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Black Arrow Cyber Threat Briefing 24 May 2024

Black Arrow Cyber Threat Intelligence Briefing 24 May 2024:

-Human Error and AI Tops Cyber Threats as 70% of CISOs Worry About Risk

-Threat Research Highlights Growing Mobile Security Risks

-The State of Cyber Security: AI and Geopolitics Mean a Bigger Threat Than Ever

-Family Offices Become Prime Targets for Cyber Hacks and Ransomware

-Ransomware Fallout - 94% Experience Downtime, 40% Face Work Stoppage

-Employee Discontent - Insider Threat No. 1

-Report Reveals 341% Rise in Advanced Phishing Attacks

-Ransomware and GenAI Raise Security Challenges, Driving Cyber Investment

-New Rules Prompt 93% of Organisations to Rethink Cyber Security Plans

-HR and IT Related Phishing Scams Still Most Popular According to KnowBe4’s Latest Phishing Report

-80% of Exposures from Misconfigurations, as 15 Vendors Account for 62% of Global Attack Surface

-UK to Propose Mandatory Reporting for Ransomware Attacks and Licensing Regime for all Payments

-UK’s Legal Sector Needs to Improve its Cyber Security, Says Experts

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

Human Error and AI Tops Cyber Threats as 70% of CISOs Worry About Risk

According to a survey of 1,600 CISOs, 70% worry about the risk of a material cyber attack over the next 12 months. Additionally, nearly 31% believe an attack is very likely, compared to 25% in 2023.  Amongst the largest concerns were human error, with 75% of CISOs identifying it as their most significant cyber vulnerability, up from 60% in 2023. Furthermore, 80% anticipate that human risk and employee negligence in particular will be major cyber security issues in the next two years.  Additionally, artificial intelligence was identified as an emerging concern for 54% of CISOs.

Sources: [The Register] [Infosecurity Magazine] [Cryptopolitan]

The State of Cyber Security: AI and Geopolitics Mean a Bigger Threat Than Ever

A recent report by Check Point reveals that global organisations faced an average of 1,158 weekly cyber attacks in 2023, an increase from 2022. In the UK, 50% of businesses experienced cyber attacks in the past year, with medium and large-sized businesses more affected at 70% and 74%, respectively. A ClubCISO survey found 62% of CISOs believe organisations are ill-equipped for AI-driven attacks, yet 77% haven't increased cyber security spending.

Additionally, a British Foreign Policy Group (BFPG) article highlights cyber threats from geopolitical tensions, with a recent attack on the Ministry of Defence exposing HR and payroll data. The National Cyber Security Centre attributes such attacks to state-affiliated actors like China and Russia. Despite efforts to establish international cyber norms, enforcement remains challenging. Businesses must recognise that cyber security is now deeply intertwined with geopolitics, affecting strategic partnerships and procurement.

Sources: [Verdict] [BFPG]

Threat Research Highlights Growing Mobile Security Risks

A recent report by a cloud security vendor focusing on the mobile threat landscape found that in the first quarter of 2024, the number of phishing, malicious, denylisted and offensive links delivered to their customers’ mobile devices tripled compared to Q1 2023. The report, which bases its data on 220 million devices, 325 million apps and billions of web items, found that the most common misconfiguration in mobiles was out of date operating systems (37%). When it came to the prevalence of attacks, 75% of organisations reported experiencing mobile phishing attempts targeting their employees.

This comes as a representative from the US Cybersecurity and Infrastructure Security Agency told the Federal Communications Commission earlier this year that there had been “numerous incidents of successful, unauthorised attempts” to steal location data, monitor voice and text messages, and deliver spyware.

Sources: [Economist] [Business Wire]

Family Offices Become Prime Targets for Cyber Hacks and Ransomware

A recent Dentons survey reveals that nearly 80% of family offices perceive a dramatic increase in cyber attack threats, with a quarter experiencing an attack in 2023, up from 17% in 2020. Despite their wealth, family offices often lack the staff and technology to manage these risks effectively. Less than a third report well-developed cyber risk management processes, and only 29% believe their cyber training programs are sufficient. This gap between awareness and action highlights the need for family offices to prioritise comprehensive cyber security measures, including better training, updated policies, and secure communication practices.

