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Black Arrow Cyber Threat Briefing 09 February 2024

Black Arrow Cyber Threat Intelligence Briefing 09 February 2024:

-Over Half of Companies Experienced Cyber Security Incidents Last Year

-Deepfake Video Conference Costs Business $25 Million

-Watershed Year for Ransomware as Victims Rose by Almost 50% and Payments Hit $1 Billion All-Time High

-Malware-as-a-Service Now the Top Threat to Organisations

-Over 9 in 10 UK Firms Who Fell Victim to Ransomware Paid the Ransom, Despite Alleged “No Pay” Stances

-Chinese State Hackers Hid in National Infrastructure for at Least 5 Years

-Email Attacks on Businesses Tripled and AI is a Huge Contributing Factor

-Security Leaders, C-Suite Unite to Tackle Cyber Threats

-UN Experts Investigate Cyber Attacks by North Korea that Raked in $3 Billion to Build Nuclear Weapons

-What Does a ‘Cyber Security Culture’ Actually Entail?

-Beyond Checkboxes: Security Compliance as a Business Enabler

-No One in Cyber Security Is Ready for the SolarWinds Prosecution

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

Over Half of Companies Experienced Cyber Security Incidents Last Year

According to a recent global survey, over half of the participating companies faced major security incidents in the past year, necessitating additional resources to tackle these challenges. Despite these incidents, many organisations claim improved performance on key cyber security indicators and express confidence in their threat detection capabilities. The research highlights a concerning discrepancy between perceived security measures and the actual state of security operations, underscoring a lack of comprehensive visibility and effective response mechanisms within companies. Particularly concerning is the finding that organisations can typically monitor only two-thirds of their IT environments, exposing significant vulnerabilities. Furthermore, the study points to a greater need for greater automation and third-party assistance in threat detection and response, suggesting that while companies are aware of their shortcomings, the path to enhanced security involves embracing AI-driven solutions to close these gaps. This insight highlights to leadership the importance of investing in advanced cyber security technologies and expertise to safeguard the organisation’s digital assets effectively.

Sources: [Beta News] [Verdict]

Deepfake Video Conference Costs Business $25 Million

There has been a surge in the number of artificial intelligence deepfake attacks where technology is being used to impersonate individuals. In one case, a finance professional at a multinational was reportedly swindled out of $25 million (HK$200 million) of company money when scammers created a deepfake of his London-based chief financial officer in a video conference call, faking both the CFO’s look and voice. The scam involved the fake CFO making increasingly urgent demands to execute money transfers, resulting in 15 transfers from the victim employee. The reality of the attack was only discovered by the victim after he had contacted the company’s corporate head office.

Sources: [The Register] [Help Net Security] [TechCentral ] [Tripwire]

Watershed Year for Ransomware as Victims Rose by Almost 50% And Payments Hit $1 Billion All-Time High

Even with enforcers shutting down some ransomware gangs, the business of ransomware is booming. A recent report from Palo Alto Networks Unit 42 found a 49% increase in the number of victims reported on ransomware leak sites; this does not include those who were victims but did not appear on sites. This comes as ransomware hit an all time high, with over $1b made in ransomware payments. Of note, this is just ransom payments; this does not take in to account reputational damage, recovery costs and loss in share value. The real effects of a ransomware attack may take months or even years to materialise. As ransomware remains a constant threat, it is important for organisations to be prepared.

Sources: [The Verge ] [Malwarebytes] [Infosecurity Magazine] [CSO Online] [ITPro] [TechRadar]

Malware-as-a-Service Now the Top Threat to Organisations

Recent studies have underscored a significant shift in the cyber threat landscape, with Malware-as-a-Service (MaaS) and Ransomware-as-a-Service (RaaS) now dominating. These ‘as-a-service’ tools are particularly concerning as they lower the barrier to entry for cyber criminals, enabling even those with limited technical knowledge to launch sophisticated attacks. The report found that the most common as-a-Service tools were Malware loaders (77% of investigated threats), crypto-miners (52% of investigated threats) and botnets (39% of investigated threats). These findings underscore the adaptability of these threats, with malware strains being developed with multiple functions to maximise damage. Despite these trends, traditional methods like phishing continue to pose significant challenges for security teams. It’s clear that staying ahead of these evolving threats requires a proactive and comprehensive approach to cyber security.

Sources:[Infosecurity Magazine] [Beta News] [Help Net Security]

Over 9 in 10 UK Firms Who Fell Victim to Ransomware Paid the Ransom, Despite Alleged “No Pay” Stances

A recent report has found that over 97% of UK firms have paid a ransom in the last two years, finding even more reason to operate in a when-not-if environment. When asked about their recovery in an event, 38% said they could recover in four to six days, and 34% need one to two weeks to recover; almost one in four (24%) need over three weeks to recover data and restore business processes. Only 12% said their company had stress-tested their data security, data management, and data recovery processes or solutions in the six months prior to being surveyed, and 46% had not tested their processes or solutions in over 12 months.

Sources: [The FinTech Times] [ Help Net Security]

Chinese State Hackers Hid in National Infrastructure for at Least 5 Years

US cyber officials have said that they discovered China-sponsored hackers lurking in American computer networks, positioning themselves to disrupt communications, energy, transportation and water systems; and this had been going on for at least 5 years. This has led to a joint warning from the US FBI, National Security Agency and Cyber Infrastructure and Security Agency, which has been cosigned by Britain, Canada, Australia and New Zealand. This dwell time isn’t just something that is encountered in critical infrastructure networks; attackers lurk on networks, undiscovered often for years, allowing them to see everything going on in the corporate environment.

Sources: [NTD] [Washington Times]

Email Attacks on Businesses Tripled and AI is a Huge Contributing Factor

Email attacks against businesses have increased dramatically as hackers continually use generative AI tools to optimise their content and streamline malicious campaigns, new research has claimed.

