapid vulnerability exploitation. Embracing cyber security is not just a choice but a necessity for success in the digital age.

Source: [Forbes]

Ransomware-as-a-Service: The Growing Threat You Can't Ignore

Ransomware attacks have become a significant and pervasive threat in the ever-evolving realm of cyber security. Among the various iterations of ransomware, one trend that has gained prominence is Ransomware-as-a-Service (RaaS). This latest ransomware business model allows inexperienced hackers to use on-demand tools for attacks, reducing time and cost. They pay a fee, choose a target, and launch an attack with the provider’s tools. The effects of RaaS are starting to be noticed, as a recent survey showed the time from network breach to file encryption has dropped below 24 hours for the first time.

Source: [Hacker News]

66% of Employees Prioritise Daily Tasks Over Cyber Security

According to a recent survey, 66% of respondents stated that completing daily tasks is more crucial than cyber security, such as cyber security training. The tasks that were being prioritised over cyber security training include monthly targets, manager-assigned tasks and emails.

The survey highlights the need for improved cyber security training in organisations, with 64% of employees wanting time for this training during work hours, and 43% referring more engaging methods like videos and interactive sessions. The data suggests a shift from the annual training model, with 29% receiving quarterly training, 13% semi-quarterly, and 11% monthly. Addressing these needs is crucial for cyber security readiness.

Source: [Security Magazine]

Cyber Attack on Irish Utility Cuts Off Water Supply for Two Days

Last week, a cyber attack on a small Irish water utility disrupted the water supply for two days, affecting 180 people. The water utility’s representatives said the hackers may have breached the system due to their firewall not being “strong enough”. However, in most cases, hackers target internet-exposed devices or controllers that are either not protected at all or protected by a default password. This follows a warning from the US Government about the CyberAv3ngers group, an Iranian affiliated threat actor, which has been actively attacking water facilities in multiple US states.

Source: [Security Week]

Who Is Responsible for Cyber Security? You.

Cyber security is a concern that should resonate with every member of the C-suite and senior staff because when it fails, the entire business is impacted. Recent examples like the “bleach breach” at Clorox and the cyber attack on MGM Resorts illustrate the financial and reputational consequences of cyber security incidents, with losses estimated in the hundreds of millions of dollars. To effectively address this, C-suite executives and their teams must actively support cyber security initiatives led by CIOs and CISOs. The introduction of new government regulations, such as those from the US Securities and Exchange Commission (SEC), require organisations to swiftly report and manage cyber security incidents, impacting various departments beyond just the security team. To succeed in this environment, organisations must make cyber security information accessible across teams, allocate budgets for cyber security, and view cyber security as a catalyst for innovation and growth rather than a burden. For this to happen every single person within an organisation, from the very top to the very bottom, has a role to play in keeping the organisation secure and no one can think that security is someone else’s job.

Source: [Forbes]

Many Popular Websites Still Cling to Password Creation Policies From 1985

Website security, particularly password creation policies and login practices, requires immediate attention. A study of over 20,000 websites uncovers significant vulnerabilities with 75% of websites permitting passwords even shorter than 8 characters (which was the recommendation all the way back in 2012), and 12% even allow single-character passwords. Furthermore, 40% limit password length to being far shorter than current recommendations, and worse 72% permit dictionary words or known breached passwords.

The study also reveals that a third of websites do not support special characters in passwords. Remarkably, many websites continue to adhere to outdated password policies from 2004 or even 1985, and only 5.5% comply with stricter modern guidelines. This underscores the immediate need for standardising and strengthening password policies across the web, as well as enhancing education and outreach efforts to address these critical security weaknesses. Such passwords can influence people’s password choice, which can then enter the corporate environment. This can lead to their account having a higher risk of compromise, and in turn, risks to the data belonging to the organisation.

Source: [Help Net Security]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Artificial Intelligence

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Regulations, Fines and Legislation

Models, Frameworks and Standards

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare, Cyber Espionage and Geopolitical Threats/Activity

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea

Other Nation State Actors, Hacktivism, Extremism, Terrorism and Other Geopolitical Threat Intelligence

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·       Automotive

·       Construction

·       Critical National Infrastructure (CNI)

·       Defence & Space

·       Education & Academia

·       Energy & Utilities

·       Estate Agencies

·       Financial Services

·       FinTech

·       Food & Agriculture

·       Gaming & Gambling

·       Government & Public Sector (including Law Enforcement)

·       Health/Medical/Pharma

·       Hotels & Hospitality

·       Insurance

·       Legal

·       Manufacturing

·       Maritime

·       Oil, Gas & Mining

·       OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·       Retail & eCommerce

·       Small and Medium Sized Businesses (SMBs)

·       Startups

·       Telecoms

·       Third Sector & Charities

·       Transport & Aviation

·       Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

Look out for our ‘Cyber Tip Tuesday’ video blog and on our YouTube channel.

You can also follow us on Facebook, Twitter and LinkedIn.

Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 08 December 2023

Black Arrow Cyber Threat Intelligence Briefing 08 December 2023:

-Cyber Attacks More Likely Than Fire or Theft, as Fifth of UK Businesses Fallen Victim To Cyber Attack in Past Year

-Russia Hacking: 'FSB in Years-Long Cyber Attacks on UK', Says Government

-NCSC CTO Cyber Security is Essential, Not Optional

-69% of Organisations Paid Ransoms, contributing to Inflation as Firms Increase Costs

-75% of Sports Related Passwords are Reused Across Accounts

-Ransomware in 2024: Anticipated Impact, Targets, and Landscape Shift

-Ransomware, Vendor Hacks Push Breach Number to Record High

-Nuclear Hack Creates Rising Fears of Cyber Vulnerability in Critical Infrastructure

-Thousands of House Purchases Frozen by Cyber Attack; Will They Complete Before Christmas?

-US Government Agency Was Hacked Thanks to 'End of Life' Software

-Digital Transformation, Security Implications, and their Effects on The Modern Workplace

-Third Party Breaches Shake up Energy Sector, with 90% Suffering from Third-Party Breach

-Report Reveals Sorry State of Cyber Security at UK Football Clubs

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

Cyber Attacks More Likely Than Fire or Theft, as Fifth of UK Businesses Fallen Victim To Cyber Attack in Past Year

A survey of more than 1,200 UK businesses of all sizes across multiple industries conducted by Aviva found that a fifth of UK businesses were victims to cyber attacks in the past year. The report found that businesses were 67% more likely to have experienced a cyber incident than a physical theft and five times more likely to have experienced a cyber attack than a fire.

When it came to the fallout from a cyber attack, 31% of businesses experienced operational disruption and 20% admit to not being confident in knowing what to do should this happen. This lack of confidence rises to more than a quarter (27%) for small businesses, who appear to be the most vulnerable to such a risk. Financially, the average incident was found to cost £21,000, however this figure is likely to be more given the further implications that result from a cyber attack.

Sources: [Insurance Age] [theHRD] [Infosecurity Magazine]

Russia Hacking: 'FSB in Years-Long Cyber Attacks on UK', Says UK Government

The UK government has accused Russia's Federal Security Service (FSB), successor to the KGB, of conducting a prolonged cyber hacking campaign since at least 2015, targeting politicians, journalists, academics, and others through sophisticated attacks that included the creation of false accounts. This accusation, part of a coordinated effort with the US, aims to disrupt FSB operations and raise awareness ahead of major elections. This comes as a recent report by Palo Alto Networks' Unit 42 found that the Russia-linked APT28 group, also known as “Forest Blizzard” or “Fancybear,” has exploited a Microsoft Outlook vulnerability to target European NATO members. Active since 2007 and linked to the Russian military, APT28's recent campaigns have focused on government, energy, transportation, and NGOs in the US, Europe, and the Middle East. These incidents highlight the critical need for enhanced cyber security measures and international cooperation to counter sophisticated and evolving cyber threats, ensuring the security of sensitive sectors and the integrity of global democratic processes.

Sources: [BBC News] [ Security Affairs]

NCSC CTO: Cyber Security is Essential, Not Optional

Ollie Whitehouse, Chief Technology Officer (CTO) of the UK’s NCSC has argued in a recent keynote that extra security features should not be a premium feature, highlighting the importance of vendors adopting a secure-by-design method, rather than implementing security upcharges where vendors charge extra for users to secure their product.

The speech also noted that organisations should utilise the tools that are already available to them, on top of maintaining a focus on user awareness.

Sources:  [Infosecurity Magazine] [Dark Reading]

69% of Organisations Paid Ransoms, contributing to Inflation as Firms Increase Costs

According to a survey, 75% of respondents reported being targeted by ransomware in the past year, and of those, 69% paid the ransom. 54% of those who paid the ransom, suffered financial ramifications of $100,000 or more. It is unclear whether the research includes further implications such as regulatory fines, loss of work, reputational damage, and cost of down-time.