Source: [CNBC]

Ransomware Fallout: 94% Experience Downtime, 40% Face Work Stoppage

According to a report by cyber security provider Arctic Wolf, within the last 12 months 48% of organisations identified evidence of a successful breach within their environment and 70% of organisations were the targets of attempted Business Email Compromise (BEC) attacks, with 29% of these targets becoming victims of one or more successful BEC occurrences.

In its survey, the company says “45% of the organizations we spoke with admitted to being the victim of a ransomware attack within the last 12 months”,  an increase from the prior year. Of those impacted by ransomware, 86% of attacks including successful data exfiltration and 94% of those impacted by a ransom event experienced a significant downtime and delays. 40% of victims stated they experienced a period of total work stoppage due to ransomware.

Source: [Help Net Security]

Employee Discontent: Insider Threat No. 1

Chief Information Security Officers (CISOs) must integrate human factors into insider risk management (IRM), not just rely on detection technologies. IRM must consider factors such as those raised by recent research where only half of US workers are very satisfied with their jobs, and 28% feel their employers don't care about them. CISOs themselves are affected by job satisfaction; the 2024 IANS/Artico report shows three out of four CISOs are ready to leave their roles. DTEX Systems found 77% of malicious insiders concealed their activities, emphasising the importance of human engagement and feedback in mitigating risks.

Source: [CSO]

Report Reveals 341% Rise in Advanced Phishing Attacks

A recent report has revealed malicious emails increased by 341% over the past 6 months. This included a 217% increase in credential harvesting phishing attacks and a 29% increase in Business Email Compromise (BEC) attacks. The report highlighted the impact of artificial intelligence, noting that since the launch of ChatGPT in November 2022, there has been a 4,151% surge in malicious phishing messages.

Source: [Security Magazine] [ Infosecurity Magazine]

Ransomware and GenAI Raise Security Challenges, Driving Cyber Investment

A recent study by Infosecurity Europe reveals that nearly 40% of cyber security leaders are increasing investments to combat the growing threats of ransomware and AI-generated attacks. A separate survey found 94% of organisations have or plan to implement generative AI use policies, and a third strictly forbid AI tech in their environment. This data highlights the ongoing effort to balance AI benefits with security risks, indicating that there isn’t a one-size-fits-all strategy for formalising AI adoption and usage policies.

Source: [Security Boulevard] [Infosecurity Magazine]

New Rules Prompt 93% of Organisations to Rethink Cyber Security Plans

A recent report reveals that 93% of organisations have re-evaluated their cyber security strategies due to new regulations, with 58% reconsidering their entire approach. The survey, which included 500 cyber security decision-makers from the US and UK, found that 92% reported increased security budgets, with 36% seeing rises of 20-49% and 23% experiencing over 50% increases. Despite this, only 40% feel confident in their resources to comply with regulations, and just one-third believe they can meet all requirements, highlighting significant gaps in preparedness.

Source: [security magazine]

HR and IT Related Phishing Scams Still Most Popular According to KnowBe4’s Latest Phishing Report

A recent KnowBe4 report reveals that HR-related phishing emails account for 42% of top-clicked phishing attempts, followed by IT-related emails at 30%. These phishing tactics exploit employees' trust and evoke immediate responses by mimicking legitimate business communications about dress code changes, tax updates, and training notifications. The report also highlights that nearly a third of users are vulnerable to phishing, emphasising the need for robust security awareness training. A well-trained workforce is essential in defending against increasingly sophisticated phishing attacks that leverage AI and emotional manipulation.

Source: [IT Security Guru]

80% of Exposures from Misconfigurations, as 15 Vendors Account for 62% of Global Attack Surface

A recent XM Cyber report highlights a significant gap in cyber security focus with identity and credential misconfigurations accounting for 80% of security exposures. The study, based on hundreds of thousands of attack path assessments, found that 62% of the global attack surface is concentrated in just 15 vendors. Furthermore, 41% of organisations had at least one compromised device, and 11% experienced ransomware incidents. The report underscores the need for a shift from patching all vulnerabilities to addressing high-impact exposures, especially those around identity management and critical asset protection.