The report from Acronis is based on data collected from more than a million unique endpoints across 15 countries, and found AI-powered phishing affected more than 90% of organisations last year. AI helped has email attacks grow by 222% since the second half of 2023.

Sources: [New Electronics] [TechRadar]

Security Leaders, C-Suite Unite to Tackle Cyber Threats

A recent survey found that CEOs are taking a more hands-on approach and prioritising cyber resilience in 2024, leading to the breakdown of traditional silos between IT operations and security teams. The survey polled over 200 C-Suite and senior-level IT executives globally, and revealed a growing recognition of the importance of collaboration in combating sophisticated cyber threats, with 99% of respondents observing increased connectivity between the teams over the past year. While progress has been made, challenges remain, with only 48% of organisations establishing joint protocols for incident mitigation or recovery. Looking ahead, respondents anticipate a significant role for artificial intelligence (AI) in enhancing security efforts, with 68% expecting AI to streamline threat detection and response. Despite advancements, fragmented data protection solutions persist as a challenge, impacting over 90% of organisations' cyber resiliency. This underscores the need for a top-down approach to cyber security, with CEOs and boards driving collaboration between IT operations and security teams to optimise cyber preparedness initiatives and mitigate cyber risks effectively.

Source: [Security Boulevard]

UN Experts Investigate Cyber Attacks by North Korea that Raked in $3 Billion to Build Nuclear Weapons

UN sanction monitors are investigating dozens of suspected cyber attacks by North Korea that have raked in $3 billion to help North Korea further its nuclear weapons programme, according to excerpts of an unpublished UN report. “The panel is investigating 58 suspected DPRK cyber attacks on cryptocurrency-related companies between 2017 and 2023, valued at approximately $3 billion, which reportedly help fund DPRK’s WMD development,” according to the monitors, who report twice a year to the 15-member security council.

Source: [The Guardian]

What Does a ‘Cyber Security Culture’ Actually Entail?

Fostering a robust cyber security culture emerges as a critical imperative for organisations in 2023, as revealed by ITPro Today's "State of Cybersecurity in 2023" study. Despite this recognition, organisations grapple with various challenges, including budget constraints, staffing shortages, and the failure to implement fundamental security practices like the principle of least privilege and zero trust. Insufficient staffing and constrained budgets elevate the risk of breaches, emphasising the need for a collective effort to bolster security measures.

Cultivating a cyber security culture entails educating every employee on security risks and holding them accountable for risk reduction efforts. While security teams play a pivotal role in setting expectations and providing guidance, a culture of cyber security necessitates continuous training, integration of security into everyday work, and clear delineation of risk ownership throughout the organisation. By prioritising proactive measures and fostering individual responsibility, organisations can fortify their defences against evolving cyber threats and mitigate risks effectively.

Source: [ITPro Today]

Beyond Checkboxes: Security Compliance as a Business Enabler

In today's complex business landscape, regulatory requirements are increasingly intricate, especially concerning cyber security compliance. While compliance might evoke images of stringent regulations and time-consuming audits, reframing our perspective reveals its potential as a vital business enabler. Security leaders, in collaboration with senior management, must cultivate a culture where commitment to cyber security compliance permeates the organisation, emphasising its role in fostering trust, facilitating global market access, and even serving as a competitive advantage. Moreover, robust compliance programs drive operational efficiency, innovation, and cost savings in the long run. Embracing cyber security compliance as a strategic enabler, rather than a regulatory burden, positions businesses for success, innovation, and resilience in an ever-evolving digital landscape.

Source: [Forbes]

No One in Cyber Security Is Ready for the SolarWinds Prosecution

The concept of "materiality" has taken centre stage for Chief Information Security Officers (CISOs) in light of new SEC regulations, requiring US public companies to disclose "material cyber security incidents" within four days. The SolarWinds breach and subsequent SEC charges against the company and its CISO highlight the seriousness of these regulations. This shift necessitates a deeper understanding of what constitutes "material" risk in cyber security and a more transparent approach to risk communication. However, many CISOs face challenges in quantifying and communicating cyber risks effectively to boards and executives, who often lack familiarity with cyber security terminology. This regulatory change underscores the need for CISOs to bridge the gap between cyber security and financial reporting, ensuring accurate and precise risk communication at the C-Suite level. Additionally, policymakers should incentivise C-Suite accountability for cyber risk management, fostering a culture where cyber risks are addressed proactively and transparently.

Source:[Council on Foreign Relations]

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

Supply Chain and Third Parties

Cloud/SaaS

Identity and Access Management

Encryption

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

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.

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Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 07 July 2023

Black Arrow Cyber Threat Briefing 07 July 2023:

-Cyber Attacks Against Mobile Devices Growing Fast

-One Third of Security Breaches Go Unnoticed by Security Professionals

-Cyber Security Experts Have Become Targets for Board Seats

-Phishing Attack Prevention as Email Attacks Surge Over 450%

-Outsmarting Business Email Compromise Scammers

-Small Organisations Face Security Threats on a Limited Budget

-Cloud Security: Sometimes the Risks May Outweigh the Rewards

-Cl0p's MOVEit Campaign Represents a New Era in Cyber Attacks

-75% of Consumers Prepared to Ditch Brands Hit by Ransomware

-Scammers Using AI Voice Technology to Commit Crimes

-What are the Causes of Data Loss and What it the Impact on Your Organisation?

-Ransomware Affiliates, Triple Extortion, and the Dark Web Ecosystem

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 Against Mobile Devices Growing Fast

A rise in mobile-powered businesses is creating vulnerability gaps that are being exploited by cyber criminals and nation-states, according to a new report. 43% of all compromised devices were fully exploited, not just jailbroken or rooted, which is an increase of 187% year-over-year.  The report found that the average user is 6 to 10 times more likely to fall for an SMS phishing attack than an email based attack.

