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Black Arrow Cyber Threat Briefing 17 February 2023

Black Arrow Cyber Threat Briefing 17 February 2023:

-High Risk Users May be Few, but the Threat They Pose is Huge

-The Cost of Cyber Security Insurance is Soaring so Firms Need to Take Prevention More Seriously

-Cyber Attacks Worldwide Increased to an All-Time Record Breaking High

-Most Organisations Make Cyber Security Decisions Without Insights

-Ransomware Attackers Finding New Ways to Weaponise Old Vulnerabilities

-Are Executives Fluent in IT Security Speak? 5 Reasons Why the Communication Gap is Wider Than You Think

-Business Email Compromise Groups Target Firms with Multilingual Impersonation Attacks

-EU Countries Told to Step up Defence Against State Hackers

-Cyber Criminals Exploit Fear and Urgency to Trick Consumers

-How to Manage Third Party and Supply Chain Cyber Security Risks that are Too Costly to Ignore

-Russian Spear Phishing Campaign Escalates Efforts Towards Critical UK, US and European Targets

-5 Biggest Risks of Using Third Party Managed Service Providers

-Cyber Crime as a Service: A Subscription Based Model in the Wrong Hands

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

  • High Risk Users May be Few, but the Threat They Pose is Huge

High risk users represent approximately 10% of the worker population according to research provider, Elevate Security research. The research found that high risk users were responsible for 41% of all simulated phishing clicks, 30% of all real-world phishing clicks, 54% of all secure-browsing incidents and 42% of all malware events. This is worrying, considering the rise in sophisticated targeted phishing campaigns.

https://www.helpnetsecurity.com/2023/02/16/high-risk-behavior/

  • The Cost of Cyber Security Insurance is Soaring so Firms Need to Take Prevention More Seriously

State-backed cyber attacks are on the rise, but they are not raising the level of alarm that they should in the corporate world. Unfortunately, this is not a productive way of thinking. Come the end of March, insurance provider Lloyds will no longer cover damage from cyber attacks carried out by state or state-backed groups. In the worst cases, this reduced insurance coverage could exacerbate the trend of companies taking a passive approach toward state-backed attacks as they feel there is now really nothing they can do to protect themselves. The uncertainty however, could be the motivation for companies to take the threat of state-backed attacks more seriously.

https://fortune.com/2023/02/15/cost-cybersecurity-insurance-soaring-state-backed-attacks-cover-shmulik-yehezkel/

  • Cyber Attacks Worldwide Increased to an All-Time Record-Breaking High, Report Shows

According to a report by security provider Check Point, cyber attacks rose 38% in 2022 compared to the previous year. Some of the key trends in the report included an increase in the number of cloud-based networking attacks, with a 48% rise and non-state affiliated hacktivist groups becoming more organised and effective than ever before. Additionally, ransomware is becoming more difficult to attribute and track and extra focus should be placed on exfiltration detection.

https://www.msspalert.com/cybersecurity-research/cyberattacks-worldwide-increased-to-an-all-time-high-check-point-research-reveals/

  • Most Organisations Make Cyber Security Decisions Without Insights

A report by security provider Mandiant found some worrying results when it came to organisational understanding of threat actors. Some of the key findings include, 79% of respondents stating that most of their cyber security decisions are made without insight into the treat actors targeting them, 79% believing their organisation could focus more time and energy on identifying critical security trends, 67% believing senior leadership teams underestimate the cyber threats posed to their organisation and finally, 47% of respondents felt that they could not prove to senior leadership that their organisation has a highly effective cyber security program.

https://www.msspalert.com/cybersecurity-research/mandiant-report-most-organizations-make-cybersecurity-decisions-without-insights/

  • Ransomware Attackers Finding New Ways to Weaponise Old Vulnerabilities

Ransomware attackers are finding new ways to exploit organisations’ security weaknesses by weaponising old vulnerabilities.  A report by security provider Cyber Security Works had found that 76% of the vulnerabilities currently being exploited were first discovered between 2010-2019.

