Threat Intelligence Blog

Contact us to discuss any insights from our Blog, and how we can support you in a tailored threat intelligence report.

Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 13 October 2023

Black Arrow Cyber Threat Intelligence Briefing 13 October 2023:

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

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

-Ransomware Infection Times Fall from 5 Days to 5 Hours

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

-Is Your Board Cyber-Ready?

-Cyber Security Should Be a Business Priority for CEOs

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

-40% of Organisations Leave Ransomware to IT

-Auditors Growing Concern About Cyber Security

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

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

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

-Organisations Grapple with Detection and Response Despite Rising Security Budgets

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

Top Cyber Stories of the Last Week

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

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

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

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

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

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

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

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

Source: [News Week] [Beta News]

Ransomware Infection Times Fall from 5 Days to 5 Hours

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

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

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

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

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

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

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

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

Sources: [Diginomica] [Infosecurity Magazine]

Is Your Board Cyber-Ready?

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

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

Sources: [Harvard.edu] [JDSupra]

Cyber Security Should Be a Business Priority for CEOs

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

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

Source: [HelpNet Security]

The Looming Threat of a Single Phishing Click to Your Business

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

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

Source: [CMS-lawnow]

40% of Organisations Leave Ransomware to IT

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

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

Source: [MSSP Alert]

Auditors’ Growing Concern About Cyber Security

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

Source: [Accounting Today]

Preparing for the Unexpected: A Proactive Approach to Operational Resilience

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

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

Source: [Dark Reading]

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

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

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

Sources: [Bleeping Computer] [Infosecurity Magazine]

Organisations Grapple with Detection and Response Despite Rising Security Budgets

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

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

Source: [CSO Online]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

2FA/MFA

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

Deepfakes

AML/CFT/Sanctions

Insurance

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Identity and Access Management

Encryption

API

Open Source and Linux

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Parental Controls and Child Safety

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

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

Misc Nation State/Cyber Warfare

Russia

China

Iran

North Korea

Vulnerability Management

Vulnerabilities

Reports Published in the Last Week

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 29 September 2023

Black Arrow Cyber Threat Intelligence Briefing 29 September 2023:

-Ransomware Groups Are Shifting Their Focus Away From Larger Targets

-Cover-ups Still the Norm as Half of Cyber Attacks go Unreported

-Reported Cyber Security Breaches Increase Threefold for Financial Services Firms

-Attacks on SME’s Surged in The First Half of 2023

-The CISO Carousel and Its Effect on Enterprise Cyber Security

-Bermuda Struggles to Recover from Ransomware Attack

-Businesses Remain Unprepared Despite Cyber Threats Remaining a Top Concern

-Business Leaders More Anxious About Ransomware Than Recession as Tally from One Attack Alone Surpasses 2,000 Victim Organisations

-Hotel Hackers Redirect Guests to Fake Booking[.]com Site in Major Phishing Campaign

-Cyber Leaders Worry That AI Will Overwhelm Cyber Defences

-Boards Still Lack Cyber Security Expertise

-4 Legal Surprises You May Encounter After a Cyber Security Incident

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

Ransomware Groups Are Shifting Their Focus Away from Larger Targets

Ransomware groups are once again prioritising attacks on smaller organisations as they look to target those with less mature security capabilities. Analysis from Trend Micro has shown that ransomware groups such as Lockbit, Cl0p and Black Cat are slowing down attacks against “big game” targets, such as multinationals, and are focusing their attention on smaller organisations. It was found that the overall ransomware attack victim numbers increased by 47% from H2 2022.

Organisations “of up to 200 employees”, those within the small-to-medium-sized range, accounted for the majority (575) of attacks using LockBit’s ransomware across H1 2023. Similar trends were observed with rivals in the ransomware-as-a-service (RaaS) space. Nearly half (45%) of Black Cat victims were in the same size range. There are many underlying factors in the recent surge of attacks on smaller organisations, however one big cause is the economic factor and the perception that smaller organisations are not going to be as well protected.