It was also found that there was a 138% increase in critical Android vulnerabilities discovered in 2022, while Apple iOS accounted for 80% of the zero-day vulnerabilities actively being exploited in the wild. With malware increasingly spreading through legitimate channels, such as official marketplaces and ads in popular apps. This is true for both scam apps and dangerous mobile banking malware. For organisations, no matter if they are corporate-owned or part of a BYOD strategy, the need to implement appropriate security controls, and educate end-users about potential threats, is critical.

https://www.msspalert.com/cybersecurity-services-and-products/mobile/cyber-attacks-against-mobile-devices-growing-fast/

https://www.darkreading.com/endpoint/mobile-cyberattacks-soar-andoird-users

  • One Third of Security Breaches Go Unnoticed by Security Professionals

While surface-level confidence around hybrid cloud security is high, with 94% of global respondents stating their security tools and processes provide them with complete visibility and insights into their IT infrastructure, the reality is nearly one third of security breaches are not spotted by IT and security professionals, according to a recent report.

The report highlighted that 50% of IT and security leaders lack confidence when it comes to knowing where their most sensitive data is stored and how it is secured. The issue is that 31% of breaches are being identified later down the line, rather than pre-emptively using security and observability tools either by data appearing on the dark web, files becoming inaccessible, or users experiencing slow application performance (likely due to DoS or inflight exfiltration). This number rises to 48% in the US, and 52% in Australia.

https://www.helpnetsecurity.com/2023/07/03/hybrid-cloud-security-breaches/

  • Cyber Security Experts Have Become Targets for Board Seats

The need for strong cyber security programs is a vital part of doing business today, and a good reflection of that is adding security executives to Boards. The trend is for chief information security officers (CISOs) to be elevated to the board of directors, as risk and regulatory compliance become more visible in an organisation, many of the initiatives and controls will be security related, addressing those controls usually falls to the CISO.

The research also showed that 90% of public companies lack even one qualified cyber expert, showing a significant cyber board supply-demand gap. With only 15% of CISOs have broader traits required for board level positions, such as a holistic understanding of the business, a global perspective and ability to navigate a range of stakeholders, with another 33% having a subset of those necessary traits.

CISOs are hard to come by and few have the requisite Board level experience. To fill this gap Black Arrow provide a virtual CISO (vCISO) where you get a whole team of highly skilled and experienced professionals for less than you would pay for one permanent resource, and firms can also take advantage of Black Arrow’s Cyber NED, incorporating Board, Governance, Finance, HR and Risk experience with specialist cyber expertise and experience.

https://www.cnbc.com/2023/07/03/cybersecurity-experts-have-become-targets-for-board-seats.html

  • Phishing Attack Prevention as Email Attacks Surge Over 450%

A Recent report found that email attacks had surged 464% this year compared to the previous year as phishing attacks remain amongst the most used tactics by attackers due to their high success rate and the ease in which they can be conducted. For preventing such attacks, the following principles will help mitigate: not clicking on unknown links, not trusting unknown sites, enabling multi-factor authentication, hardly disclosing personal information and having increased phishing awareness.

In an organisation, such awareness and principles can be highlighted and continually reinforced through having an effective awareness training programme. This in turn, will help to create a cyber aware culture and reduce the risk of someone in the organisation falling victim to phishing.

https://cybersecuritynews.com/phishing-attack-prevention-checklist/

https://www.msspalert.com/cybersecurity-research/email-cyberattacks-spiked-nearly-500-in-first-half-of-2023-acronis-reports/

  • Outsmarting Business Email Compromise (BEC) Scammers

Last year the FBI registered over 21,000 complaints about business email fraud, with adjusted losses of over $2.7 billion. Today this line of attack shows no sign of slowing down. Business email compromise (BEC) techniques are increasingly sophisticated and cyber crime-as-a-service (CaaS) along with AI have lowered the barrier to entry for threat actors.

There are six key elements which can help to mitigate the impact of BEC, these are; inbox protection, strong authentication, secure emails, zero-trust control, secure payment processes and education. Putting the brakes on this con game takes the entire organisation, from the C-suite and IT, compliance, and risk management teams to every business unit. Awareness, backed by policy and technology, is the crucial factor in a consistently strong defence.

https://www.darkreading.com/microsoft/6-steps-to-outsmarting-business-email-compromise-scammers

  • Small Organisations Face Security Threats on a Limited Budget

Small organisations face the same security threats as larger organisations overall but have less resources to address them. The most common security incidents faced are phishing, ransomware, and user account compromise also known as business email compromise (BEC). However, smaller organisations usually have fewer resources and experience with which to address security threats. Indeed, lack of budget is their top security challenge, reported by one in two small companies.

The lack of budget won’t stop a threat actor from attacking however, and so small organisations need to be able to effectively identify, prioritise and mitigate against security incidents. This may require small organisations outsourcing some of their cyber strategy, to allow them access to expertise.

https://www.helpnetsecurity.com/2023/07/05/small-organizations-security-threats/

  • Cloud Security: Sometimes the Risks May Outweigh the Rewards

Threat actors are well-aware of the vulnerabilities in the cloud infrastructure. IT teams and decision-leadersmakers must have a clear understanding of the types of cloud services and the associated risk of cyber attacks associated. Around two in five (39%) businesses experienced a data breach in their cloud environment in 2022, a rise of 4% compared with 2021, a new report has found. The leading cause of cloud data breaches was human error, at 55%, according to the report. This was significantly above the next highest factor identified by respondents (21%), which was exploitation of vulnerabilities.