A separate study found that ransomware attacks costs are directly contributing to rising inflation in the UK, as businesses face an average increase of 17% to their costs following an attack. Cumulatively, 68% of the companies represented in the survey reported they had increased prices by at least 11% as a direct result of suffering an attack. In addition, of those falling victim to ransomware, 70% believed their business would have to close if they suffered another attack. When it came to the time lost to dealing with ransomware, companies took an average of two months to recover from an attack and 16% took between three and six months.

Sources: [ITPro] [Beta News] [Security Magazine]

75% of Sports Related Passwords are Reused Across Accounts

According to a recent Bitwarden report, 33% of Americans have used a sports-themed password. This figure rose to 49% for those ages 18-34. Of those, 75% admitted to using it across multiple accounts. Password re-use a common issue globally: by re-using passwords, users are multiplying the likelihood of being breached by an attacker. Additionally, this can crossover to the corporate environment, where users’ personal breached credentials can be utilised to get into their corporate account.

Sources:  [Security Magazine] [Help Net Security]

Ransomware in 2024: Anticipated Impact, Targets, and Landscape Shift

As ransomware continues to rise, we can expect groups to evolve their attacks, operating on a larger scale for bigger profits, especially following large-scale supply chain attacks in the past 12 months. Ransomware has solidified its position as the predominant security threat in 2023, with a record number of victims. A recent report highlighted a 46% increase in cyber extortion and ransomware attacks compared to previous years. This trend shows ransomware evolving into a profitable microcosm, akin to a startup ecosystem, with more groups emerging as disruptors and newcomers. In response, organisations are increasingly turning to services that lend-out cryptocurrency, a frequent ransomware payment method. With changing tactics and the formation of new groups, it's crucial for leaders to prepare their 2024 security strategies now, ensuring they have a robust plan in place to counter ransomware threats to their organisations.

Sources: [Barrons] [Help Net Security] [Computer Weekly]

Ransomware, Vendor Hacks Push Breach Number to Record High

The world is experiencing a significant rise in data breaches, reaching a record high with more than 360 million individuals affected in the first eight months of 2023 in the US alone, according to a joint report from Apple and an MIT researcher. This alarming increase includes a notable surge in ransomware attacks, which have escalated by nearly 70% compared to 2022. The healthcare sector is particularly vulnerable, with 60% of organisations reporting ransomware attacks in 2023, an increase from 34% in 2021. The largest health data breach this year impacted 11 million people at HCA Healthcare. A critical factor in these breaches is the exploitation of third-party vendors, as seen in attacks on Progress Software's MOVEit and Fortra's GoAnywhere applications. These incidents highlight the urgent need for organisations to prioritise data security, especially in managing relationships with vendors, to protect sensitive information and mitigate the growing threat of cyber attacks.

Source: [Info Risk Today]

Nuclear Hack Creates Rising Fears of Cyber Vulnerability in Critical Infrastructure

News of one of the UK’s most high profile nuclear power stations, Sellafield, being hacked, with fears that highly sensitive information has been accessible for years, has led to new calls for the UK to tighten up security of its vital infrastructure. Rather worryingly, The Guardian have added that it discovered that authorities were unaware of its first compromise, but it has been detected as far back as 2015.

Sources: [Emerging Risks]

Thousands of House Purchases Frozen by Cyber Attack; Will They Complete Before Christmas?

Conveyancing firms across the UK faced significant disruption when they discovered blank screens on their computers due to a problem originating from CTS, a cloud hosting provider widely used for legal applications. This unexpected issue led many within these affected firms to hastily purchase new laptops to regain partial access to emails and documents, but their case management systems remained largely inaccessible. Firms had to devise manual workarounds to keep transactions moving, amidst concerns about the safety of client data and funds. While most firms have found ways to progress with exchanges and completions, the reliance on cumbersome manual processes and limited access to client data and financial systems has more than doubled the workload. This situation raises several questions about the preparedness and resilience of paperless (or paper-light) office environments, the adequacy of backup systems, and potential compensation for those inconvenienced. The immediate focus, however, is on collaborative efforts to ensure as many clients as possible can move into their new homes before Christmas.

Source: [Property Industry Eye]

US Government Agency Was Hacked Thanks to 'End of Life' Software

The US Cyber security and Infrastructure Security Agency (CISA) recently issued a warning about two cyber attacks on an undisclosed federal agency, exploiting a vulnerability in outdated Adobe ColdFusion software. This software, now end-of-life, no longer receives updates, leaving the agency vulnerable and unable to apply security patches. The attacks, which occurred in June and July, appeared to be reconnaissance efforts to map the agency's network, with no evidence of malware installation or data exfiltration. However, it's unclear if the same hackers were behind both incidents. Microsoft Defender for Endpoint detected and limited the hackers' activities. This situation underscores the significant risks associated with running end-of-life software, highlighting the need for organisations to update or replace such software to protect against potential cyber threats.

Source:[ TechCrunch]

Digital Transformation, Security Implications, and their Effects on The Modern Workplace

The vast majority of digital transformation projects will have implications for your cyber security, yet too often this is overlooked with the focus on delivery of the project or the functionality it will bring. Thinking about security after the fact is not only more expensive and less efficient, but can also mean dangerous gaps remaining open in the meantime. In this era, where remote work and public network access are prevalent, the lack of a robust cyber security framework significantly undermines the digital transformation process. Continuous employee education on digital threats and proactive cyber security measures are not just add-ons but essential components of a successful digital transformation. As businesses move towards 2024, integrating advanced cyber security practices is as crucial as adopting new technologies for a truly effective and secure digital transformation.

Source:[ Forbes]

Third Party Breaches Shake up Energy Sector, with 90% Suffering from Third-Party Breach

With 90% of the largest energy companies globally experiencing a third-party breach in the past 12 months, it is no wonder the sector is shaken. In the US, 100% of the top 10 US energy providers suffered a breach and in total, 98% of the organisations in the research used at least one third party vendor that had experienced a breach in the last two years.

Third-party breaches are a concern for any organisation. It is important to know who has access to your organisation’s data, and what security controls they have in place to protect it. Organisations can benefit from firstly identifying who has their information and then conducting supply chain risk assessments to understand what information is held and how it is protected.

Sources: [Help Net Security]

Report Reveals Sorry State of Cyber Security at UK Football Clubs

A new report reveals a concerning lack of cyber resilience within UK football clubs, extending from the Premier League downwards. The industry, increasingly targeted by cyber attacks, suffers from a disconnect between the perceived and actual risk levels. Key findings include a general lack of cyber maturity, outdated approaches to cyber security, and a scarcity of dedicated IT and cyber security roles, including Chief Information Security Officers (CISOs). Despite significant financial investments in players, there's reluctance from club boards to allocate sufficient resources for cyber security. The report underscores the need for comprehensive training, increased awareness of security risks across all levels of club operations, and the hiring of dedicated cyber security professionals. This situation calls for an industry-wide standard for cyber security budgets, scaled according to the club's size and turnover, to adequately address these emerging digital threats.

Source: [Computer Weekly]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Artificial Intelligence

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare, Cyber Espionage and Geopolitical Threats/Activity

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea

Vulnerability Management

Vulnerabilities

Other News

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

·         OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

Look out for our ‘Cyber Tip Tuesday’ video blog and on our YouTube channel.

You can also follow us on Facebook, Twitter and LinkedIn.

Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 10 November 2023

Black Arrow Cyber Threat Intelligence Briefing 10 November 2023:

-Boardroom Woes on Ransomware Intensify as Organisations Face an Average of 86 Ransomware-linked Events Annually

-Many SMBs Have No Real Way to Deal with Cyber Threats, Leaving Them Vulnerable

-Cyber Attacks Top Global Risk – 2023 Aon Survey

-To Improve Cyber Defences, Practice for Disaster

-Meet Your New Cyber Security Auditor: Your Insurer

-Allen and Overy Suffer Ransomware Attack

-Shadow IT Remains a Top Threat, as Shown by Attack on Okta

-Ransomware, AI, and Social Engineering All Set to Be 2024's Biggest Security Threats

-Cyber Governance: Growing Expectations for Information Security Oversight and Accountability

-Generative AI Will Level Up Cyber Attacks, According to New Google Report

-Public Wi-Fi Remains a Huge Risk, is Your Organisation Prepared?

-88% of Security Leaders Think Their Organisation Is Falling Short Addressing Cyber Security

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

Boardroom Woes on Ransomware Intensify as Organisations Face an Average of 86 Ransomware-linked Events Annually

A recent report by Akamai Technologies has found that organisations experienced an average of 86 ransomware-linked events in the past 12 months (successful or not), double the number of annual attacks from 2 years ago.