Sources: [Techcentral] [Helpnet Security]

Cover-ups Still the Norm as Half of Cyber Attacks go Unreported

A report found that 48% of organisations that experience critical cyber incidents and disasters such as ransomware attacks do not report it to the appropriate authorities, and 41% do not even disclose cyber attacks to their boards. Alarmingly, 32% simply “forgot” and 22% self-reported that there wasn’t a system in place to report it. In the UK, failure to report a breach within 72 hours could make a company eligible for a fine up to €10 million or 2% of annual global turnover if deemed a lower-level infringement, and up to €20 million or 4% of annual global turnover for higher-level infringements.

The lack of reporting also has a knock-on effect: a significant number of cyber attacks go un-reported and therefore this skews statistics, meaning the current numbers of known cyber attacks are likely much lower than the actual figure.

Sources: [Computer Weekly] [InfoSecurity Magazine]

Reported Cyber Security Breaches Increase Threefold for Financial Services Firms

New research shows that cyber security breaches for UK financial service firms have increased threefold from 187 attacks (2021-2022) to 640 attacks (2022-2023). This comes as the pensions sector reported the biggest jump in breaches rising from 6 to 246 in the same period, a concerning large increase of 4,000%. These patterns are not only relevant to the UK however, with separate reports highlighting an 119% increase in attacks on financial sector cyber attacks globally from 2022 to 2023.

Trustees can be liable for failures in managing cyber risk, so any business looking to protect itself from the impact of a cyber attack should invest in understanding its cyber footprint, the risks it poses, and have the right policies/procedures in place.

Sources: [CIR Magazine] [PensionsAge] [CityAM] [TechRadar]

Attacks on SME’s Surged in The First Half of 2023

According to Kaspersky, small and medium enterprises (SMEs) dealt with more attacks during the first half of the year compared to the same time the year previous. Worryingly, a separate report found that over three quarters of SME leaders could not confidently identify a cyber incident at work and 50% of respondents felt they were unable to identify the difference between a phishing email and real email.

An outcome of the study was the identification of a need for effective user training. SMEs do not have the budget to have a wide range of tools, however they can strengthen their users’ security practices.  Black Arrow enables SMEs to strengthen their people controls through bespoke and affordable education and awareness training for all levels of the organisation.

Sources: [Inquirer] [HelpNet Security] [Insurance Times]

The CISO Carousel and Its Effect on Enterprise Cyber Security

The average tenure of a Chief Information Security Officer (CISO) is said to sit between 18 to 24 months; research highlights the reasons including the strain of the role, the perceived lack of leadership support, and the attraction of more money from a different employer. There is often a gap while the replacement is recruited, during which there is nobody looking after the organisation’s security.

In some cases, organisations may look to outsource by using the services of a virtual CISO (vCISO) with cost savings and greater stability and flexibility. The Black Arrow vCISO team are experienced world-class specialists, providing independent, impartial and objective expertise across the wide range of essential CISO skills with significant advantages compared to an internal resource.

Source: [Security Week]

Bermuda Struggles to Recover from Ransomware Attack

The Bermudan Government this week suffered what they referred to as a significant cyber incident. Workers were cut off from email and telephone systems, with affected departments resorting to manual processes and issuing of paper based cheques. The Government was unable to make payroll payments, and parcels could not be sent from the Island’s Post Offices. It is noted that while not all systems were affected, the government took everything offline out of precaution. It is believed that some other regional governments have also been impacted.

The attack has been attributed to Russia or Russian-based actors, but attribution in cases like this can be difficult. It should be noted that, if involvement from Russia were confirmed, both Russian state actors and Russian based cyber criminals work closely in a symbiotic relationship that benefits both parties. Using cyber crime groups as fronts provides nation state actors with a level of deniability, while also allowing them to direct the operation and benefit from it. Equally, cyber crime groups get to do their thing with the blessing, whether tacit or explicit, of the national authorities in their country. In general, countries where this happens (such as Russia, North Korea and China) have no interest in cooperating with Western authorities, so the cyber criminals essentially work with impunity.