Other issues can arise from the cloud as it gives organisations the opportunity to create large amounts of infrastructure quickly and easily, which leaves it exposed to the possibility of substandard security configurations being applied to it. Due to the ease of use of cloud services, companies might become negligent in terms of their security.

https://cyber-reports.com/2023/07/03/cloud-security-sometimes-the-risks-may-outweigh-the-rewards/

https://www.infosecurity-magazine.com/news/human-error-cloud-data-breaches/

  • Cl0p's MOVEit Campaign Represents a New Era in Cyber Attacks

A number of organisations impacted by the mass hacks exploiting a security flaw in the MOVEit file transfer tool, including energy giant Shell and US-based First Merchants Bank, have confirmed that hackers accessed sensitive data. The ransomware group shows an evolution of its tactics with the MOVEit zero-day, potentially ushering in a new normal when it comes to extortion supply chain cyber attacks, experts say.

From what the industry has seen in recent Cl0p breaches, GoAnywhere, MFT and MOVEit, they have not executed ransomware to encrypt data within the target environments. The operations have strictly been exfiltrating data and using that stolen information for later blackmail and extortion. The MOVEit vulnerability isn't an easy or straightforward one, it required extensive research into the MOVEit platform to discover, understand, and exploit this vulnerability. The skill set required to uncover and exploit this vulnerability isn't easily learned and is hard to come by in the industry. This operation isn't something Cl0p ransomware group usually does, which is another clue leading to suspect Cl0p acquired the MOVEit zero-day vulnerability rather than developing it from scratch. Something future groups may decide to adopt.

https://www.darkreading.com/attacks-breaches/c10p-moveit-campaign-new-era-cyberattacks

https://techcrunch.com/2023/07/06/more-organizations-confirm-moveit-related-breaches-as-hackers-claim-to-publish-stolen-data

  • 75% of Consumers Prepared to Ditch Brands Hit by Ransomware

As 40% of consumers harbour scepticism regarding organisations’ data protection capabilities, 75% would shift to alternate companies following a ransomware attack a recent report found. Furthermore, consumers request increased data protection from vendors, with 55% favouring companies with comprehensive data protection measures such as reliable backup and recovery, password protection, and identity and access management strategies.

While 37% of Gen Z prefers an apology from companies experiencing a ransomware attack, ranking 12% higher than monetary compensation, Baby Boomers are less forgiving. 74% of them agree their trust in the vendor is irreparably damaged after suffering more than one ransomware attack, compared to only 34% of Gen Z.

https://www.helpnetsecurity.com/2023/07/05/consumers-data-protection-request/

  • Scammers Using AI Voice Technology to Commit Crimes

The usage of platforms like Cash App, Zelle, and Venmo for peer-to-peer payments has experienced a significant surge, with scams increasing by over 58%. Additionally, there has been a corresponding rise of 44% in scams stemming from the theft of personal documents according to a recent report.

The report also highlights the rise of AI voice scams as a significant trend in 2023. AI voice technology enables scammers to create remarkably realistic voices and convincingly imitate family members, friends and other trusted individuals. With just a short voice clip usually taken from social media, a scammer can clone a loved one’s voice and call a victim pretending to be that person. The scammer deceives the victim into thinking their loved one is in distress to get them to send money, provide personal information or perform other actions. AI voice technology has gotten to the point where a mother can’t tell the difference between her child’s voice and a machine, and scammers have pounced on this to commit crimes.

https://www.helpnetsecurity.com/2023/07/07/ai-voice-cloning-scams/

  • What are the Causes of Data Loss and What it the Impact on Your Organisation?

In today’s digital age, data has become the lifeblood of organisations, driving critical decision-making, improving operational efficiency, and allowing for smoother innovation. Simply put, businesses heavily rely on data. In an era where data has become the cornerstone of business operations, the loss of vital information can result in severe setbacks and irreparable damage. Whether it’s due to accidental deletion, hardware failure, cyber-attacks, or natural disasters, the loss of valuable data can have devastating impacts on an organisation.

It's imperative that businesses understand different types of data (structured, unstructured, semi-structured, metadata) and deploy tailored protection strategies. A significant 26% of companies suffered data loss in 2022, underlining the need for robust data security measures like regular backups, cyber security protocols, employee training, and data encryption. Effective data loss prevention can shield organisations from severe impacts like intellectual property theft, operation disruption, and legal repercussions.

https://securityaffairs.com/148086/security/impacts-of-data-loss.html

  • Ransomware Affiliates, Triple Extortion, and the Dark Web Ecosystem

Many people associate the dark web with drugs, crime, and leaked credentials, but in recent years the dark web has emerged as a complex and interdependent cyber crime ecosystem, exemplified by the increasingly complex methods used to extort companies.

One of the more recent trends we see is that groups are now setting up infrastructure, in some cases outsourcing actual infection (and in some cases negotiation) to “affiliates” who effectively act as contractors to the Ransomware as a Service (RaaS) group and split the profits at the end of a successful attacks. The world of cyber crime is ever-evolving and it is no easy task to stay on top of the changing landscape.

https://www.bleepingcomputer.com/news/security/ransomware-affiliates-triple-extortion-and-the-dark-web-ecosystem/

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

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

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Attack Surface Management

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

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

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 30 June 2023

Black Arrow Cyber Threat Briefing 30 June 2023:

-Zurich Insurance Group Secures Data Leak After Leaving Sensitive Data Publicly Accessible

-Employees Worry Less About Cyber Security Best Practices in the Summer

-Businesses are Ignoring Third-Party Security Risks

-Fear Trumps Anger When It Comes to Data Breaches – Angry Customers Vent, But Fearful Customers Don’t Come Back

-Over 130 Organisations and Millions of Individuals Believed to Be Impacted by MOVEit Hack, it Keeps Growing