The most common issues impacting organisations after a ransomware attack were network downtime (44%), data loss (42%) and brand/reputation damage (39%).

Ransomware attackers have increasingly employed tactics like double and triple extortion. These methods combine encryption, data exfiltration, and distributed denial of service (DDoS) attacks to extort money. While these strategies are not new, their prevalence has significantly increased in recent times.

With 81% of companies experiencing ransomware attacks in the previous 12 months this is increasingly something that company Boards are concerned about, not only the organisation’s ability to stop a ransomware attack in the first place, but also the organisation’s ability to recover when an attack happens.

Sources: [TechTarget] [PRNewsWire] [Security Magazine] [InsuranceJournal] [Financial Times]

Many SMBs Have No Real Way to Deal with Cyber Threats, Leaving Them Vulnerable

A recent report found that of nearly 6,000 small and medium-sized business (SMB) IT professionals surveyed across Europe, a third of those based in the UK have no cyber security in place to protect assets such as their own printers, with 16% suffering a printer breach alone in the past. Despite this, less than a quarter educated their employees about printer (23%) IT security. With hybrid working seen as a security concern for 38% of SMEs, and potentially leading to more remote use of these devices, surprisingly just 4 in 10 (41%) cover hybrid working as part of their current security training.

Black Arrow supports organisations of all sizes in designing and delivering proportionate user education and awareness programmes, including in-person and online training as well as simulated phishing campaigns. Our programmes help secure employee engagement and build a cyber security culture to protect the organisation. 

Sources: [TechRadar] [The Recycler]

Cyber Attacks Top Global Risk – 2023 Aon Survey

Aon’s Global Risk Management Survey identified cyber attacks and data breaches as the leading business risk worldwide, followed by business interruption. Aon warned that deficits in talent or specialised skills may exacerbate cyber risks in particular.

Supply chain disruptions were ranked as another area of concern, with risks associated with supply chain failure hitting a 14-year high in the survey. However, less than 40% of organisations have conducted supplier resilience assessments. which contributes to cyber risk when organisations hand data to suppliers without considering whether their suppliers keep that data safe.

Source: [Investing]

To Improve Cyber Defences, Practice for Disaster

If you aren’t already running incident simulations in your organisation, it’s time to start. Such simulations allow employees to understand their roles and responsibilities, as well as providing a great opportunity to educate. Cyber attacks are a matter of when, not if, and no-one wants to be improvising their security response in the event of a real cyber incident.

Black Arrow works with organisations of all sizes and sectors to design and prepare for managing a cyber security incident; this can include an Incident Response Plan and an educational tabletop exercise for the leadership team that highlights the proportionate controls to help the organisation prevent and mitigate an incident.

Source: [Dark Reading]

Meet Your New Cyber Security Auditor: Your Insurer

In the dynamic world of cyber security, cyber insurers are emerging as key players, reshaping the landscape with ever more stringent requirements. With ransomware attacks becoming more complex, cyber insurance premiums have surged by 50%, challenging Chief Information Security Officers (CISOs) to demonstrate their organisation's cyber defence capabilities. Insurers, using detailed risk assessments, are influencing cyber security strategies, compelling organisations to adapt and meet higher standards.

CISOs are now tasked with ensuring their security measures are comprehensive and transparent, as insurers scrutinise everything from multifactor authentication to Active Directory policies. Accurate self-assessment is critical, as any misrepresentation can lead to denied coverage or legal repercussions. In this competitive market, organisations must showcase their cyber maturity, particularly in high-risk industries, to secure coverage. The evolving cyber insurance landscape demands a clear understanding of risk factors and continuous improvement in cyber defence strategies, ultimately aiming to enhance overall protection against cyber threats.

Source: [Dark Reading]

Allen and Overy Suffer Ransomware Attack

Allen & Overy, the “magic circle” law firm, has suffered a cyber attack on its systems, making it the latest large corporation to fall victim to a ransomware hack. A&O confirmed the incident after the infamous ransomware gang LockBit posted on social media platform X, formerly Twitter, claiming to have breached the legal giant and threatening to publish data from the firm’s files on 28 November.

Earlier this year, the UK National Cyber Security Centre reported that law firms of all sizes were at risk from cyber attackers because of the sensitive client information they routinely handle. The importance of reputation to the business also made law firms attractive targets for extortion.

Sources: [Financial Times] [Law Gazette]

Shadow IT Remains a Top Threat, as Shown by Attack on Okta

Shadow IT refers to IT resources used by employees or end users that don’t have IT approval or oversight. This was the case in the recent Okta attack in which an Okta employee signed into their personal Google account on a company-owned device. It is believed that the employee’s personal Google account had been compromised, and unfortunately since the employee had configured it in a way to save credentials of Okta accounts, the attacker now also had these credentials. The result? 134 downstream customers impacted.  

Source: [Computer Weekly]

Ransomware, AI, and Social Engineering All Set to Be 2024's Biggest Security Threats

Ransomware attacks surged to record highs in 2023 and are expected to escalate further, especially with key 2024 elections approaching, ZeroFox Intelligence's 2024 Key Forecasts report indicates. This trend is driven by evolving cyber threats, including sophisticated social engineering and AI-generated synthetic media, aimed at spreading misinformation and targeting electoral processes.

ZeroFox also highlights a concerning shift towards physical damages from cyber attacks, with critical sectors like finance, energy, and healthcare being vulnerable due to outdated security infrastructures. These sectors are likely targets for nation-state and state-sponsored attacks amidst global geopolitical tensions. To counter these threats, the report suggests enhanced security measures, including encrypted cloud backups, vigilant network monitoring, and a zero-trust cyber security approach to safeguard against the evolving landscape of cyber threats.

Source: [TechRadar]

Cyber Governance: Growing Expectations for Information Security Oversight and Accountability

In today's interconnected digital economy, cyber security is a critical governance issue for businesses, necessitating effective oversight and strategic planning. The SEC's new rules, effective July 2023, require public companies to transparently disclose their cyber security strategies and report significant incidents, highlighting the increasing importance of cyber security in corporate governance. This regulatory development aims to improve transparency and accountability in managing cyber risks.

Corporations are responding by emphasising detailed cyber security disclosures, employee training programmes, and board-level expertise in information security. As the landscape of cyber threats evolves, timely and comprehensive reporting of breaches becomes more crucial, aligning with both regulatory requirements and stakeholder expectations for robust cyber security governance.

Black Arrow supports business leaders in organisations of all sizes to demonstrate governance of their cyber security by owning their cyber security strategy and leveraging their existing internal and external resources to build resilience against a cyber security incident.

Source: [Harvard]

Generative AI Will Level Up Cyber Attacks, According to New Google Report

Google's Cloud Cyber Security Forecast 2024 report reveals a growing trend of using generative AI in cyber attacks. The technology, particularly large language models (LLMs), is enhancing phishing and social engineering tactics by producing content that appears more legitimate, making it difficult to spot errors typically associated with such attacks. This advancement allows attackers to mimic natural language effectively and create authentic-looking fake news, phone calls, and deepfake videos, potentially eroding public trust in online information.

On the flip side, the report highlights the potential of AI as a powerful tool for cyber defence. Cyber security professionals can leverage AI for rapid data synthesis, efficient threat detection, and swift response actions. As defenders direct AI development with specific security objectives, its capabilities are expected to significantly bolster cyber security measures in the near future.

Source: [ZDNET]

Public Wi-Fi Remains a Huge Risk, is Your Organisation Prepared?

New research found that half of UK participants believed they are most at risk of a cyber attack when using public Wi-Fi, which is Wi-Fi that anyone, including an attacker, can connect to. However, in contrast to concerns, the report found that 41% will use unsecured Wi-Fi if given the opportunity. Further, 53% of participants would enter or access sensitive information whilst connected to an unsecured public Wi-Fi network; this includes bring your own devices (BYOD) that have access to corporate data.

Source: [TechRadar]

88% of Security Leaders Think Their Organisation Is Falling Short in Addressing Cyber Security

A recent study by Foundry reveals a trend towards AI-driven security measures and increased reliance on cyber insurance among organisations. Key priorities for security leaders include preparedness for incidents, data protection, and enhancing IT and cloud data security. Despite this, 88% of security leaders feel their organisations are inadequate in addressing cyber security risks, mainly due to budget limitations, talent scarcity, and challenges in stakeholder communication.