Sources: [Duo] [GovInfo Security] [Bleeping Computer]

Businesses Remain Unprepared Despite Cyber Threats Remaining a Top Concern

A report found cyber threats continue to rank among the top three business concerns for a wide spectrum of companies. Despite it being such a concern, a significant percentage of businesses admitted to not conducting cyber assessments for vendors (57%) or customers’ assets (56%), having an incident response plan (50%), or implementing multifactor authentication for remote access (44%). Phishing scams were of particular concern, with companies reporting a notable increase in incidents, jumping from 14% to 27% over the past year.

Cyber attacks are a certainly a sobering reality, with nearly 23% of survey participants disclosing that their company had fallen victim to a cyber attack and 49% of these incidents occurred within the past year.

Source: [Reinsurance News]

Business Leaders More Anxious About Ransomware Than Recession as Victims from Single Attack Surpasses 2,000 Organisations

According to a recent study, half of business leaders are more worried about falling victim to a ransomware attack than macroeconomic hardship. Over 60% of businesses who had suffered a ransomware attack reported concerns about the prospect of a second ransomware attack, and 71% of leaders admitted their businesses wouldn’t be able to withstand it. 56% said they had increased hiring costs, nearly half experienced increased customer complaints, and 47% reported team stress. This comes as the tally of victims from the MOVEit attack alone surpasses 2,000 organisations. To make matters worse, the FBI has described dual ransomware attacks taking place, with the second attack less than 48 hours after the first.

Source: [Tech Informed] [Helpnet Security] [Helpnet Security] [BleepComputer]

Hotel Hackers Redirect Guests to Fake Booking[.]com Site in Major Phishing Campaign

Booking.com users have become the focus of a new, large-scale phishing campaign that involved hackers taking control of the hotel’s Booking[.]com account. Once in control, the attackers were then able to utilise personal information and craft messages, tailored to victims.

With many organisations using sites such as Booking[.]com, it is imperative that staff are trained effectively, to reduce the risk of them falling victim to a phishing campaign.

Sources: [BleepingComputer] [Inforsecurity Magazine]

Cyber Leaders Worry That AI Will Overwhelm Cyber Defences

A survey of 250 leaders found that 85% worry that AI will overwhelm cyber defences while almost two thirds (61%) have already seen an increase in cyber attack complexity due to AI. Overall 80% view AI as the single biggest cyber threat their business faces, and seven out of 10 are investing in more resilient measures to improve their detection and response protocols.

AI can certainly be overwhelming, but with the right expertise, organisations can navigate their way to improving their AI defences. Black Arrow’s expert team helps your leadership to understand and manage AI-based risks, and safely adopt artificial intelligence in your organisation.

Source: [Management Issues]

Boards Still Lack Cyber Security Expertise

A study by the US National Association of Corporate Directors (NACD) and the Internet Security Alliance (ISA) found that just 12% of S&P 500 companies have board directors with relevant cyber credentials, showing that there is still a lack of expertise at the board level. Boards can improve their expertise by engaging with training that is tailored to leadership. Black Arrow supports business leaders in organisations of all sizes to demonstrate governance of their cyber security, by owning their cyber security strategy and leveraging their existing internal and external resources to build resilience against a cyber security incident. Source: [Wallstreet Journal]

4 Legal Surprises You May Encounter After a Cyber Security Incident

In the event of a cyber incident, there are a number of problems that emerge, but some you may not be aware of. These may include investigations by auditors, a freeze on payments by banks, and uncertainty about notifying third parties including customers. Your insurance provide may also launch a review of the cyber security controls that you had in place before the incident, to determine the payout.