-Widespread BEC Attacks Threaten European Organisations

-Lloyd’s Syndicates Sued Over Cyber Insurance

-95% Fear Inadequate Cloud Security Detection and Response

-The Growing Use of Generative AI and the Security Risks They Pose

-The CISO’s Toolkit Must Include Political Capital Within The C-Suite

-Microsoft Warns of Widescale Credential Stealing Attacks by Russian Hackers as War Ministers Reliant on Cyber Crime

-SMBs Plagued by Exploits, Trojans and Backdoors

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

  • Zurich Insurance Group Secures Data Leak After Leaving Sensitive Data Publicly Accessible

Zurich Insurance Group is a major player in the insurance game, with over 55 million clients. They have recently just fixed a sensitive file that they had left publicly accessible. The file in question contained a range of credentials including database credentials, admin credentials, credentials for the actively exploited MOVEit software, credentials for their HR system and more. All of which could be utilised by threat actors to inflict serious damage. This was not the only vulnerability stemming from the insurance group; researchers found that Zurich were also running an outdated website, which contained a large number of vulnerabilities.

The case is alarming as Zurich Insurance Group provides cyber insurance and the instance above reinforces the need for organisations to be proactive in identifying cyber risks in their environment; it is simply not enough to rely on having insurance or meeting insurance requirements.

https://cybernews.com/zurich-insurance-data-leak/

  • Employees Worry Less About Cyber Security Best Practices in the Summer

IT teams are struggling to monitor and enforce BYOD (Bring Your Own Device) policies during summer months according to a new report. The report found that 55% of employees admitted to relying solely on their mobile devices while working remotely in the summer. 25% of all respondents claim that they aren’t concerned about ensuring network connections are secure when accessing their company’s data.

In the same report, 45% of employees in the US and UK said no specific measures to educate and remind employees on security best practices are taken during the summer, with only 24% of UK respondents receiving access to online cyber security training and guides and even less (17%) in the US. This comes as a separate report found that the number of phishing sites targeting mobile devices increased from 75% to 80% year-on-year in 2022, and this is likely to continue rising. Worryingly, it was also found that the average user is between six and ten times more likely to fall for an SMS phishing attack than email.

https://www.helpnetsecurity.com/2023/06/30/summer-byod-policies/

https://www.infosecurity-magazine.com/news/mobile-malware-and-phishing-surge/

  • Businesses are Ignoring Third-Party Security Risks

With 58% of companies managing over 100 vendors, 8% of which manage over 1,000, the need for a robust Third-Party Security Risk Management process becomes abundantly clear. Despite this, only 13% of organisations continuously monitor the security risks of their third parties. This is worrying, when considering the knock-on effects of third party breaches from the likes of Capita, SolarWinds and 3CX, and the recent MOVEit attack, impacting organisations whose only relationship with MOVEit was that their supplier used it.

https://www.helpnetsecurity.com/2023/06/30/third-party-relationships-risks/

  • Fear Trumps Anger When It Comes to Data Breaches – Angry Customers Vent, But Fearful Customers Don’t Come Back

When a person is notified of a data breach involving their personal information, if they react with a feeling of fear, as opposed to anger, they’re more likely to stop using the site. A report found that positive attitudes toward the website before the breach did not meaningfully affect whether consumers reengaged with the website after the breach, as some prior research has indicated. Instead, the emotional response of fear weighed heavily on customers and outweighed any earlier positive sentiment towards the organisation.

When a company has been breached in the past they have dealt with angry customers and negative press. To do so, companies may engage crisis managers to contain the damage, partner with identity protection services, pay fines or settlements, or try to lure back customers with free services. However, the study shows that companies need to address fearful customers differently after a data breach has occurred if they want to avoid customer loss. To do this, companies can work with their IT departments to identify customers who are no longer active after a breach and then reach out to them directly to assuage their fears.

https://theconversation.com/fear-trumps-anger-when-it-comes-to-data-breaches-angry-customers-vent-but-fearful-customers-dont-come-back-203109

  • Over 130 Organisations and Millions of Individuals Believed to be Impacted by MOVEit Hack, it Keeps Growing

The dramatic fallout continues in the mass exploitation of a critical vulnerability in a widely used file-transfer program, with at least three new victims coming to light in the past few days. They include the New York City Department of Education and energy companies Schneider Electric and Siemens Electric. These join others, including PwC, Sony and EY. If the attack has shown us one thing, it’s that any organisation can be a victim.

https://www.securityweek.com/over-130-organizations-millions-of-individuals-believed-to-be-impacted-by-moveit-hack/

https://arstechnica.com/security/2023/06/casualties-keep-growing-in-this-months-mass-exploitation-of-moveit-0-day/

  • Widespread BEC Attacks Threaten European Organisations

Based on an analysis of email attack trends between June 2022 and May 2023, total email attacks in Europe increased by 7 times and the US 5 times. For business email compromise (BEC) specifically, Europe saw an alarming 10 times the amount it had previously and the US saw a 2 times increase.

BEC continues to remain a high priority threat for many organisations and if someone already has a legitimate business email which they have compromised to use for BEC attacks on your organisation, it is very likely that your technical processes will be ineffective, leaving your people and operational processes to stop an attack. Is your organisation cyber aware? Are they undergoing regular awareness training?

This is one of many areas that Black Arrow can help improve your organisation’s security through robust employee cyber security Awareness Behaviour and Culture training.

https://www.helpnetsecurity.com/2023/06/27/bec-attacks-frequency/

  • Lloyd’s Syndicates Sued Over Cyber Insurance

The University of California (UCLA) is suing a number of insurance firms for refusing to pay out on cyber policies nearly 10 years after hackers breached data on millions of patients at its health system. The dispute is over a cyber attack from 2014 through 2015 that exposed personal information of patients at UCLA Health.