To improve the situation, more top security executives are having regular engagements with the board of directors (85% this year compared to 82% in 2022), aiding in better cyber security initiatives. Security budgets are expected to remain stable or increase, with investments focused on authentication, data analytics, and cloud security, complemented by cyber insurance. AI's role is expanding in threat detection, malware identification, and automated responses, showcasing its growing importance in evolving security landscapes.

Source: [Foundry]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare, Cyber Espionage and Geopolitical Threats/Activity

Cyber Warfare and Cyber Espionage

Nation State Actors

Russia

Iran

North Korea

Other Nation State Actors, Hacktivism, Extremism, Terrorism and Other Geopolitical Threat Intelligence

Tools and Controls

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

·         OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

Look out for our ‘Cyber Tip Tuesday’ video blog and on our YouTube channel.

You can also follow us on Facebook, Twitter and LinkedIn.

Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 27 October 2023

Black Arrow Cyber Threat Intelligence Briefing 27 October 2023:

-More Companies Adopt Board-Level Cyber Security Committees

-Ransomware Attacks Rise by More Than 95% Over 2022, to All Time High

-Security Still Not a Priority for a Third of SMBs Despite 73% Suffering Cyber Attack Last Year

-More Than 46 Million Potential Cyber Attacks Logged Every Day

-Fighting Cyber Attacks Requires Top-Down Approach

-Email Security Threats are More Dangerous This Year as Over 200 Million Malicious Emails Detected in Q3 2023

-98% of Security Leaders Worry About Risks of Generative AI as Fears Drive Spending

-48% of Organisations Predict Cyber Attack Recovery Could Take Weeks

-Cyber Security Awareness Doesn't Cut It; It's Time to Focus on Behaviour

-How Cyber Security Has Evolved in The Past 20 Years

-Rising Global Tensions Could Portend Destructive Hacks

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

More Companies Adopt Board-Level Cyber Security Committees

In a recent CISO Report by Splunk, 78% of CISOs and other security leaders reported a dedicated board-level cyber security committee at their organisations. These committees may be made up of qualified individuals or potentially even third parties - not necessarily company employees - that give guidance to the board around matters like risk assessment and cyber security strategy. These board-level cyber security committees can potentially bridge communication barriers between IT, security teams and boards. Black Arrow supports business leaders in organisations of all sizes to demonstrate governance of their cyber risks, by participating in board meetings to upskill and guide the board in requesting and challenging the appropriate information from their internal and external sources.

Source: [Decipher]

Ransomware Attacks Rise by More Than 95% Over 2022, to All Time High

A recent report by Corvus has found that ransomware attacks continued at a record-breaking pace, with Q3 frequency up 11% over Q2 and 95% year-over-year. Even if there were no more ransomware attacks this year, the victim account has already surpassed what was observed for 2021 and 2022. In a separate report, analysis conducted by Sophos has found that dwell times, which is the length of time an attacker is in a victim’s system before they are discovered, has fallen, leaving less time for organisations to detect attacks.

Sources: [Dark Reading] [SC Magazine] [Reinsurance News]

Security Still Not a Priority for a Third of SMBs Despite 73% Suffering Cyber Attack Last Year

Multiple reports highlighting different aspects of small and medium businesses (SMBs) all have one thing in common: the lack of priority that is given to cyber security. One example is a survey conducted by Amazon Web Services (AWS) which found that cyber security is not even a strategic priority for 35% of SMBs when considering moving to the cloud. This comes as a report by Identity Theft Resource Center (ITRC) found that 73% of US SMBs reported a cyber attack last year, with employee and customer data being the target in data breaches. Despite the rise in SMB attacks, relatively few organisations are following cyber security best practices to help prevent a breach in the first place. Every business, regardless of size, should do everything it reasonably can to protect its data and ensure connectivity, and smaller organisations may be more likely to be a victim of a cyber attack. Security is an enabler for the wider IT and business strategy to help users build the organisation in greater security. It should be hard-baked from the outset; seeking expert advice can help ensure the right proportionate security decisions are being made.

Sources: [Insider Media] [Infosecurity Magazine] [IT Reseller Magazine] [Infosecurity Magazine]

More Than 46 Million Potential Cyber Attacks Logged Every Day

New data released by the UK’s BT Group has found that more than 500 potential cyber attacks are logged every second. The BT data showed that over the last 12 months the most targeted sectors by cyber criminals were IT, defence, banking and insurance sectors; this was followed by the retail, hospitality and education industries. According to the figures 785,000 charities fell victim to cyber attacks. The data found that hackers are relentlessly scanning devices for vulnerabilities by using automation, and artificial intelligence is now being included by attackers to identify weaknesses in an organisation’s cyber defences.

Sources: [Evening Standard] [Proactive] [The Independent]

Fighting Cyber Attacks Requires Top-Down Approach

Organisations must move away from the posture that their IT division owns responsibility for safeguarding against cyber attacks. Instead, what we really need is for cyber security to come down from the top of the organisation, into the departments so that we have an enterprise-wide culture of security. It is the board’s responsibility to work with the executive team to ensure it is not just an IT-centric issue. By aligning cyber risk management with business needs, creating a cyber security strategy as a business enabler, and incorporating cyber security expertise into board and governance, the organisation will create a solid foundation for this top-down approach.

Source: [Chief Investment Officer]

Email Security Threats are More Dangerous This Year as Over 200 million Malicious Emails Detected in Q3 2023

The use of generative artificial intelligence (AI) tools such as ChatGPT has made spam and phishing emails infinitely more dangerous, with over 200 million sent in Q3 2023. A recent report found that link-based malware delivery made up 58% of all malicious emails for the quarter, while attachments made up the remaining 42%. Worryingly, 33% of these were delivered through legitimate but compromised websites.

Phishing does not come through emails alone however, there is also phishing via SMS, QR codes, calls and genuine, but compromised accounts. Black Arrow supports organisations of all sizes in designing and delivering proportionate user education and awareness programmes, including in-person and online training as well as simulated phishing campaigns. Our programmes help secure employee engagement and build a cyber security culture to protect the organisation. 

Sources: [Security Magazine] [MSSP Alert] [TechRadar]

98% of Security Leaders Worry About Risks of Generative AI as Fears Drive Spending

Generative AI is playing a significant role in reshaping the phishing email threat landscape, according to a recent report from Abnormal Security. The report found that 98% of security leaders are highly concerned about generative AI's potential to create more sophisticated email attacks, with four-fifths (80.3%) of respondents confirming that their organisation had already received AI-generated email attacks or strongly suspecting that this was the case. A separate report by IBM found that attackers only needed five simple prompts to get the AI to develop a highly convincing phishing email. In a separate report, Gartner stated that AI has created a new scare, which contributed to 80% of CIO’s reporting that they plan to increase spending on cyber security, including AI.

Sources: [Infosecurity Magazine] [CSO Online] [Business Wire] [Help Net Security]

48% of Organisations Predict Cyber Attack Recovery Could Take Weeks

A recent report has found that 48% of respondents predicted that it would take days or weeks for their company to recover from cyber attacks, representing a potentially devastating risk to their business. Attacks are a matter of when, not if. Organisations should have plans and procedures in place to be able to recover from an attack; this includes having an incident response plan and regularly testing the organisation’s ability to backup and recover.

Black Arrow works with organisations of all sizes and sectors to design and prepare for managing a cyber security incident; this can include an incident response plan and an educational tabletop exercise for the leadership team that highlights the proportionate controls to help the organisation prevent and mitigate an incident.

Sources: [Security Magazine]

Cyber Security Awareness Doesn't Cut It; It's Time to Focus on Behaviour

The human element remains a significant vulnerability in cyber security, as reinforced by recent analysis. Repeated studies show that knowledge alone does not change behaviour, and that simply giving people more training is unlikely to change outcomes. The study underscores that even with heightened cyber security awareness, there has not been a notable decline in successful cyber attacks that exploit human errors.

We need to draw parallels to real-world skills. The report suggests that cyber security education should be as continuous and context-driven as learning to drive: no one learnt to drive by having a single lesson once a year. For instance, rather than educating employees on using multifactor authentication (MFA) in isolation, it's more impactful to provide an explanation of the additional security that that control provides and the reasons why it is being used to protect the organisation. This contextual approach, accentuated with insights on the advantages of these controls, is poised to foster the right behaviours and bolster security outcomes. However, the challenges persist, with many employees still bypassing recommended security protocols, underscoring the need for a more hands-on, real-time approach to cyber security education.

Source: [Dark Reading]

How Cyber Security Has Evolved in The Past 20 Years

Twenty years ago, the cloud as we know it didn’t exist. There were no Internet of Things (IoT) sensors, not even Gmail was around. Cyber threats have evolved significantly since then, but so too have the solutions. We’ve transitioned from manual, on-site vulnerability scanning and lengthy breach investigations, to automated tools and remote work capabilities that have reduced investigation times from months to weeks. Alongside technological advancements, laws and regulations surrounding cyber security have also tightened, imposing stricter rules on organisations to protect customer data and penalties for attackers.