Sources: [Security Magazine] [The Hacker News]

UK to Propose Mandatory Reporting for Ransomware Attacks and Licensing Regime for all Payments

A forthcoming proposal in Britain aims to overhaul the response to ransomware by mandating victims to report incidents and obtain a license before making extortion payments. This initiative, part of a public consultation, includes a ban on ransom payments for critical national infrastructure to deter attacks. The National Cyber Security Centre has highlighted concerns over underreporting, with a 2023 increase in ransomware-related data breaches. The plan’s success hinges on replacing the delayed Action Fraud reporting platform. This proposal marks a significant step in global ransomware policy, with Britain leading international efforts against cyber criminals.

Source: [The Record Media]

UK’s Legal Sector Needs to Improve its Cyber Security, Says Experts

One in ten UK data breaches in 2023 occurred in the legal sector, highlighting that UK law firms are attractive targets for cyber criminals. A recent analysis of the UK’s Information Commissioner's Office (ICO) data found that the legal sector is one of the worst performing sectors for data breaches, with nearly 86 per cent of the incidents within the legal sector involving breaches of personal identifiable information, including instances also affecting sensitive economic and financial data.

Sources [CITY AM]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC

Other Social Engineering

Artificial Intelligence

2FA/MFA

Malware

Mobile

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

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

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

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.

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Antony Cleal Antony Cleal

Week in review 22 December 2019 - ransomware changes, Christmas scams, Microsoft Office apps hit, predictions for 2020

Week in review 22 December 2019 - ransomware changes, Christmas scams, Microsoft Office apps hit, predictions for 2020

Week in review 22 December 2019

Round up of the most significant open source stories of the last week

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.

Black Arrow Cyber Consulting would like to wish customers old and new a Very Happy Christmas and a happy, prosperous, and cyber safe, 2020

Christmas malware spreading fast: Protect yourself now

Holiday party invitations may infect your PC

It's time for ugly Christmas sweaters — and for ugly Christmas-themed malicious spam emails.

A new malspam campaign dumps an email in your inbox marked "Christmas Party," "Christmas Party next week," "Party menu," "Holiday schedule" or something similar. But the attached Word document delivers a lump of coal: the notorious Emotet Trojan malware.

"HAPPY HOLIDAYS," begins the email, as spotted by researchers. "I have attached the menu for the Christmas Party next week. If you would like bring something, look at the list and let me know.

"Don't forget to get your donations in for the money tree," the email adds. "Also, wear your tackiest/ugliest Christmas sweater to the party." Sometimes it adds, "Details in the attachment."

More here: https://www.tomsguide.com/news/ugly-christmas-emails-give-the-gift-of-malware

Ransomware Gangs Now Outing Victim Businesses That Don’t Pay Up

As if the scourge of ransomware wasn’t bad enough already: Several prominent purveyors of ransomware have signaled they plan to start publishing data stolen from victims who refuse to pay up. To make matters worse, one ransomware gang has now created a public Web site identifying recent victim companies that have chosen to rebuild their operations instead of quietly acquiescing to their tormentors.

The cyber criminals behind the Maze Ransomware strain erected a Web site on the public Internet, and it currently lists the company names and corresponding Web sites for eight victims of their malware that have declined to pay a ransom demand.

“Represented here companies dont wish to cooperate with us, and trying to hide our successful attack on their resources,” the site explains in broken English. “Wait for their databases and private papers here. Follow the news!”

Researchers were able to verify that at least one of the companies listed on the site indeed recently suffered from a Maze ransomware infestation that has not yet been reported in the news media.

The information disclosed for each Maze victim includes the initial date of infection, several stolen Microsoft Office, text and PDF files, the total volume of files allegedly exfiltrated from victims (measured in Gigabytes), as well as the IP addresses and machine names of the servers infected by Maze.