Ideally, you will never have to face a cyber incident, but it can happen and it’s best to ensure you are well placed to deal with it, by understanding what needs to be done and how to respond. Black Arrow works with organisations of all sizes and sectors to design and prepare for managing a cyber security incident; this can include an Incident Response Plan and an educational tabletop exercise for the leadership team that highlights the proportionate controls to help the organisation prevent and mitigate an incident.

Source: [Dark Reading]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

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

AML/CFT/Sanctions

Insurance

Dark Web

Supply Chain and Third Parties

Cloud/SaaS

Containers

Encryption

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Biometrics

Social Media

Malvertising

Training, Education and Awareness

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

Misinformation, Disinformation and Propaganda

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

Russia

China

Misc Nation State/Cyber Warfare

Tools and Controls

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 22 September 2023

Black Arrow Cyber Threat Intelligence Briefing 22 September 2023:

-New Ransomware Victims Surge by 47% as Small Businesses Targeted

-MGM Resorts Lost Millions of Dollars a Day in What Should be a Wakeup Call for Corporate Boards

-SMEs Overestimate Their Cyber Security Preparedness

-China’s Hacking Power Bigger Than Rest of World Combined

-Cyber Insurance Claims for Ransomware Reach Record High

-Cyber Security Still Remains the Greatest Concern for Many C-Suite Executives

-Bad Torts: Law Firms Feel the Heat from Rising Cyber Threats

-Attacker Deepfakes IT Employees’ Voice in Phone Call to Breach Company

-Insider Risks are Getting Increasingly Costly as Organisations Fail to Proactively Address Them

-Half of Executives Expect Supply Chain Challenges

-How Social Engineering Takes Advantage of Your Kindness

-Employers Blame Employees as 54% of Firms Face Cyber Attacks Annually

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

New Ransomware Victims Surge by 47% as Small Businesses Targeted

Ransomware attackers are shifting away from “big game” targets and towards easier, less defended organisations, a new report from Trend Micro has found. The report observed a 47% increase in the number of new victims of this vector from the second half of 2022, many of which were small organisations with less mature cyber postures. In fact, 57% of victims of the infamous ransomware gang LockBit, were of organisations up to 200 employees.

Small businesses can be attractive targets; they don’t have the budget of a large organisation and therefore they are more likely to have gaps that can be exploited. To combat this, small businesses need to prioritise their security budgets effectively, to allow themselves the most protection that their budget allows.

Source [Infosecurity Magazine]

MGM Resorts Lost Millions of Dollars a Day in What Should be a Wakeup Call for Corporate Boards

The recent ransomware attack on MGM Resorts has resulted in the loss of millions of dollars daily, not accounting for ransomware fees and reputational damage. MGM Resorts are a client of Okta, who noted that Caesars entertainment and three (not named) other organisations have been hit. Although the other victims have not yet been named, it has been revealed that they are in the manufacturing, retail and technology sectors. As a result of the attacks, Beazley and AIG, who provide cyber insurance, are likely to face significant losses.

The attack should act as wakeup call for corporate boards, as it once again highlights how anyone can be a victim, and if the right controls are not in place, an attack won’t be stopped. Cyber incidents are a matter of when, not if, and boards need to ensure they are prepared, and prepared to handle the fallout when an attack happens. 

Sources: [Proactive Investors] [Reuters] [Insurance Insider] [OODA Loop] [Claims Journal]

SMEs Overestimate Their Cyber Security Preparedness

According to a recent report, 57% of small and medium enterprises (SMEs) have experienced a cyber security breach, with 31% facing such an incident in the past year. Despite the increasing threat, 70% are confident in their defences, though 44% solely rely on their antivirus solutions, and a quarter don't regularly train employees on cyber security best practices or never have.