https://venturebeat.com/security/ransomware-attackers-finding-new-ways-to-weaponize-old-vulnerabilities/

  • Are Executives Fluent in IT Security Speak? 5 Reasons Why the Communication Gap is Wider Than You Think

Using data from two different reports conducted by security provider Kaspersky, the combined data showed some worrying results. Some of the results include 98% of respondents revealing they faced at least one IT security miscommunication that regularly leads to bad consequences, 62% of managers revealing miscommunication led to at least one cyber security incident, 42% of business leaders wanting their IT security team to better communicate and 34% of C-level executives struggle to speak about adopting new security solutions.

https://www.msspalert.com/cybersecurity-research/are-c-suite-executives-fluent-in-it-security-speak-five-reasons-why-the-communication-gap-is-wider-than-you-think/

  • Business Email Compromise Groups Target Firms with Multilingual Impersonation Attacks

Security providers Abnormal Security have identified two Business Email Compromise (BEC) groups “Midnight Hedgehog” and “Mandarin Capybara” which are conducting impersonation attacks in at least 13 different languages. Like many payment fraud attacks, finance managers or other executives are often targeted. In a separate report by Abnormal Security, it was found that business email compromise (BEC) attacks increased by more than 81% during 2022.

https://www.infosecurity-magazine.com/news/bec-groups-multilingual/

  • EU Countries Told to Step up Defence Against State Hackers

European states have raced to protect their energy infrastructure from physical attacks but the European Systemic Risk Board (ESRB) said more needed to be done against cyber warfare against financial institutions and the telecommunications networks and power grids they rely on. "The war in Ukraine, the broader geopolitical landscape and the increasing use of cyber attacks have significantly heightened the cyber threat environment," the ESRB said in a report. In addition, the ESRB highlight an increased risk of cyber attacks on the EU financial system, suggesting that stress tests and impact analyses should be carried out to identify weaknesses and measure resilience.

https://www.reuters.com/world/europe/eu-countries-told-step-up-defence-against-state-hackers-2023-02-14/

  • Cyber Criminals Exploit Fear and Urgency to Trick Consumers

Threats using social engineering to steal money, such as refund and invoice fraud and tech support scams, increased during Q4 of 2022 according to a report by software provider Avast. “At the end of 2022, we have seen an increase in human-centred threats, such as scams tricking people into thinking their computer is infected, or that they have been charged for goods they didn’t order. It’s human nature to react to urgency, fear and try to regain control of issues, and that’s where cyber criminals succeed” Avast commented.

https://www.helpnetsecurity.com/2023/02/13/cybercriminals-exploit-fear-urgency-trick-consumers/

  • How to Manage Third Party and Supply Chain Cyber Security Risks that are Too Costly to Ignore

Many organisations have experienced that “after the breach” feeling — the moment they realise they have to tell customers their personal information may have been compromised because one of the organisations’ vendors had a data breach. Such situations involve spending significant amount of money and time to fix a problem caused by a third party. An organisation’s ability to handle third-party cyber risk proactively depends on its risk management strategies.

https://techcrunch.com/2023/02/10/why-third-party-cybersecurity-risks-are-too-costly-to-ignore/

  • Russian Spear Phishing Campaign Escalates Efforts Towards Critical UK, US and European Targets

Following the advisory from the NCSC, it is clear that Russian state-sponsored hackers have become increasingly sophisticated at launching phishing attacks against critical targets in the UK, US and Europe over the last 12 months. The attacks included the creation of fake personas, supported by social media accounts, fake profiles and academic papers, to lure targets into replying to sophisticated phishing emails. In some cases, the bad actor may never leverage the account to send emails from and only use it to make decisions based on intelligence collection.

https://www.computerweekly.com/news/365531158/Russian-spear-phishing-campaign-escalates-efforts-toward-critical-UK-US-and-European-targets