The bigger picture is staying a step ahead of threat actors in the automation race. Whether that’s accomplished with AI or some other yet-to-be-discovered technology remains to be seen. In the meantime, as is always the case in this industry, regardless of the latest innovation, everyone needs to stay vigilant for threat actors’ attacks and remember that what was adequate to protect technology 20 years ago will not be sufficient to defend against the threat landscape today, and certainly not against the threats of tomorrow.

Source: [Forbes]

Rising Global Tensions Could Portend Destructive Hacks

Governments in the West are warning public and private sector organisations to "remain on heightened alert" for disruptive cyber attacks targeting critical infrastructure and key sectors amid a series of escalating global conflicts.

Source: [Info Risk Today]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

Deepfakes

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

Models, Frameworks and Standards

Backup and Recovery

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Misinformation, Disinformation and Propaganda

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare, Cyber Espionage and Geopolitical Threats/Activity

Misc Nation State/Cyber Warfare/Cyber Espionage

Geopolitical Threats/Activity

China

Russia

Iran

North Korea

Vulnerability Management

Vulnerabilities

Other News

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

·         OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

Look out for our ‘Cyber Tip Tuesday’ video blog and on our YouTube channel.

You can also follow us on Facebook, Twitter and LinkedIn.

Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 20 October 2023

Black Arrow Cyber Threat Intelligence Briefing 20 October 2023:

-Cyber Insecurity: Many Businesses Scared They May be Hit by a Cyber Attack at Any Moment

-Cyber Security Investments Show Mature Business Mindset

-SMBs Struggle to Keep Pace as Cyber Threats Reach All Time High

-Phishing Attacks Reach Record Highs as Banks, Financial Services Remain Top Targets with HR Remaining the Most Effective Phishing Lure

-Cyber Attacks are a Matter of When not if, The Best Time to Deal With Them is Before They Happen

-Lloyd's Of London Warns Of Worst-Case-Scenario Cyber Attack

-20,000 Britons Approached By Chinese Agents On LinkedIn, Says MI5 Head

-Ransomware - All it Takes is One Employee Mistake, Criminals are Aiming at Third-Party Vendors

-39% of Individuals Use the Same Password for Multiple Accounts

-Why Fourth-Party Risk Management Is a Must-Have

-AI Adoption Surges But Security Awareness Lags Behind

-UK watchdog fines Equifax £11 million for role in cyber breach

-Why Boards Must Understand and Govern Cyber Security Risk

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

Cyber Insecurity: Many Businesses Scared They May be Hit by a Cyber Attack at Any Moment

A report from the Commvault and the International Data Corporation (IDC) found that 61% of respondents believe that a data loss within the next 12 months is "likely" or "highly likely" to occur due to increasingly sophisticated attacks. Unfortunately, most businesses do not have an unlimited budget; cyber security related spending must therefore be effective, taking an informed risk based approach to prioritise the biggest threats to businesses. To understand these threats, businesses must know the current threat landscape and how that relates to their business specifically. In order to be able to apply any threat intelligence, organisations must first ascertain what they need to protect through a documented asset register; after all you cannot protect something you do not know exists.

Sources: [PR Newswire] [TechRadar]

Cyber Security Investments Show Mature Business Mindset

Companies need to start embracing cyber security as a business enabler, rather than being viewed as a pure cost or as a regulatory burden. Good cyber security is a strong indicator of a mature business mindset, giving customers, employees, and suppliers confidence that you are running a mature, responsible operation that takes the value of its data and IP very seriously. With the perception of customers changing to be more security-based, having a high level of cyber security can establish trust and therefore distinguish a business in the marketplace.

Source: [Insider Media] [Compare the Cloud]

SMBs Struggle to Keep Pace as Cyber Threats Reach All Time High

Research conducted by Sage has found UK small and medium sized businesses (SMBs) are particularly struggling with cyber security preparedness, with 57% asking for more support with education and training and 45% not understanding what security is needed for their business. The report found that globally, 70% of SMBs highlighted cyber threats as a major concern, with 51% struggling to keep on top of new threats and 48% experiencing a cyber incident in the past year.

SMBs globally, found that their struggle related to making sure employees know what is expected of them in protecting the organisation (45%), providing education and awareness training (44%) and cost (43%).

Source: (IT Security Guru)

Phishing Attacks Hit Record Highs in Q2 2023, with Emails from HR still the Most Effective Lure

Research has found in the third quarter of this year, phishing attacks soared by 173% compared with the previous three months, and malware was up 110% over the same period, with 233.9 million malicious emails detected. Banks and financial services organisations remained a top target, with a 121% rise in phishing attacks.

In a separate report, human resource topics were found to account for more than half of the top-clicked phishing email subjects. This included emails that related to a change in dress code and updates on annual leave. It’s important for organisations to take this into account when training employees.

Sources: [SiliconANGLE1] [Beta News] [SiliconANGLE2] [TechRadar] [Security Brief]

Cyber Attacks Are a Matter of When, Not If; The Best Time to Deal with Them Is Before They Happen

Another week brings more companies added to the list of victims of cyber attacks. Just this week, UK based social care provider CareTech’s childcare subsidiary Cambian was criticised for keeping a cyber attack quiet, with individuals who had data stolen having to chase Cambian for details.

Cyber attacks happen, and companies need to admit when they have happened and inform relevant people. Honesty and clarity are key. After an attack, there are a number of things going on at once such as finding out what has happened, identifying stolen or encrypted data, fulfilling legal and regulatory requirements and communicating both internally and externally. Unfortunately, many companies do not expect to be attacked and therefore do not have anything in place to respond to an attack. In addition to having the necessary defences in place, organisations must be prepared for the event of an attack. This can be outlined in an incident response plan (IRP).

Black Arrow works with organisations of all sizes and sectors to design and prepare for managing a cyber security incident; this can include an Incident Response Plan and an educational tabletop exercise for the leadership team that highlights the proportionate controls to help the organisation prevent and mitigate an incident.

Sources: [Euronews] [The Times] [AI-CIO]

Lloyd's Of London Warns of Worst-Case-Scenario Cyber Attack

In recent modelling by a Lloyds of London researcher, a worst-case-scenario was found to have the potential to cause $3.5 trillion of economic damage within 5 years. While this may seem implausible, with the increased number of cyber attacks, especially to the financial sector, this figure is not as incredulous as it may seem.

The FBI has also stated that the average annual cost of cyber crime worldwide is expected to soar from $8.4 trillion in 2022 to more than $23 trillion in 2027.

Sources: [Reinsurance News] [ABS-CBN News] [The Motley Fool] [City AM]

20,000 Britons Approached by Chinese Agents on LinkedIn, Says MI5 Head

An estimated 20,000 Britons have been approached by Chinese state actors on LinkedIn in the hope of stealing industrial or technological secrets, the head of MI5 stated ahead of the Five Eyes agencies summit. This summit is a meeting of the heads of security from the Five Eyes nations – UK, US, Australia, Canada and New Zealand. The summit discussed how industrial espionage was happening at “real scale”, with 10,000 UK businesses being at risk, particularly in artificial intelligence, quantum computing or synthetic biology where China was trying to gain a march.

A 'secure innovation' guideline has been released to assist small to medium-sized enterprises, especially tech start-ups, in bolstering their defences against threats from foreign states, criminals, and competitors. This guideline offers basic security advice on areas like investments, supply chains, IT networks, and cloud computing to safeguard emerging technologies.

Sources: [Computer Weekly] [Tech Monitor] [Guardian]

Ransomware - All it Takes is One Employee Mistake, As Criminals are Aiming Third-Party Vendors

According to a report, human error is the root cause of more than 80% of all cyber breaches. The solution in this case, is for organisations to provide effective training to employees to reduce the risk of such an error happening. However, this does not have any impact on third parties that the  organisations use. A separate report found that nearly a third of ransomware claims involved a third-party vendor as a point of failure.

Whilst organisations often focus on improving their own cyber security, third parties can become an easily overlooked area. You don’t want to invest a significant amount into your organisation’s cyber security, only for it to fail due to a third party. This is why it is important for organisations to have an effective way of measuring supply chain risk, to ensure that they know what data their third parties have access to and what is being done by the third parties to protect it.

Black Arrow have helped many clients carry out third party risk assessments on a large number of suppliers and this can be done as a standalone offering or as part of a fractional CISO engagement.