UCLA Health allege that the syndicates refused to engage in dispute resolution by asserting that the statue of limitations applying to the claims had expired. The insurers, who could not be named, are said to have refused every claim saying that UCLA Health failed to satisfy cyber security requirements under the contract terms. It’s important for organisations with cyber insurance to understand their insurance in detail and to know where they stand in the event of a cyber incident.

https://www.wsj.com/articles/university-of-california-sues-lloyds-syndicates-over-cyber-insurance-da4675f5

  • 95% Fear Inadequate Cloud Security Detection and Response

A recent report found 95% of respondents expressed concern in their organisation’s ability to detect and respond to a security event in their cloud environment. The same study also found that 50% of total respondents had reported a data breach due to unauthorised access to their cloud environment.

It is often the case that issues in the cloud come from the perception of the responsibility of the cloud environment. Organisations must realise that they share responsibility for securing their cloud environment, including its configuration. The report found that, despite the number of breaches and concerns in their organisation’s ability, more than 80% of respondents still felt their existing tooling and configuration would sufficiently cover their organisation from an attack. Organisations must ask themselves what they are doing to protect their cloud environment.

https://www.helpnetsecurity.com/2023/06/27/cloud-environment-security/

  • The Growing Use of Generative AI and the Security Risks They Pose

A recent survey by Malwarebytes revealed 81% of people are concerned about the security risks posed by ChatGPT and generative AI, and 52% of respondents are calling for a pause on ChatGPT for regulations to catch up, while 7% think it will improve internet security. A key concern about the data produced by generative AI platforms is the risk of "hallucinations" whereby machine learning models produce untruths. This becomes a serious issue for organisations if its content is heavily relied upon to make decisions, particularly those relating to threat detection and response.

Another recent report on the risks brought by Large Language Model AIs showed that the rise in opensource AI adoption is developed insecurely; this results in an increased threat with substantial security risks to organisation.

https://www.csoonline.com/article/643516/survey-reveals-mass-concern-over-generative-ai-security-risks.html

https://www.darkreading.com/operations/malwarebytes-chatgpt-survey-reveals-81-are-concerned-by-generative-ai-security-risks

https://www.darkreading.com/vulnerabilities-threats/generative-ai-projects-cybersecurity-risks-enterprises

  • The CISO’s Toolkit Must Include Political Capital Within The C-Suite

Over the past 18 months, there has been a sea change in the chief information security officer (CISO) role. Fundamentally, the CISO is responsible for the protection of an entity's information. The US Securities and Exchange Commission (SEC) has issued a proposed rule change on cyber security risk management, strategy, governance, and incident response disclosure by public companies that requires publicly traded companies to provide evidence of the board's oversight of cyber security risk. Couple this with the former CISO of Uber being found guilty on charges of "obstruction of the proceedings of the Federal Trade Commission" and it is clear that the hand at the helm must be able to navigate all types of seas in their entity's political milieu. In this regard, the CISO needs to acquire political capital. CISO’s should have the capability to talk in understandable terms and clearly demonstrate value to the other board members.

https://www.csoonline.com/article/643199/the-cisos-toolkit-must-include-political-capital-within-the-c-suite.html

  • Microsoft Warns of Widescale Credential Stealing Attacks by Russian Hackers as War Ministers Reliant on Cyber Crime

Russia's diminishing position on the world stage has limited its physical options on the ground, leaving Putin's regime increasingly reliant on cyber crime to carry out its oppositional activities against Ukraine and Europe. Microsoft has disclosed that it has detected a spike in credential-stealing attacks conducted by the Russian state-affiliated hacker group known as Midnight Blizzard.

This comes as Switzerland's Federal Intelligence Service (FIS) released its 2023 security assessment, predicting that Russia will increasingly launch cyber attacks as part of its war strategy not just in Ukraine, but against NATO member states as well.

https://www.darkreading.com/threat-intelligence/russia-reliant-on-cybercrime-as-international-pariah

https://thehackernews.com/2023/06/microsoft-warns-of-widescale-credential.html

  • SMB’s Plagued as Cyber Attackers Still Rely on Decades Old Security Weaknesses and Tactics

Despite best cyber security efforts, small and mid-sized businesses (SMBs) continue to struggle to thwart attacks and harden defences in response to remote working and other newer challenges.

This future focus can lead to a neglection of older weaknesses. Cyber attackers are typically relying on tried-and-tested tactics and old security weaknesses to target organisations, a recent Barracuda threat spotlight found. Hackers are returning to proven methods to gain remote control of systems, install malware, steal information and disrupt or disable business operations through denial-of-service attacks, Barracuda reports. The report found that between February to April 2023, the top malicious tactics found to be used were vulnerabilities from 2008.

The report highlights the fact that there are no cutoff dates for vulnerabilities and attackers will use whatever is at their disposal to try and infiltrate your organisation. This can be protected by having strong policies and controls in place alongside frequent penetration testing to ensure these vulnerabilities are being patched.

https://www.msspalert.com/cybersecurity-research/cyberattackers-still-rely-on-decades-old-security-weaknesses-tactics-barracuda-reports/

https://www.scmagazine.com/news/malware/smbs-plagued-by-exploits-trojans-and-backdoors

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

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

Cloud/SaaS

Identity and Access Management

Encryption

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Travel

Cyber Bullying, Cyber Stalking and Sextortion

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

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

Russia

China

Iran

North Korea

Misc/Other/Unknown

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 23rd June 2023

Black Arrow Cyber Threat Briefing 23 June 2023:

-How the MOVEit Breach Shows Hackers' Interest in Corporate File Transfer Tools

-Attackers Discovering Exposed Cloud Assets Within Minutes

-Majority of Users Neglect Best Password Practices

-One in Three Workers Susceptible to Phishing

-Ransomware Misconceptions Abound, to the Benefit of Attackers

-Threat Actors Scale and Commoditise Uncommon Tools and Techniques

-Goodbyes are Difficult, IT Offboarding Processes Make Them Harder

-Security Budget Hikes are Missing the Mark, CISOs Say

-Understanding Cyber Resilience: Building a Holistic Approach to Cyber Security

-Emerging Ransomware Group 8Base Releasing Data on SMBs Globally

-Cyber Security Industry Still Fighting to Recruit and Retain Talent

-Financial Firms to Build Resilience in Face of Growing Cyber-Threats

-Fulfilling Expected SEC Requirements for Cyber Security Expertise at Board Level

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 Security Industry Still Fighting to Recruit and Retain Talent

Cyber security teams are struggling to find the right talent, with the right skills, and to retain experienced employees. The situation is only likely to worsen, as inflation and a tight labour market push up wages. Universities produce graduates with a strong focus on technical knowledge, but not always the broader skills they need to operate in a business environment. This includes the lack of communications skills, understanding of how businesses operate and even emotional intelligence. One solution is to outsource to a corporate cyber security provider or outsource to infill shortages whilst trying to recruit permanent staff.

https://www.infosecurity-magazine.com/news/cybersecurity-industry-recruit/

  • How the MOVEit Breach Shows Hackers' Interest in Corporate File Transfer Tools

The world of managed file transfer (MFT) software has become a lucrative target for ransom-seeking hackers, with significant breaches including those of Accellion Inc's File Transfer Appliance in 2021 and Fortra's GoAnywhere MFT earlier this year. These MFT programs, corporate versions of popular file sharing programs like Dropbox or WeTransfer, are highly desirable to hackers for the sensitive data they often transfer between organisations and partners. The recent mass compromise tied to Progress Software Corp's MOVEit transfer product has prompted governments and companies worldwide to scramble in response.

Hackers are shifting their tactics, with an increasing focus on MFT programs which typically face the open internet, making them more vulnerable to breaches. Once inside these file transfer points, hackers have direct access to a wealth of data. In addition, there's a noticeable shift from ransomware groups encrypting a company's network and demanding payment to unscramble it, to a simpler tactic of pure extortion by threatening to leak the data.

https://www.reuters.com/technology/how-moveit-breach-shows-hackers-interest-corporate-file-transfer-tools-2023-06-16/

  • Attackers Discovering Exposed Cloud Assets within Minutes

The shift to cloud services, increased remote work, and reliance on third-parties has led to widespread use of Software-as-a-Service (SaaS) applications. This has also opened avenues for attackers to exploit weak security configurations and identities. Over the past year, attackers have intercepted authorisation tokens, bypassed multifactor authentication, and exploited misconfigured systems, targeting critical applications like GitHub, Microsoft 365, Google Workspace, Slack, and Okta. A study revealed alarmingly fast rates of breach discovery and compromise of exposed cloud assets, with assets being discovered within as little as two minutes for some and others within an hour.

https://www.techtarget.com/searchsecurity/news/366542352/Attackers-discovering-exposed-cloud-assets-within-minutes

https://www.darkreading.com/dr-tech/growing-saas-usage-means-larger-attack-surface

  • Majority of Users Neglect Best Password Practices

The latest Password Management Report by Keeper Security has shed light on the concerning state of password security practices. The survey found that only 25% of respondents used solid and unique passwords. In comparison, 34% admitted to using repeat variations of passwords, and 30% still relied on simple and easily guessable passwords. The survey also found that 44% of individuals who claimed to have well-managed passwords still admitted to using repeated variations, while 20% acknowledged having had at least one password involved in a data breach or available on the dark web. The document also revealed that 35% of respondents feel overwhelmed when it comes to improving their cyber security. Furthermore, 10% admitted to neglecting password management altogether. More generally, Keeper Security said the survey’s findings highlight a significant gap between perception and reality regarding password security.

https://www.infosecurity-magazine.com/news/users-neglect-best-password/

  • One in Three Workers Susceptible to Phishing

More than one in three workers in the UK and Ireland are susceptible to falling for phishing attacks, according to the new 2023 Phishing by Industry Benchmarking Report by KnowBe4. The study found that 35% of users who had received no security training were prone to clicking on suspicious links or engaging in fraudulent actions. Regular training and continual reinforcement can get this figure down but even with training very few organisations ever get click rates down to zero, and you only need one person to click to cause potentially devastating consequences.

Globally, ransomware was responsible for 24% of all data breaches in 2023, with human error accounting for 74% of these incidents. Phishing attacks can often lead to significant reputational damage, financial loss and disruption to business operations.

https://www.infosecurity-magazine.com/news/one-in-three-phishing/

  • Ransomware Misconceptions Abound, to the Benefit of Attackers

There is a common ransomware misperception that there's no capability to fight this all too common hostage taking of business data. This is not true. Proactive organisations are increasingly making more strategic use of threat intelligence to prevent or disrupt attacks.

Ransomware has evolved into a massive, often state-sponsored, industry where operators buy, develop, and resell ransomware code, infiltrate networks, and collect ransoms. The perception that a speedy response is critical to prevent data encryption and loss is outdated; attackers now focus on data exfiltration, using ransomware as a distraction. They often target smaller organisations that are linked to larger ones through supply chains, using them as stepping stones. It is important to use in-depth defence measures, including email security to prevent phishing and efficient detection and response systems to identify and recover from changes.

https://www.darkreading.com/vulnerabilities-threats/ransomware-misconceptions-abound-to-the-benefit-of-attackers

  • Threat Actors Scale and Commoditise Uncommon Tools and Techniques

Proofpoint’s 2023 Human Factor report highlights significant developments in the cyber attack landscape in 2022. Following two years of pandemic-induced disruption, cyber criminals returned to their usual operations, honing their social engineering skills and commoditising once sophisticated attack techniques. There was a noticeable increase in brute-force and targeted attacks on cloud tenants, conversational smishing attacks, and multifactor authentication (MFA) bypasses. Microsoft 365 formed a large part of organisations' attack surfaces and faced broad abuse, from Office macros to OneNote documents.