The report also found that many SMEs either underestimate the importance of robust security, believing they’re too small to be targeted, or put too much trust in their current defences. The increasing number of evolving cyber threats poses a significant risk to SMEs. Rising patterns show frequent and sophisticated attacks, highlighting the urgent need for effective security measures. Understandably, not all small business owners have the resources to obtain in-house cyber security experts. Black Arrow works with organisations of all sizes and sectors to design and prepare for managing a cyber security incident; this can include an Incident Response Plan and an educational tabletop exercise for the leadership team that highlights the proportionate controls to help the organisation prevent and mitigate an incident.

Sources: [Helpnet Security] [Security Magazine]

China’s Hacking Power Bigger Than Rest of World Combined

In a recent conference the director of the FBI highlighted the magnitude of China’s cyber power, most notably explaining that China has a bigger hacking program than the competition combined.

This comes as recent attacks have seen malicious USB drives used to spread malware and now, something we’ve not seen much before, financially motivated hacks by Chinese-speaking actors through a piece of malware known as “ValleyRAT”.

Sources: [Reuters] [Infosecurity Magazine] [WIRED] [Inforisk Today] [TechRadar]

Cyber Insurance Claims for Ransomware Reach Record High

A new report from cyber insurance provider Coalition shows a 12% increase in cyber claims over the first six months of this year, driven by the notable spikes in ransomware (19%), business email compromise (BEC) attacks (26%) and funds transfer fraud (FTF) (31%). The report found that claims severity also increased 61% from the previous six months and 117% over the last year. The average ransom demand was $1.62 million, a 47% increase over the previous six months and a 74% increase over the past year.

The report comes as the FBI and the US Cybersecurity and Infrastructure Security Agency (CISA)  released a joint advisory warning that ransomware gangs are increasingly evolving their tactics while targeting critical infrastructure sectors, including Information Technology, and Food and Agriculture. The advisory strongly discourages organisations from paying ransoms and encourages victims to report ransomware incidents to a local agency’s reporting channel. Similar advisories were released earlier in the year warning of ransomware groups such as Cl0p who exploited the vulnerability in MOVEit earlier this year.

Sources: [NextGov] [BetanNews] [Security Magazine] [CSO Online]

Cyber Security Still Remains the Greatest Concern for Many C-Suite Executives

Almost three-quarters (73%) of nearly 700 board members surveyed in a new study, believe their organisations are at risk of cyber attack, including targeted attacks; a sizable increase from the 65% last year, according to a recently released Proofpoint report. Worryingly, with the high number believing they are at risk from an attack, 53% still believed they would be unprepared for such an attack. When it came to their main concerns, malware was the top concern (40%), followed by insider threat (36%) and cloud account compromise (36%).

C-suite concern has propelled budgets, with a third of businesses increasing cyber security spending by a significant margin. As IT has become less centralised with a move towards cloud-based systems, combined with a shortage of skilled cyber security workers, businesses are having to rely more heavily on third party security according to a recent report.

This investment, along with improved security communications to executives, should enhance IT upskilling and employee awareness of cyber security.

Sources: [MSSP Alert] [Tech Radar]

Bad Torts: Law Firms Feel the Heat from Rising Cyber Threats

Publicly available reports of ransomware attacks on law firms have accelerated this year, with massive amounts of sensitive client data now in the hands of threat actors, highlighting a growing trend of cyber incidents afflicting the legal business.

One of the reasons law firms are increasingly targeted is due to the amount of sensitive data that they hold. This data can be used for extortion, insider training and general ransom purposes. In addition, many law firms utilise third parties to handle their data, increasing their risk of becoming a victim through their supply chain.

Source: [Synack]

Attacker Deepfakes IT Employees’ Voice in Phone Call to Breach Company

A recent cyber attack used AI to deepfake an IT employee’s voice. The attack started off with a phishing mail, which the unsuspecting victim employee clicked. The attacker then hit a challenge: multi-factor authentication (MFA). That was until they decided to use artificial intelligence to clone the voice of an IT employee. The attacker, now speaking as if they were the IT employee, was then able to convince the victim employee to provide the needed MFA code. As a result, the attack was successful.