Sources: [Security Affairs] [Claims Journal]

39% of Individuals Use the Same Password for Multiple Accounts

According to a recent survey by Yubico, 80% of respondents are concerned about the security of their online accounts. Additionally, 39% admitted to using the same passwords for multiple accounts. The report found that Boomer-generation users are the least likely to reuse passwords at 20%. In comparison, Millennials are twice as likely to reuse passwords for multiple accounts at 47%. This survey highlights that whilst younger generations may be more tech savvy, having grown up with this technology, it also brings with it a more relaxed and complacent attitude when it comes to cyber security hygiene.

Source: [Security Magazine]

Why Fourth-Party Risk Management Is a Must-Have

Most organisations today are acutely aware of the risks that third-party relationships pose, and many employ some form of third-party risk management to understand and monitor these alliances. Another danger also needs to be borne in mind: the threats organisations face from their third parties’ third parties. These ‘fourth parties’, the vendors of an organisation's vendor, are becoming an increasing concern among regulators, particularly those in the banking and financial services sector. Attackers exploit fourth parties just the same as they do third parties to indirectly target an organisation. As a result, these fourth parties greatly increase an IT environment's attack surface.

Fourth parties pose reputational, operational and regulatory risks, and with new regulations such as the Digital Operational Resilience Act (DORA) in Europe coming into place, organisations need to implement a comprehensive third-party risk management program that extends to cover fourth-party risk management. This is the only way to ensure fourth parties are vetted appropriately.

Source: [Tech Target]

AI Adoption Surges but Security Awareness Lags Behind

A new survey found that security is reportedly not the primary concern for organisations when using tools such as ChatGPT and Google Bard. Respondents are more worried about inaccurate responses than the exposure of customer and employee personally identifiable information (PII), disclosure of trade secrets (33%) and financial loss (25%). Basic security practices are lacking, however, with 82% of respondents confident in their security stacks but less than half investing in technology to monitor generative AI use, exposing them to data loss risks. Only 46% have established security policies for data sharing.

Organisations need to rigorously assess and control how large language models (LLMs) handle data, ensuring alignment with regulations such as GDPR, HIPAA, and CCPA. This involves employing strong encryption, consent mechanisms and data anonymisation techniques, and ensuring control over how the organisation’s data is used, alongside regular audits and updates to ensure data handling practices remain compliant.

Source: [Infosecurity Magazine]

UK Watchdog Fines Equifax £11 Million For Role in Cyber Breach

Britain's financial watchdog has fined the consumer credit rating body Equifax £11 million ($13.4 million) for its role in "one of the largest" cyber security breaches in history. The Financial Conduct Authority (FCA) stated that "The cyber attack and unauthorised access to data was entirely preventable", identifying that the UK arm of Equifax did not find out data had been accessed until six  weeks after their parent company discover the hack.

Source: [Reuters]

Why Boards Must Understand and Govern Cyber Security Risk

The boardroom is a critical control in every company’s system of cyber security risk management. An ineffective approach to cyber security governance creates an overall system of cyber security that is weaker than it needs to be. Boards have typically viewed cyber security as something that it left to IT and have not been able to challenge or interpret the reports that they receive, if any, from their IT departments or IT providers. Governing bodies such as the US Securities Exchange Commission (SEC) have identified this and have started bringing in regulations that force the board of directors to fully understand digital cyber security risk and have a more vital role as part of the system.
Black Arrow supports business leaders in organisations of all sizes to demonstrate governance of their cyber security, by owning their cyber security strategy and leveraging their existing internal and external resources to build resilience against a cyber security incident.

Source: [Forbes]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Identity and Access Management

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

Models, Frameworks and Standards

Backup and Recovery

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare, Cyber Espionage and Geopolitical Threats

Misc Nation State/Cyber Warfare

Geopolitical Threats/Activity

China

Russia

Iran

North Korea

Tools and Controls

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

·         OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

Look out for our ‘Cyber Tip Tuesday’ video blog and on our YouTube channel.

You can also follow us on Facebook, Twitter and LinkedIn.

Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 13 October 2023

Black Arrow Cyber Threat Intelligence Briefing 13 October 2023:

-Small Businesses Hit by Frequent Cyber Attacks as 90% of CISOs Faced at least One Attack Last Year

-The Most Effective Cyber Attacks Never Touch Your Organisation's Firewall, HR’s Role in Defending the Organisation

-Ransomware Infection Times Fall from 5 Days to 5 Hours

-80% of Security Leaders See AI as the Biggest Threat to Business

-Is Your Board Cyber-Ready?

-Cyber Security Should Be a Business Priority for CEOs

-The Looming Threat of a Single Phishing Click to Your Business

-40% of Organisations Leave Ransomware to IT

-Auditors Growing Concern About Cyber Security

-The Cyber Villains Are Getting Bolder: Businesses Need to Up Their Game

-Preparing for the Unexpected: A Proactive Approach to Operational Resilience

-Staggering Losses to Social Media and Social Engineering Since 21, as Victims Take $2.7 Billion Hit in US Alone

-Organisations Grapple with Detection and Response Despite Rising Security Budgets

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

Small Businesses Hit by Frequent Cyber Attacks, as 90% of CISOs of Larger Firms Faced at least One Attack Last Year

A survey by Payroll provider Sage found that nearly 48% of small and medium sized enterprises (SMEs) have experienced at least one cyber incident in the past year; of note, this is only based on SMEs self-reporting, and requires SMEs to have both the ability to detect an incident and to have actually identified an incident and then self-report it. The survey found that cyber security was a priority with 68% of respondents reporting that they would use a more expensive security control if it demonstrated better security.

In a separate report by Splunk, it was found that 90% of CISOs reported experiencing at least one disruptive attack in the past year. The difference in numbers could be because organisations who have a CISO are more likely to have tools in place to detect an incident.

Regardless, cyber criminals are showing that any size of organisation can be a victim of a cyber incident and in some cases, smaller organisations may not have the necessary budget and controls to prevent an attack.

Sources: [Security Magazine] [Insurance Times] [Infosecurity Magazine]

The Most Effective Cyber Attacks Never Touch Your Organisation’s Firewall, and HR’s Role in Defending the Organisation

In 2022, total spending on cyber security technologies increased to 71.1 billion USD, illustrating just how much effort goes into protecting companies, their data, and their customers. Regardless of all this spending, there remains a popular attack which can bypass this all: social engineering. Attackers know how much technology protection is placed in organisations, so they often try to bypass this and go straight through the employees.

Cyber security will never work if organisations do not go beyond IT; it is a business-wide issue and requires the engagement and input from across the business, including functions like Human Resources. Having effectively trained employees is a crucial part of creating a culture of security within an organisation, and this starts with HR. Employees will often have training as part of their onboarding and then regular training to ensure competencies; as part of HR’s role, this should include commissioning training on cyber security that is delivered by cyber security experts that understand what attackers are doing.

Source: [News Week] [Beta News]

Ransomware Infection Times Fall from 5 Days to 5 Hours

The amount of time it takes an attacker to infect a system with ransomware has fallen drastically over the last 12 months according to a recent report. The median dwell time (the time that an attacker spends in a victim’s network before being detected) was 5.5 days in 2021, reducing to 4.5 days in 2022, and this year it fell to less than 24 hours with, in 10% of cases, the time taken to deploy ransomware being within 5 hours. As threat actors continue to leverage Ransomware as a Service (RaaS) to execute attacks, dwell times will continue to decrease and the number of attacks will increase.

This coincides with a recent survey by Hornetsecurity that revealed that almost 60% of businesses are concerned about ransomware attacks. 92% of businesses are reported to be aware of ransomware’s potential negative impact, but just 54% of respondents say their leadership is actively involved in conversations and decision making to help prevent attacks.

The report highlights that ransomware is still at large, with the first half of 2023 seeing more ransomware victims than in the whole of 2022. Having good cyber security protection and hygiene is the key to ongoing success. Organisations cannot afford to become victims. Ongoing security awareness training and multi-layered ransomware protection are critical to help avoid insurmountable losses.

Sources: [Cision] [PC Mag] [Security Magazine]

80% of Security Leaders See AI as the Biggest Threat to Business

A report has found that a large majority of security leaders (80%) believe Artificial Intelligence (AI) is the biggest cyber threat to their business, and that the risks of AI outweigh the many advantages.

In a separate report, 58% agreed that AI is increasing the number of cyber attacks. The benefits of AI were also recognised however, with 73% reporting AI to be an increasingly important tool for security operations.

With AI finding itself both sides of the coin, it is important for organisations to effectively implement their AI solutions, so that they can improve their security whilst reducing the risk that AI presents to their organisation.

Sources: [Diginomica] [Infosecurity Magazine]

Is Your Board Cyber-Ready?