As shocking as this new development may be to some, it’s not like the bad guys haven’t warned us this was coming.

Read the full article here: https://securityboulevard.com/2019/12/ransomware-gangs-now-outing-victim-businesses-that-dont-pay-up/

Ransomware: The number of victims paying up is on the rise, and that's bad news

The number of organisations that are giving into the extortion demands of cyber criminals after falling victim to ransomware attacks has more than doubled this year.

A rise in the number of ransomware attacks in the past year has contributed to to the increased number of organisations opting to pay a ransom for the safe return of networks locked down by file-encrypting malware.

That's according to figures in the newly released 2019 CrowdStrike Global; Security Attitude Survey, which said the total number of organisations around the world that pay the ransom after falling victim to a supply-chain attack has more than doubled from 14% of victims to 39% of those affected.

In the UK specifically, the number of organisations that have experienced a ransomware attack and paid the demanded price for the decryption key stands at 28% – double the 14% figure of the previous year.

Read the full article here: https://www.zdnet.com/article/ransomware-the-number-of-victims-paying-up-is-on-the-rise-and-thats-bad-news/

Microsoft Office apps hit with more cyber attacks than ever

New reports have claimed Microsoft Office was the most commonly exploited application worldwide as of the the third quarter of this year.

Researchers found that Microsoft Office solutions and applications were the target of exactly 72.85 percent of cyber exploits this year according to the firm's research.

However, cyber criminals also targeted web browsers with 13.47 percent of the total number of exploits, Android (9.09 percent), Java (2.36 percent), and Adobe Flash (1.57 percent).

Read the full article here: https://www.techradar.com/uk/news/microsoft-office-apps-hit-with-more-cyberattacks-than-ever

Inconsistent password advice could increase risk of cyber attacks

New research suggests that ‘inconsistent and misleading’ password meters seen on various websites could increase the risk of cyber attacks.

The study, led by researchers at the University of Plymouth, investigated the effectiveness of 16 password meters that people are likely to use or encounter on a regular basis.

It tested 16 passwords against the various meters, with 10 of them being ranked among the world’s most commonly used passwords (including ‘password’ and ‘123456’).

Of the 10 explicitly weak passwords, only five of them were consistently scored as such by all the password meters, while ‘Password1!’ performed far better than it should do and was even rated strongly by three of the meters.

However, the team at Plymouth said one positive finding was that a browser-generated password was consistently rated strong, meaning users can seemingly trust these features to do a good job.

More here: https://eandt.theiet.org/content/articles/2019/12/inconsistent-password-advice-could-increase-risk-of-cyber-attacks/

Cyber security predictions for 2020: 45 industry experts have their say

Cyber security is a fast-moving industry, and with a new decade dawning, the next year promises new challenges for enterprises, security professionals and workers. But what predictions do experts have for cybersecurity in 2020?

Verdict.co.uk heard from 45 experts across the field of cybersecurity about their predictions for 2020, from new methods and targets to changing regulation and business practices.

Read the full list of predictions here: https://www.verdict.co.uk/cybersecurity-predictions-2020/

This ‘grab-bag’ hacking attack drops six different types of malware in one go

'Hornet's Nest' campaign delivers a variety of malware that could create a nightmare for organisations that fall victim to attacks, warn researchers.

A high-volume hacking campaign is targeting organisations around the world with attacks that deliver a 'grab-bag' of malware that includes information-stealing trojans, a remote backdoor, a cryptojacker and a cryptocurrency stealer.

Uncovered by researchers at Deep Instinct, the combination of the volume of attacks with the number of different malware families has led to the campaign being named 'Hornet's Nest'.

The attacks are suspected to be offered as part of a cybercrime-as-a-service operation with those behind the initial dropper, which researchers have dubbed Legion Loader, leasing out their services to other criminals.

Clues in the code point to the Legion Loader being written by a Russian-speaker – and researchers note that the malware is still being worked on and updated. Attacks using the loader appear to be focused on targets in the United States and Europe.