  • 5 Biggest Risks of Using Third Party Managed Service Providers

As business processes become more complex, companies are turning to third parties to boost their ability to provide critical services from cloud storage to data management to security. It’s often more efficient and less expensive to contract out work. But it does present risks. 5 of the biggest risks to be considered are: indirect cyber attacks, financial risks from incident costs, reputational damage, geopolitical risk and regulatory compliance risk.

https://www.csoonline.com/article/3687812/5-major-risks-third-party-services-may-bring-along-with-them.html#tk.rss_news

  • Cyber Crime as a Service: A Subscription Based Model in the Wrong Hands

Arguably nothing in tech has changes the landscape more than ‘as a Service’ offerings, the subscription-based IT service delivery model, in fact, the ‘as a Service’ offering has made its way into the cyber crime landscape. And cyber crime, for its part, has evolved beyond a nefarious hobby; today it’s a means of earning for cyber criminals. Organised cyber crime services are available for hire, particularly to those lacking resources and hacking expertise but willing to buy their way into cyber criminal activities. Underground cyber crime markets have thus emerged, selling cyber attack tools and services ranging from malware injection to botnet tools, Denial of Service and targeted spyware services.

https://www.splunk.com/en_us/blog/learn/cybercrime-as-a-service.html

Threats

Ransomware, Extortion and Destructive Attacks

Phishing & Email Based Attacks

BEC – Business Email Compromise

2FA/MFA

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

AML/CFT/Sanctions

Insurance

Dark Web

Supply Chain and Third Parties

Cloud/SaaS

Attack Surface Management

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

Governance, Risk and Compliance

Backup and Recovery

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Artificial Intelligence

Misinformation, Disinformation and Propaganda

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

Nation State Actors

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.

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Black Arrow Cyber Threat Briefing 11 November 2022

Black Arrow Cyber Threat Briefing 11 November 2022:

-Research Finds Organisations Lack Tools and Teams to Address Cyber Security Threats

-Some 98% of Global Firms Suffer Supply Chain Breach in 2021

-Only 30% of Cyber Insurance Holders Say Ransomware is Covered

-Companies Hit by Ransomware Often Targeted Again, Research Says

-Ransomware Remains Top Cyber Risk for Organisations Globally, Says Allianz

-How Geopolitical Turmoil Changed the Cyber Security Threat Landscape

-Swiss Re Wants Government Bail Out academias Cyber Crime Insurance Costs Spike

-Extortion Economics: Ransomware's New Business Model

-Confidence in Data Recovery Tools Low

-Russia’s Sway Over Criminal Ransomware Gangs Is Coming into Focus

-Insider Risk on the Rise: 12% of Employees Take IP When Leaving Jobs

-Why a Clear Cyber Policy is Critical for Companies

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

  • Research Finds Organisations Lack Tools and Teams to Address Cyber Security Threats

In research conducted in the summer of 2022 by BlackBerry, the findings describe the situation facing organisations regardless of size or vertical.

The survey of 405 senior IT, networking, and security decision-makers in the US, Canada, and the UK revealed 83% of organisations agreed building cyber security programs is expensive due to required tools, licenses, and personnel, and 80% agreed it’s challenging to fill specialised security roles. Most organisations (78%) have an incident management process, but about half (49%) agree they lack the teams and tools to be effective 24x7x365. Evolving security threats (53%) and the task of integrating new technology (53%) are cited as top challenges in maintaining security posture.

While it’s likely these findings surprise no one, they do reveal the challenges facing organisations who are caught between limited resources and increased risk. The urgency increases if we look at the critical infrastructure that keeps things running–like utilities, banks, transportation, key suppliers, industrial controls, and more.

https://www.msspalert.com/cybersecurity-guests/research-finds-organizations-lack-tools-and-teams-to-address-cybersecurity-threats/

  • Some 98% of Global Firms Suffer Supply Chain Breach in 2021

Just 2% of global organisations didn’t suffer a supply chain breach last year, with visibility into cyber risk getting harder as these ecosystems expand, according to BlueVoyant.