With the recent US Securities and Exchange Commission (SEC) requirements entering effect, and the impending Digital Operational Resilience Act (DORA) requirements for Europe, there is yet another layer added to the complicated issues of managing cyber security risks. However, it is clear that strong corporate governance equips companies to address them efficiently and accurately.

Governance starts with the board, as it is responsible for the oversight of the organisation’s cyber security programs. For a board to do this effectively, the leadership team must be able to understand cyber security; yet despite this, a study found that only 12% of boards had a cyber expert. Black Arrow supports business leaders in organisations of all sizes to gain a strong practical understanding of the fundamentals of cyber security risk management, and to demonstrate governance in implementing their cyber security strategy by leveraging their existing internal and external resources.

Sources: [Harvard.edu] [JDSupra]

Cyber Security Should Be a Business Priority for CEOs

A recent report found that despite 96% of CEOs saying that cyber security is critical to organisational growth and stability, 74% of CEOs are concerned about their organisation’s ability to avert or minimise damage arising from a cyber attack. The report also highlighted that 60% of CEOs don’t incorporate cyber security into their business strategies, products or services from the beginning. 44% believe that cyber security requires episodic intervention rather than ongoing attention.

Adding to this reactive stance is the incorrect assumption by 54% of CEOs that the cost of implementing cyber security is higher than the cost of suffering a cyber attack, despite history showing otherwise. For instance, the report notes that a global shipping and logistics company breach resulted in a 20% drop in business volume, with losses hitting $300 million. In addition, despite 90% of CEOs saying cyber security is a differentiating factor for their products or services to help them build customer trust, only 15% have dedicated board meetings to discuss cyber security issues. This disconnect might be explained by the fact that 91% of CEOs said cyber security is a technical function that is the responsibility of the CIO or CISO.

Source: [HelpNet Security]

The Looming Threat of a Single Phishing Click to Your Business

A single click could be all it takes to get the ball rolling and allow an attacker entry into your organisation. From there, the possibilities are endless. Phishing impacts any employee within the organisation with an email account, phone number or access to the web.

Organisations can mitigate this risk however, by conducting training and awareness programmes, aimed at improving employees’ abilities to identify, report and avoid falling victim to phishing incidents. Such training should be held regularly to maintain their knowledge as well as adapting to the ever-changing landscape of cyber crime. Black Arrow supports organisations of all sizes in designing and delivering proportionate user education and awareness programmes, including in-person and online training as well as simulated phishing campaigns. Our programmes help secure employee engagement and build a cyber security culture to protect the organisation. 

Source: [CMS-lawnow]

40% of Organisations Leave Ransomware to IT

A report found that 93% of respondents said they believe ransomware protection is “very” to “extremely” important in terms of IT priorities for their organisation, yet only 54% reported that the leadership were actively involved in conversations and decision-making around ransomware attacks, and 40% of total respondents were happy to leave the IT team to deal with ransomware attacks.

By only involving the IT team and excluding the leadership, organisations are at risk of not addressing regulatory requirements, or failing to manage such cyber incidents within a business context. This would also suggest a lack of an effective Incident Response Plan to ensure that considerations such as legal, communications, customers, employees and other stakeholders are not forgotten. Black Arrow works with organisations of all sizes and sectors to design and prepare for managing a cyber security incident; this can include an Incident Response Plan and an educational tabletop exercise for the leadership team that highlights the proportionate controls to help the organisation prevent and mitigate an incident.

Source: [MSSP Alert]

Auditors’ Growing Concern About Cyber Security

The majority of chief audit executives and information technology audit leaders consider cyber security to be a top risk over the next year. The survey found that found that nearly 75% of respondents, and an even higher percentage (82%) of technology audit leaders, consider cyber security to be a high-risk area over the next 12 months.

Source: [Accounting Today]

Preparing for the Unexpected: A Proactive Approach to Operational Resilience

Recent insights highlight a pressing need: ensuring operational resilience in financial firms. As the financial sector remains a prime target for cyber threats, the increasing interconnectedness presents evolving challenges. While cyber security aims to defend against attacks, operational resilience ensures the continuity of operations even when incidents occur.

Notably, the EU’s Digital Operational Resilience Act (DORA) stresses preparedness, providing a framework for the industry. Although business continuity practices exist, operational resilience offers a more proactive stance, ensuring system reliability that is crucial for global financial trust. Achieving this requires a comprehensive risk assessment, laying the groundwork for a resilient strategy tailored to a firm’s unique position in the financial landscape.

Source: [Dark Reading]

Staggering Losses to Social Media and Social Engineering Since 2021, as Victims Take $2.7 Billion Hit in US Alone

The US Federal Trade Commission (FTC) reports that Americans alone, have lost $2.7 billion to social media and social engineering scams since 2021. The losses were incurred through websites, phone calls and email.

It is important for organisations to consider that such scams could very well find themselves in the corporate environment. Already, there has been a significant rise in attacks on employees through LinkedIn. As such, it is important for organisations to provide education and awareness training to users.

Sources: [Bleeping Computer] [Infosecurity Magazine]

Organisations Grapple with Detection and Response Despite Rising Security Budgets

A study by EY found that only a fifth of cyber security leaders today are confident about their organisation’s cyber security approach, with only half trusting the training they provide in-house. CISO respondents reported an average annual spend of $35 million on cyber security, with the median cost of a breach jumping 12% to $2.5 million. The leaders said they anticipate the cost per breach to reach $4 million by the end of the year.

The report found that the biggest internal challenges to the organisation's cyber security approach were "too many potential attack surfaces" at 52%, and "difficulty balancing security and innovation speed" at 50%. The study also noted big discrepancies between the CISOs and other C-suite leaders when it came to their organisation's cyber security preparedness. While 60% of CISOs were confident about the C-suite integration of cyber security into key business decisions, only over half of other C-suite officers believed they were effective. There was also a significant gap (12%) between their satisfaction with the overall cyber security preparedness.

Source: [CSO Online]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

2FA/MFA

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

Deepfakes

AML/CFT/Sanctions

Insurance

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Identity and Access Management

Encryption

API

Open Source and Linux

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Parental Controls and Child Safety

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare and Cyber Espionage

Misc Nation State/Cyber Warfare

Russia

China

Iran

North Korea

Vulnerability Management

Vulnerabilities

Reports Published in the Last Week

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

·         OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

Look out for our ‘Cyber Tip Tuesday’ video blog and on our YouTube channel.

You can also follow us on Facebook, Twitter and LinkedIn.

Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 6 October 2023

Black Arrow Cyber Threat Intelligence Briefing 06 October 2023:

-Many Cyber Attacks Begin by Breaking Human Trust

-BYOD Should Stand for Bring Your Own Disaster, According to Microsoft Ransomware Data

-SME Cyber Security Knowledge Gap Widens

-UK Security Budgets Under Strain as Cyber Incidents Soar

-Cyber Leaders’ Confidence in Their Organisation’s Defences Plummets, But Costs Mount

-FBI Warns of Dual Ransomware as Data Destruction Dwell Times Hit Low of 24 Hours

-Tech-Savvy Young Workers Might Be the Biggest Cyber Liability to Your Business

-Half of Cyber Security Professionals Report Increase in Cyber Attacks, with 60% of Attacks Going Unreported

-Global Cyber Survey Finds 50% Rise in Cyber Insurance Premiums

-Evolving Conversations: Cyber Security as a Business Risk

-Threats in Cloud Top the List of Executive Cyber Concerns

-Over Half of Phishing Emails Now Use Obfuscation Tactics to Avoid Detection

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

Many Cyber Attacks Begin by Breaking Human Trust

One of the most visible cyber attacks in recent months has reminded us that we all play a role in security, and people remain a favourite route for attackers. In the recent attack on MGM Resorts, an employee unwittingly helped the attacker to access the organisation’s systems and information. The attack highlights the power of social engineering as an attack vector, and that any size of business can fall victim.

One of the ways organisations can help to protect themselves is to provide social engineering training to employees. This builds resilience by helping employees to understand, recognise and avoid becoming a victim, recognising that cyber security involves more than just technology.

Despite some improvements in awareness programs, organisations face hurdles including budget constraints, limited training time and understaffing. Training should be continuous and target major risk areas such as phishing, vishing and password management, while fostering a proactive security culture.

Black Arrow supports organisations of all sizes in designing and delivering proportionate user education and awareness programmes, including in-person and online training as well as simulated phishing campaigns. Our programmes ensure employee engagement and build a cyber security culture to protect the organisation.

Sources: [GovTech] [Bloomberg] [Security Week]

BYOD Should Stand for Bring Your Own Disaster, According to Microsoft Ransomware Data

Microsoft research says that 80-90 percent of ransomware attacks over the past year originated from unmanaged devices. Many organisations welcome a bring your own device (BYOD) policy, yet are not managing these devices effectively.