Read the full article here: https://www.zdnet.com/article/this-grab-bag-hacking-attack-drops-six-different-types-of-malware-in-one-go/

Tiny band of fraud police left to deal with third of all crime

Only one in 200 police officers is dedicated to investigating fraud despite it accounting for more than a third of all crimes, The Times revealed.

Most forces have less than half of 1 per cent of their officers allocated to fraud cases and some have none at all, according to figures disclosed under the Freedom of Information Act. In some areas the number of officers tackling fraud has fallen significantly.

Amid a surge in online and cold-calling scams, there were 3.8 million incidents of fraud last year, more than a third of all crimes in England and Wales. Victims are increasingly targeted online and can lose their life savings. However, as few as one in 50 fraud reports leads to a “judicial outcome” such as a suspect being charged.

Last night police bosses said the failure to investigate the cases was due to budget cuts and “poor government direction” and the situation had become a national emergency. Boris Johnson has pledged to “make the streets safer” by recruiting an extra 20,000 police officers but there are concerns that victims of fraud will continue to be failed.

Read the original article here: https://www.thetimes.co.uk/article/less-than-1-of-police-officers-target-fraud-kf6d37qfz

IT worker with a grudge jailed for cyber attack that shut down network for 12 hours

A contractor with a grudge over the handling of an incident in Benidrom has been jailed for carrying out a revenge cyber attack. Scott Burns, 27, was unhappy with the way a disciplinary matter against him by Jet2 was dealt with so decided to cause harm. The attack led to the company’s computer network being shut down for 12 hours and it was only thanks to a fast-thinking colleague that a ‘complete disaster’ was avoided. Burns’s attack cost the company £165,000 in lost business, Leeds Crown Court was told. Jailing Burns for 10 months, Judge Andrew Stubbs QC heard how the motive was revenge because Burns was unhappy about how Jet2 dealt with a disciplinary matter against him relating to an incident at a ‘roadshow in Benidorm’ in 2017. No further details of the incident were outlined in court.

Read more here: https://metro.co.uk/2019/12/20/worker-grudge-jailed-cyber-attack-shut-network-12-hours-11937687/

30 years of ransomware: How one bizarre attack laid the foundations for the malware taking over the world

In December 1989 the world was introduced to the first ever ransomware - and 30 years later ransomware attacks are now at crisis levels.

Ransomware has been one of the most prolific cyber threats facing the world throughout 2019, and it's unlikely to stop being a menace any time soon.

Organisations from businesses and schools to entire city administrations have fallen victim to network-encrypting malware attacks that are now demanding hundreds of thousands of dollars in bitcoin or other cryptocurrency for the safe return of the files.

While law enforcement recommends that victims don't give into the demands of cyber criminals and pay the ransom, many opt to pay hundreds of thousands of dollars because they view it as the quickest and easiest means of restoring their network. That means some of the criminal groups operating ransomware campaigns in 2019 are making millions of dollars.

But what is now one of the major cyber scourges in the world today started with much more humble origins in December 1989 with a campaign by one man that would ultimately influence some of the biggest cyber attacks in the world thirty years later.

The first instance of what we now know as ransomware was called the AIDS Trojan because of who it was targeting – delegates who'd attended the World Health Organization AIDS conference in Stockholm in 1989.

Attendees were sent floppy discs containing malicious code that installed itself onto MS-DOS systems and counted the number of the times the machine was booted. When the machine was booted for the 90th time, the trojan hid all the directories and encrypted the names of all the files on the drive, making it unusable.

Victims saw instead a note claiming to be from 'PC Cyborg Corporation' which said their software lease had expired and that they needed to send $189 by post to an address in Panama in order to regain access to their system.

It was a ransom demand for payment in order for the victim to regain access to their computer.

Read the full article here: https://www.zdnet.com/article/30-years-of-ransomware-how-one-bizarre-attack-laid-the-foundations-for-the-malware-taking-over-the-world/

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 new regular ‘Cyber Tip Tuesday’ video blog, here and on our YouTube channel

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

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