The security firm polled 2100 C-level execs with responsibility for supply chain and cyber risk management from companies with 1000+ employees to compile its study, The State of Supply Chain Defense: Annual Global Insights Report 2022.

It found the top challenges listed by respondents were:

  • Awareness internally that third-party suppliers are part of their cyber security posture

  • Meeting regulatory requirements and ensuring third-party cyber security compliance

  • Working with third-party suppliers to improve their posture.

Supply chains are growing: the number of firms with over 1000 suppliers increased from 38% in 2021’s report to 50%. Although 53% of organisations audited or reported on supplier security more than twice annually, 40% still rely on suppliers to ensure security levels are sufficient. That means they have no way of knowing if an issue arises with a supplier.

Worse, 42% admitted that if they do discover an issue in their supply chain and inform their supplier, they cannot verify that the issue was resolved. Just 3% monitor their supply chain daily, although the number of respondents using security ratings services to enhance visibility and reduce cyber risk increased from 36% last year to 39% in this year’s report.

With the escalating threat landscape and number of high-profile incidents being reported, firms should focus more strategically on addressing supply chain cyber security risk. In the current volatile economic climate, the last thing any business needs is any further disruption to their operations, any unexpected costs, or negative impact on their brand.

https://www.infosecurity-magazine.com/news/98-global-firms-supply-chain/

  • Only 30% of Cyber Insurance Holders Say Ransomware is Covered

Cyber insurance providers appear to be limiting policy coverage due to surging costs from claimants, according to a new study from Delinea.

The security vendor polled 300 US-based IT decision makers to compile its latest report, Cyber insurance: if you get it be ready to use it.

Although 93% were approved for specialised cyber insurance cover by their provider, just 30% said their policy covered “critical risks” including ransomware, ransom negotiations and payments. Around half (48%) said their policy covers data recovery, while just a third indicated it covers incident response, regulatory fines and third-party damages.

That may be because many organisations are regularly being breached and look to their providers for pay-outs, driving up costs for carriers. Some 80% of those surveyed said they’ve had to call on their insurance, and half of these have submitted claims multiple times, the study noted.

As a result, many insurers are demanding that prospective policyholders implement more comprehensive security controls before they’re allowed to sign up.

Half (51%) of respondents said that security awareness training was a requirement, while (47%) said the same about malware protection, AV software, multi-factor authentication (MFA) and data backups.

However, high-level checks may not be enough to protect insurers from surging losses, as they can’t guarantee customers are properly deploying security controls.

Cyber insurance providers need to start advancing beyond simple checklists for security controls. They must require their customers to validate that their security controls work as designed and expected. They need their customers to simulate their adversaries to ensure that when they are attacked, the attack will not result in a breach. In fact, we're already starting to see government regulations and guidance that includes adversary simulation as part of their proactive response to threats.

https://www.infosecurity-magazine.com/news/cyberinsurance-ransomware-cover/

  • Companies Hit by Ransomware Often Targeted Again, Research Says

It has been reported that more than a third of companies who paid a ransom to cyber criminals after being hit by a ransomware attack went on to be targeted for a second time, according to a new report.

The Hiscox Cyber Readiness Report found that 36% of companies that made the ransom payment were hit again, while 41% who paid failed to recover all of their data.

The head of the UK’s National Cyber Security Centre (NCSC), Lindy Cameron, said last year that ransomware attacks were the “most immediate danger” to the UK and urged companies to take more steps to protect themselves and their data.