Without appropriate management of BYOD devices, organisations are allowing a number of unknown devices onto the corporate scene; these devices can be unpatched, unregulated and can lack adequate security measures, without the organisation even being aware.

Source: [The Register]

SME Cyber Security Knowledge Gap Widens

Recent findings underscore a growing concern: a significant cyber security knowledge gap among small and medium size enterprises (SMEs). The report found that 22% of employees are concerned their actions could contribute to a cyber attack or data breach. Alarmingly, more than three-quarters of senior executives are unable to identify cyber threats or distinguish phishing emails from legitimate ones.

Despite the clear risks, three out of four SMEs do not provide any form of cyber security training to their staff. This reveals a concerning disconnect: while the majority of business owners do not perceive their staff as potential cyber security risks, many employees themselves acknowledge that they could inadvertently cause such issues.

Adding to the concern, 60% of SMEs have no plans to increase their security budget in the coming year. Two-thirds of these businesses do not view cyber security as a priority. In fact, only one in five SMEs are even considering investing in cyber insurance. This widening knowledge gap in SME cyber security is indeed troubling and calls for immediate attention.

Sources: [Insurance Journal] [Dealer Support] [IT Security Guru]

UK Security Budgets Under Strain as Cyber Incidents Soar

A recent report found that UK businesses have suffered a 25% increase in cyber incidents in the last year, against a backdrop of budgetary constraints on implementing cyber security strategies. The report found that, despite spending more than £40,000 a year on cyber security protection, more than a quarter of organisations think their cyber security budget is inadequate to fully protect them from growing threats. This is as UK businesses have experienced, on average, 30 cyber incidents over the last 12 months, a 25% increase compared to last year.

The report identified that a lack of key skills remains one of the main concerns in tackling rising cyber threats. So much so that 30% of cyber staff admit to currently facing burnout. This pressure also means that less than half of companies are confident in their ability to handle the biggest threats facing organisations, including phishing (56%) and malware (55%).

Sources: [Silicon] [Verdict] [CSO Online]

Cyber Leaders’ Confidence in Their Organisation’s Defences Plummets, But Costs Mount

A recent EY survey of cyber security leaders reported that just 1 in 5 found their organisation’s approach to cyber defences to  effective and just 36% are satisfied with the levels of best practices by teams outside the IT department. The report also found that despite higher levels of spending, the organisation’s cyber security detection and response appeared slow; 76% of respondents took six months or longer to detect and respond to an incident.

Source: [EY]

FBI Warns of Dual Ransomware as Data Destruction Dwell Times Hit Low of 24 Hours

The FBI has flagged dual ransomware attacks, where attackers will attack a company twice within a few hours, as an emerging trend. This comes as an increasing number of ransomware actors are deploying their ransomware within 24 hours of initial access, and in 10% of cases, within just a few hours. Comparing this to last year, where the median time was four and a half days, organisations have significantly less time to enact their response, if they have one.

Sources: [Tech Monitor] [The Cord] [Information Security] [Beta News] [Cision] [The Record] [Malware Bytes]

Tech-Savvy Young Workers Might Be the Biggest Cyber Liability to Your Business

A new report from Ivanti into hidden threats finds that one in three employees believe their actions do not impact their organisation's security. The research shows that Millennial and Gen Z office workers are more likely to have unsafe cyber security habits when compared to Gen X and older (those above 40 years of age). The report also finds that men and leaders are more comfortable contacting a security employee with a question or concern, with leaders at an organisation the most likely to reach out with a question at 72%.

The report also highlighted that phishing scams were found to be greatly underreported by those aged 40 and under, with 23% saying that they did not report the last phishing attempt they received, the most the most likely reason for this being “I didn’t think it was important”. In contrast, of the older demographic only 12% failed to report. Cyber security has only recently become the leading concern among C-suites and executives; however, security leaders need to enable all employees to play defence against threat actors and proactively build an open and welcoming security culture.

Sources: [Techradar] [Beta News] [HelpNet Security]

Half of Cyber Security Professionals Report Increase in Cyber Attacks, with 60% of Attacks Going Unreported

Over half (52%) of cyber security professionals are experiencing an increase in cyber attacks compared to a year ago, according to new research. Further findings revealed that only 40% of organisations conducted a cyber risk assessment annually. By conducting risk assessments, organisations are able to identify their vulnerabilities and address them, before an attacker gets the chance to exploit them.

Further, in a recent survey conducted by ISACA, which collated insights from over 2,000 security leaders globally, a significant 62% of respondents say that organisations are under-reporting cyber crime incidents. The report also revealed 59% indicate their cyber security teams are undermanned, and the challenge of retaining skilled cyber security professionals remains, with 56% experiencing retention issues.

Sources: [MSSP Alert] [Security Brief] [InfoSecurity Magazine ]

Global Cyber Survey Finds 50% Rise in Cyber Insurance Premiums

According to a recent survey, budgets for cyber security have grown 70% in the last five years and whilst these have risen, so have cyber insurance premiums (50%), due to the increase in ransomware attacks.

Insurance firms have not been able to sustain losses they were incurring without passing on these costs to their customers. At the same time, obtaining cyber insurance is getting exponentially harder, with more and more stringent controls and measures being mandated by insurance companies before underwriting to minimise their exposure.

Black Arrow supports business leaders in organisations of all sizes to demonstrate governance of their cyber security, by owning their cyber security strategy and leveraging their existing internal and external resources to build resilience against a cyber security incident.

Source: [Global Reinsurance]

Evolving Conversations: Cyber Security as a Business Risk

According to a report, only 53% of board members report having regular interactions with their cyber security experts, leaving nearly half without a strong and distinct Chief Information Security Officer (CISO) perspective in the decision making process.

By including CISOs or virtual CISOS (vCISOS) in board processes, the board can better understand the cyber implications of decisions, after all, you wouldn’t make a board-level financial decision without involving the CFO.

Source: [HelpNet Security]

Threats in Cloud Top the List of Executive Cyber Concerns

A recent report published by PwC has found that cloud-related threats are the top concern for organisations that have adopted the technology. These security concerns intensify for organisations with multiple clouds or hybrid infrastructures, with the report finding more than half of respondents citing cloud security as their most pressing concern.

The report highlighted that despite the focus on cloud security, nearly every organisation had risk management lapses. Nearly a third of respondents had yet to address disaster recovery and backup with their cloud service provider, and more than two in five pointed to in-house cloud skills gaps as a lingering risk factor.

Black Arrow works with organisations of all sizes and sectors to design and prepare for managing a cyber security incident; this can include an Incident Response Plan and an educational tabletop exercise for the leadership team that highlights the proportionate controls to help the organisation prevent and mitigate an incident.

Source: [CIO Dive]

Over Half of Phishing Emails Now Use Obfuscation Tactics to Avoid Detection

Recent research shows that hackers are increasingly using sophisticated tactics to get their phishing emails past companies’ cyber security defences. One key finding of the report is the percentage of phishing emails that use obfuscation techniques to avoid detection jumped by 24.4% in 2023. More than half of malicious emails, or 55.2%, now use such tactics. The report found that the most widely used obfuscation technique is HTML smuggling. This is the practice of hiding malicious raw code in a seemingly legitimate HTML page; the code only turns into malware after clearing the cyber security filtering.

The use of chatbots or large language models have lowered the barrier for entry to cyber crime, making it possible to create well-written phishing campaigns and generate malware that less capable coders could not produce alone. The reports found that tools designed to detect AI-generated phishing emails work unreliability or don’t work at all in 71.4% of cases.

Source: [Silicon Angle]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

BYOD

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

Impersonation Attacks

AML/CFT/Sanctions

Insurance

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Hybrid/Remote Working

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Biometrics

Social Media

Malvertising

Training, Education and Awareness

Parental Controls and Child Safety

Regulations, Fines and Legislation

Models, Frameworks and Standards

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Misinformation, Disinformation and Propaganda

Nation State Actors, Advanced Persistent Threats (APTs), Cyber Warfare and Cyber Espionage

Misc Nation State, Cyber Warfare and Cyber Espionage

Russia

China

Iran

North Korea

Vulnerability Management

Vulnerabilities

Sector Specific

Industry specific threat intelligence reports are available.

Contact us to receive tailored reports specific to the industry/sector and geographies you operate in.

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

·         OT, ICS, IIoT, SCADA & Cyber-Physical Systems

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

As usual, contact us to help assess where your risks lie and to ensure you are doing all you can do to keep you and your business secure.

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Links to articles are for interest and awareness and linking to or reposting external content does not endorse any service or product, likewise we are not responsible for the security of external links.

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