The attack highlights the increase in AI for attacks, whilst also demonstrating that cyber security is more than just technology: it is people and operations too. Think about voice cloning, how would your organisation prepare for this?

Sources [PC Mag]

Insider Risks are Getting Increasingly Costly as Organisations Fail to Proactively Address Them

With the cost of insider risk the highest it has ever been (£13.25m per incident), organisations need to effectively budget and find ways to proactively address insider risk. A report found that 55% of money spent on insider incident response went toward problems caused by negligence or mistakes, and 25% for those were caused by actively malicious insiders, with the remaining 20% being attacks that out-smarted employees.

The cost and damage is acknowledged by organisations, with a separate report finding 46% of organisations self-reported that they were actively planning to spend more on proactively addressing insider risk in 2024. Budgets are not infinite however, and organisations need to effectively allocate their spending to ensure they are getting the most protection for their spend.

Sources: [Computer Weekly] [CSO Online]

Half of Executives Expect Supply Chain Challenges

With the surge in the number of attacks taking place through the software supply chain, it is no wonder almost half of executives expect supply chain challenges in the year ahead according to a survey by Deloitte. When asked about their experience, 34% of respondents self-reported that their organisation has experienced one or more supply chain cyber security events during the past year.

One of the ways to improve organisations’ supply chain security is to conduct assessments on the third parties they use, yet 21% of respondents did not do this at all. Potentially, one of the reasons for this is not knowing the correct questions to ask. Black Arrow can support you through a structured approach to asking a suite of targeted questions to your third parties, and assessing the responses for indicators of risk to your business.  

Sources [PRnewswire] [SiliconANGLE]

How Social Engineering Takes Advantage of Your Kindness

Last week, MGM Resorts disclosed a massive systems issue that reportedly rendered slot machines, room keys and other critical devices inoperable. What elaborate methods were required to crack a nearly $34 billion casino and hotel empire? According to the hackers themselves, all it took was a ten minute phone call, allowing them to gain access through a simple social engineering attack. Social engineering psychologically manipulates a target into doing what the attacker wants, or giving up information that they shouldn’t. The consequences range from taking down global corporations to devastating the personal finances of unfortunate individual victims.

Extroverted, agreeable, and open individuals are often cyber victims; fear is an attack vector and so is helpfulness. As comfort increases, so too does vulnerability to being hacked. Social engineering attacks target both corporations and individuals. A person’s positive traits can be weaknesses against such threats. Balancing kindness with scepticism is essential.

Source: [Engadget]

Employers Blame Employees as 54% of Firms Face Cyber Attacks Annually

A survey found that despite the percentage of companies that have encountered a cyber security incident in the last 12 months, a worrying 24% of employees have never had any cyber security training. The survey further found that alarmingly 42% of respondents used the same password for both home and work accounts, increasing the risk of exposing their organisational passwords. This risk was furthered by 40% of the total number of respondents keeping their password in an open file or physical notebook.

Organisations, including those already providing training, should look to ensure they implement training from experts that covers such areas; by effectively training employees, organisations will increase their cyber resilience and reduce their risk of suffering a cyber attack. Black Arrow supports organisations of all sizes in designing and delivering proportionate user education and awareness programmes, including in-person and online training as well as simulated phishing campaigns. Our programmes are secure employee engagement and build a cyber security culture to protect the organisation.  

Source: [Information Security Buzz]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

2FA/MFA

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

Deepfakes

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Hybrid/Remote Working

Shadow IT

Identity and Access Management

Encryption

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

Parental Controls and Child Safety

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Misinformation, Disinformation and Propaganda

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

Russia

China

Iran

North Korea

Misc Nation State/Cyber Warfare

Other News

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

Read More