The NCSC urges firms not to pay ransoms as it not only helps fund further crime but offers no guarantee that criminals will return the stolen or locked data. The Hiscox report appeared to back up the NCSC’s warnings, with 43% of the businesses who paid a ransom saying they still had to rebuild their systems while 29% said that despite making the payment their stolen data was still leaked. A further 26% said a ransomware attack had had a significant financial impact on their business.

https://informationsecuritybuzz.com/companies-hit-by-ransomware-often-targeted-again-research-says-and-expert-comments/

  • Ransomware Remains Top Cyber Risk for Organisations Globally, Says Allianz

According to an Allianz Global Corporate & Specialty cyber report, ransomware remains a top cyber risk for organisations globally, while the threat of state-sponsored cyber attacks grows.

There were a record 623 million attacks in 2021, which was double that of 2020, says Allianz.

It also notes that despite the frequency reducing 23% globally during H1 of 2022, the year-to-date total still exceeds that of the full years of 2017, 2018 and 2019, while Europe saw attacks surge over this period. Allianz suggests that ransomware is forecast to cause $30bn in damages to organisations globally by 2023.

It adds that from an Allianz perspective, the value of ransomware claims the company was involved in together with other insurers, accounted for well over 50% of all cyber claims costs during 2020 and 2021.

The cyber risk landscape doesn’t allow for any resting on laurels. Ransomware and phishing scams are as active as ever and on top of that there is the prospect of a hybrid cyber war.

Most companies will not be able to evade a cyber threat. However, it is clear that organisations with good cyber maturity are better equipped to deal with incidents. Even when they are attacked, losses are typically less severe due to established identification and response mechanisms.

Many companies still need to strengthen their cyber controls, particularly around IT security trainings, better network segmentation for critical environments and cyber incident response plans and security governance.

Allianz observes that geopolitical tensions, such as the war in Ukraine, are a major factor reshaping the cyber threat landscape as the risks of espionage, sabotage, and destructive cyber-attacks against companies with ties to Russia and Ukraine increase, as well as allies and those in neighbouring countries.

https://www.reinsurancene.ws/ransomware-remains-top-cyber-risk-for-organisations-globally-says-allianz/

  • How Geopolitical Turmoil Changed the Cyber Security Threat Landscape

ENISA, EU’s Agency for Cybersecurity, released its annual Threat Landscape report, covering the period from July 2021 up to July 2022.

With more than 10 terabytes of data stolen monthly, ransomware still fares as one of the prime threats in the new report with phishing now identified as the most common initial vector of such attacks. The other threats to rank highest along ransomware are attacks against availability also called Distributed Denial of Service (DDoS) attacks.

However, the geopolitical situations particularly the Russian invasion of Ukraine have acted as a game changer over the reporting period for the global cyber domain. While we still observe an increase of the number of threats, we also see a wider range of vectors emerge such as zero-day exploits and AI-enabled disinformation and deepfakes. As a result, more malicious and widespread attacks emerge having more damaging impact.

EU Agency for Cybersecurity Executive Director, Juhan Lepassaar stated that “Today’s global context is inevitably driving major changes in the cyber security threat landscape. The new paradigm is shaped by the growing range of threat actors. We enter a phase which will need appropriate mitigation strategies to protect all our critical sectors, our industry partners and therefore all EU citizens.”

State sponsored, cyber crime, hacker-for-hire actors and hacktivists remain the prominent threat actors during the reporting period of July 2021 to July 2022.

ENISA sorted threats into 8 groups. Frequency and impact determine how prominent all of these threats still are.

  • Ransomware: 60% of affected organisations may have paid ransom demands

  • Malware: 66 disclosures of zero-day vulnerabilities observed in 2021

  • Social engineering: Phishing remains a popular technique but we see new forms of phishing arising such as spear-phishing, whaling, smishing and vishing

  • Threats against data: Increasing in proportionally to the total of data produced

  • Disinformation – misinformation: Escalating AI-enabled disinformation, deepfakes and disinformation-as-a-service

  • Supply chain targeting: Third-party incidents account for 17% of the intrusions in 2021 compared to less than 1% in 2020

  • Threats against availability:

    • Largest denial of service (DDoS) attack ever was launched in Europe in July 2022

    • Internet: destruction of infrastructure, outages and rerouting of internet traffic.

https://www.helpnetsecurity.com/2022/11/08/cybersecurity-threat-landscape-2022/

  • Swiss Re Wants Government Bail Out as Cyber Crime Insurance Costs Spike

As insurance companies struggle to stay afloat amid rising cyber claims, Swiss Re has recommended a public-private partnership insurance scheme with one option being a government-backed fund to help fill the coverage gap.