Despite some advances in security controls, threat actors continue to innovate and scale their bypasses. Techniques like MFA bypass and telephone-oriented attack delivery are now commonplace. Attackers consistently exploit people, who remain the most critical variable in the attack chain.

https://www.proofpoint.com/uk/newsroom/press-releases/proofpoints-2023-human-factor-report-threat-actors-scale-and-commoditise

  • Goodbyes are Difficult, IT Offboarding Processes Make Them Harder

A recent survey found that 68% of organisations recognise the offboarding process as a major cyber security risk, but only 36% have adequate controls in place to secure data access when employees depart. The study revealed that 60% of organisations have discovered former employees still had access to corporate applications after leaving, and 52% have had security incidents linked to former employees. Interestingly, IT professionals are not always alerted when employees leave, leading to access not being revoked and IT assets being mishandled 34% of the time.

https://www.helpnetsecurity.com/2023/06/19/it-offboarding-processes/

  • Security Budget Hikes are Missing the Mark, CISOs Say

Misguided expectations on security spend are causing problems for CISOs despite notable budget increases. A recent report found that while most CISOs are experiencing noteworthy increases in security funding, impractical expectations of budget holders are leading to significant amounts being spent on what’s hitting the headlines instead of strategic, business-centric investment in security defences. This lack of understanding shows that a lot of work needs to be done to ensure that information security receives the attention it deserves, especially in the boardroom.

The report found that just 9% of CISOs said information security is always in the top three priorities on the boardroom’s meeting agenda, and less than a quarter (22%) of CISOs are actively participating in business strategy and decision-making processes. Talking to the board about cyber security in a way that is productive can be a significant challenge for CISOs, and failing to do so effectively can result in confusion, disillusionment, and a lack of cohesion among directors, the security function, and the rest of the organisation.

https://www.csoonline.com/article/3700073/security-budget-hikes-are-missing-the-mark-cisos-say.html

https://www.helpnetsecurity.com/2023/06/22/average-cybersecurity-budget-increase/

  • Understanding Cyber Resilience: Building a Holistic Approach to Cyber Security

In today’s interconnected world, the threat of cyber attacks is a constant concern for organisations of all sizes and across all industries. Cyber resilience entails not only making it difficult for attackers to infiltrate your systems but also ensuring that your organisation can bounce back quickly and continue operations successfully.

Cyber resilience offers a holistic approach to cyber security, emphasising the ability to withstand and recover from cyber attacks. By adopting the right mindset, leveraging advanced technology, addressing cyber hygiene, and measuring key metrics, organisations can enhance their cyber resilience. Additionally, collaboration within industries and proactive board engagement are crucial for effective risk management. As cyber threats continue to evolve, organisations must prioritise cyber resilience as an ongoing journey, continuously adapting and refining their strategies to stay ahead of malicious actors.

https://informationsecuritybuzz.com/understanding-cyber-resilience-building-a-holistic-approach-to-cybersecurity/

  • Emerging Ransomware Group 8Base Releasing Confidential Data from SMBs Globally

A ransomware group that operated under the radar for over a year has come to light in recent weeks, thanks to a series of business data leaks on the Dark Web. Since at least April 2022, 8base has been conducting double-extortion attacks against small and midsized businesses (SMBs). It all came to a head in May, when the group dumped data belonging to 67 organisations on the cyber underground.

Not much is known yet about the group's tactics, techniques, and procedures (TTPs), likely due to the low profile of their victims. The victims span science and technology, manufacturing, retail, construction, healthcare, and more, with victims from as far afield as India, Peru, Madagascar and Brazil, amongst others.

https://www.darkreading.com/vulnerabilities-threats/emerging-ransomware-8base-doxxes-smbs-globally

  • Financial Firms to Build Resilience in Face of Growing Cyber-Threats

Cyber resilience is now a key component of operational resilience for the UK’s financial markets, according to a Bank of England official. Cyber attacks have increased by 38% in 2022, and the range of firms and organisations being impacted seems to grow broader and broader.

Regulators want to see how financial firms will cope with an attack, and its impact on the wider financial services ecosystem. Similar work is being done at an international level by the G7, which has its own cyber expert group. In the UK, the main tools for improving resilience are threat intelligence sharing, better coordination between firms, regulators, the Bank and the Treasury, and penetration testing including CBEST. Financial services firms should have scenario specific playbooks, to set out how to contain intruders and stop them spreading to clients and counterparties. In the past, simulation exercises have been used to model terrorist incidents and pandemics and they are now being used to model cyber attacks.

https://www.infosecurity-magazine.com/news/financial-firms-to-build-resilience/

  • Fulfilling Expected SEC Requirements for Cyber Security Expertise at Board Level

The US Securities and Exchange Commission (SEC) is expected to introduce a rule requiring demonstration of cyber security expertise at the board level for public companies. A recent study found that currently up to 90% of companies in the Russell 3000 lack even a single director with the necessary cyber expertise. The simplest and speediest solution would be to promote the existing CISO, provided they have the appropriate qualities and experience, to the board but that would require transplanting a focused operational executive into a strategic business advisory role. A credible alternative is to bring in a cyber focused Non-Executive Director with the appropriate skills and experience.

https://www.securityweek.com/fulfilling-expected-sec-requirements-for-cybersecurity-expertise-at-board-level/

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

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

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Hybrid/Remote Working

Shadow IT

Identity and Access Management

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Training, Education and Awareness

Digital Transformation

Regulations, Fines and Legislation

Models, Frameworks and Standards

Secure Disposal

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Spyware, Cyber Espionage & Cyber Warfare, including Russian Invasion of Ukraine

Nation State Actors

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.

Read More