Global cyber insurance premiums hit $10 billion in 2021, according to Swiss Re's estimates. In a study published this week, the insurance giant forecasted 20 percent annual growth to 2025, with premiums rising to $23 billion over the next few years.

Meanwhile, annual cyber attack-related losses total about $945 billion globally, and about 90% of that risk remains uninsured, according to insurance researchers at the Geneva Association.

While Forrester estimates a typical data breach costs an average $2.4 million for investigation and recovery, only 55 percent of companies currently have cyber insurance policies. Additionally, less than 20 percent have coverage limits in excess of $600,000, which the analyst firm cites as the median ransomware demand in 2021.

https://www.theregister.com/2022/11/08/government_cyber_insurance/

  • Extortion Economics: Ransomware's New Business Model

Ransomware-as-a-service lowers the barriers to entry, hides attackers’ identities, and creates multitier, specialised roles in service of ill-gotten gains.

Did you know that more than 80% of ransomware attacks can be traced to common configuration errors in software and devices? This ease of access is one of many reasons why cyber criminals have become emboldened by the underground ransomware economy.

And yet many threat actors work within a relatively small and interconnected ecosystem of players. This pool of cyber criminals has created specialised roles and consolidated the cyber crime economy, fuelling ransomware-as-a-service (RaaS) to become the dominant business model. In doing so, they've enabled a wider range of criminals to deploy ransomware regardless of their technical expertise and forced all of us to become cyber security defenders in the process.

Ransomware takes advantage of existing security compromises to gain access to internal networks. In the same way businesses hire gig workers to cut costs, cyber criminals have turned to renting or selling their ransomware tools for a portion of the profits rather than performing the attacks themselves.

This flourishing RaaS economy allows cyber criminals to purchase access to ransomware payloads and data leakage, as well as payment infrastructure. What we think of as ransomware gangs are actually RaaS programs like Conti or REvil, used by the many different actors who switch between RaaS programs and payloads.

RaaS lowers the barrier to entry and obfuscates the identity of the attackers behind the ransoming. Some programs can have 50 or more "affiliates," as they refer to their users, with varying tools, tradecraft, and objectives. Anyone with a laptop and credit card who is willing to search the Dark Web for penetration-testing tools or out-of-the-box malware can join this maximum efficiency economy.

https://www.darkreading.com/microsoft/extortion-economics-ransomware-s-new-business-model

  • Confidence in Data Recovery Tools Low

A recent IDC and Druva survey asked 505 respondents across 10 industries about their ransomware experiences and found that many organisations struggle to recover after an attack. In the survey, 85% of the respondents said their organisations had a ransomware recovery plan. The challenge seems to lie in effectively executing that plan.

"A majority of organisations suffered significant consequences from ransomware attacks including long recoveries and unrecoverable data despite paying a ransom," states the "You Think Ransomware Is Your Only Problem? Think Again" report.

Data resiliency is such an important element of cyber security that 96% of respondents considered it a top priority for their organisations, with a full 77% placing it in the top 3. What's striking about the survey results is that only 14% of respondents said they were "extremely confident" in their tools, even though 92% called their data resiliency tools "efficient" or "highly efficient."

When data is spread across hybrid, cloud, and edge environments, data resiliency becomes much more complicated. A plan might seem to cover everything, but then you realise that you lost your backup or can't find the latest restore point.

The ability to recover from an attack is vital, since the growth in ransomware makes it likely that your organisation will get hit. This is why agencies like NIST recommend preparing for when an attacker pierces your defences rather than trying to keep out every intruder. That mindset also shifts the priority to preparation and planning; you need to create a disaster recovery plan that includes policy on restore points and recovery tools — and you need to practice implementing that plan before disaster strikes.

The report lists three key performance indicators that reveal the success of an organisation's recovery from a cyber attack:

  • The ability to fully recover encrypted or deleted data without paying a ransom.

  • Zero data loss in the process of recovering the data.

  • Rapid recovery as defined by applicable service-level requirements.

When a recovery fails to meet these criteria, then the organisation may suffer financial loss, loss of reputation, permanently lost customers, and reduced employee productivity.

https://www.darkreading.com/tech-trends/confidence-in-data-recovery-tools-low

  • Russia’s Sway Over Criminal Ransomware Gangs Is Coming into Focus

Russia-based ransomware gangs are some of the most prolific and aggressive, in part thanks to an apparent safe harbour the Russian government extends to them. The Kremlin doesn't cooperate with international ransomware investigations and typically declines to prosecute cyber criminals operating in the country so long as they don't attack domestic targets. A long-standing question, though, is whether these financially motivated hackers ever receive directives from the Russian government and to what extent the gangs are connected to the Kremlin's offensive hacking. The answer is starting to become clearer.

New research presented at the Cyberwarcon security conference in Arlington, Virginia, this week looked at the frequency and targeting of ransomware attacks against organisations based in the United States, Canada, the United Kingdom, Germany, Italy, and France in the lead-up to these countries' national elections. The findings suggest a loose but visible alignment between Russian government priorities and activities and ransomware attacks leading up to elections in the six countries.

The project analysed a data set of over 4,000 ransomware attacks perpetrated against victims in 102 countries between May 2019 and May 2022. The analysis showed a statistically significant increase in ransomware attacks from Russia-based gangs against organisations in the six victim countries ahead of their national elections. These nations suffered the most total ransomware attacks per year in the data set, about three-quarters of all the attacks.

The data was used to compare the timing of attacks for groups believed to be based out of Russia and groups based everywhere else. They looked at the number of attacks on any given day, and what they found was an interesting relationship where for these Russia-based groups, there was an increase in the number of attacks starting four months before an election and moving three, two, one month in, up to the event.

The findings showed broadly that non-Russian ransomware gangs didn't have a statistically significant increase in attacks in the lead-up to elections. Whereas two months out from a national election, for example, the researchers found that organisations in the six top victim countries were at a 41 percent greater chance of having a ransomware attack from a Russia-based gang on a given day, compared to the baseline.

https://www.wired.com/story/russia-ransomware-gang-connections/

  • Insider Risk on the Rise: 12% of Employees Take IP When Leaving Jobs

Twelve percent of all employees take sensitive intellectual property (IP) with them when they leave an organisation.

The data comes from workforce cyber intelligence and security company Dtex, which published a report about top insider risk trends for 2022. “Customer data, employee data, health records, sales contacts, and the list goes on,” reads the document. “More and more applications are providing new features that make data exfiltration easier. For example, many now provide the ability to maintain clipboard history and sync across multiple devices.”

Case in point, the report also suggests a 55% increase in unsanctioned application usage, including those making data exfiltration easier by allowing users to maintain clipboard history and sync IP across multiple devices. “Bring Your Own Applications (BYOA) or Shadow IT can be a source of intelligence for business innovation,” Dtex wrote. “Still, they pose a major risk if the security team has not tested these tools thoroughly.”

Further, the new data highlight a 20% increase in resignation letter research and creation from employees taking advantage of the tight labour market to switch positions for higher wages.

“In most cases, an individual planning to leave the business is not pleased with the company’s product, co-workers, work environment, or compensation,” reads the report. “Disgruntled employees are usually jaded by a business that has not shown any steps to alleviate concerns, even after communication attempts.”

Finally, the Dtex report says the industry has witnessed a 200% increase in unsanctioned third-party work on corporate devices from a high prevalence of employees engaged in side gigs.

https://www.infosecurity-magazine.com/news/12-of-employees-take-ip-when/

  • Why a Clear Cyber Policy is Critical for Companies

In October, Joe Sullivan, Uber’s former head of security, was convicted of covering up a 2016 data breach at the ride hailing giant by hiding details from US regulators and then paying off the hackers.

It was a trial followed nervously by cyber security professionals around the world — coming eight years after an incident that had compromised the personal information of more than 57mn people.

“Any news about another company dealing with a data security incident can strike a bit of fear across industries,” notes Mary Pothos, chief privacy officer at digital travel company Booking.com. She adds that incidents like these cause “many companies to pause, rethink or revisit their internal processes to make sure that they are operating effectively”.

These incidents, and threats, are growing at lightning speed, too. War in Ukraine is now being played out as much in cyber space as on the battlefield. The Covid pandemic has forced businesses to rethink where their employees work, and handle or access data. At the same time, the sheer number of web-connected devices is multiplying.

“We need to be people who can predict what is coming along the line, predict the future, almost” said Victor Shadare, head of cyber security at media company Condé Nast, at a recent FT event on cyber security.

Palo Alto Networks, a specialist security company, found that cyber extortion grew rapidly in 2021. Some 35 new ransomware gangs emerged, the average ransom demand increasing 144 per cent that year to $2.2mn, and the average payment rose by 78 per cent to $541,010.

Meanwhile, cyber security personnel have found themselves hemmed in by increasingly onerous regulations. These include threats of legal action if the right people are not informed about breaches, or if products come to market that are not safe enough. On September 15, for example, the European Commission presented a proposal for a new Cyber Resilience Act to protect consumers from products with inadequate security features.

“New domains of security have sprung up over the past years, so it’s not just an information technology problem any more, it’s really a full company risk issue,” says Kevin Tierney, vice-president of global cyber security at automotive group General Motors. He warns that automated and connected vehicles have thrown up additional threats to be addressed.

“You have to start out with the right governance structure and the right policies and procedures — that’s step one of really getting the company to understand what it needs to do,” he says. These include clear rules on how to disable access to tech equipment, on data protection and storage, on transferring and disposing of data, on using corporate networks, and on reporting any data breaches.

Security experts also tend to agree that there need to be robust systems of governance and accountability, to prevent the sort of trouble that befell Sullivan at Uber. Perhaps most crucially, staff across the organisation, from C-suite to assistants, need to know how to spot and manage a threat.

https://www.ft.com/content/0bb6df09-7d77-4605-aac3-89443ed65a18

Threats

Ransomware and Extortion

Phishing & Email Based Attacks

BEC – Business Email Compromise

Malware

Mobile

Internet of Things – IoT

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

Insurance

Dark Web

Supply Chain and Third Parties

Hybrid Working

Attack Surface Management

Identity and Access Management

API

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Privacy, Surveillance and Mass Monitoring

Regulations, Fines and Legislation

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

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

Nation State Actors

Nation State Actors – Russia

Nation State Actors – China

Nation State Actors – Misc

Vulnerability Management

Vulnerabilities

Reports Published in the Last Week

Other News

Sector Specific

Industry specific threat intelligence reports are available.

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

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·       Construction

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·       Education & Academia

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·       Estate Agencies

·       Financial Services

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·       Food & Agriculture

·       Gaming & Gambling

·       Government & Public Sector (including Law Enforcement)

·       Health/Medical/Pharma

·       Hotels & Hospitality

·       Insurance

·       Legal

·       Manufacturing

·       Maritime

·       Oil, Gas & Mining

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

·       Retail & eCommerce

·       Small and Medium Sized Businesses (SMBs)

·       Startups

·       Telecoms

·       Third Sector & Charities

·       Transport & Aviation

·       Web3

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

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