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Black Arrow Cyber Threat Briefing 08 March 2024

Black Arrow Cyber Threat Intelligence Briefing 08 March 2024:

-FBI Reports Cyber Crime Losses Reached $12.5 billion in 2023, Ransomware Losses Surged by 74%, Average Ransomw Demand Reaching $600k

-Capita Plans £100 Million in Cost Cuts as it Continues to Grapple With 2023 Cyber Attack, Resulting in Significant Job Losses

-Employment Law Firm Sues IT Company Over Ransomware Attack

-Stolen Passwords are a Hacker Goldmine

-Phishing Attacks Up 40 Percent in 2023; Attackers Leverage Social Engineering for Greater Success

-Business Leaders Don’t Even Know They’ve Been Hacked

-Rising Cyber Security Risks: Insider Threat Main Concern Among Mid-Market Firms

-Security Risks Plague SMEs in Shift to Remote Working

-After Collecting $22 Million, Ransomware Group Stages FBI Takedown

-Cyber Attacks Remain Chief Concern for Businesses

-Two New Ransomware Groups Join Forces to Launch Joint Attacks

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

FBI Reports Cyber Crime Losses Reached $12.5 billion in 2023, Ransomware Losses Surged by 74%, Average Ransom Demand Reaching $600k

An FBI report into the cost of cyber crime has found that estimated losses in the US alone reached $12.5 billion in 2023. Ransomware accounted for $59.6 million, a 74% increase from the previous year’s report. Of note, the FBI report only deals with complaints made to the FBI; it therefore excludes other countries, and relies on the US organisations to identify that they have been impacted. It is therefore likely that the figure in the US, let alone globally, is significantly higher.

Sources: [Security Boulevard] [Security Week] [Infosecurity Magazine] [Tripwire] [Security Affairs]

Capita Plans £100 Million in Cost Cuts as it Continues to Grapple With 2023 Cyber Attack, Resulting in Significant Job Losses

In the aftermath of a significant cyber attack in 2023, Capita faces a steep financial hurdle with reported losses amounting to £106.6 million. Originally forecasted at £25 million, the revised figure underscores the substantial impact of the breach. Capita’s response strategy, including significant investments in recovery and cyber security bolstering, emphasises the escalating costs associated with data breaches. CEO Adolfo Hernandez announced plans for a substantial cost reduction of over £100 million, indicating the critical need for efficiency improvements to mitigate the financial strain. Capita’s experience serves as a potent reminder of the critical importance of robust cyber resilience strategies. These strategies are not just about preventing attacks, but also about mitigating the potentially devastating financial consequences should a breach occur.

Source: [ITPro]

Employment Law Firm Sues IT Company Over Ransomware Attack

A law firm in California has sued an IT solutions company, saying that after hiring the company to install a network system and server, the law firm suffered a ransomware attack. The law firm found that not long after the network was installed, they were unable to access their data, and when they had gone to retrieve a cloud backup, they had found this was already deleted, forcing them to pay the ransom to get their data back. The law firm is accusing the IT company of negligence and breach of contract and is seeking damages of at least $1 million.

Source: [Law360]

Stolen Passwords are a Hacker Goldmine

Passwords are not only crucial for organisational security, but they also come with significant costs and vulnerabilities. From the time spent by service desks on resets, to the expense of security incidents and breaches, the financial toll is substantial. Weak or reused passwords heighten the vulnerability, with breaches involving stolen credentials costing an average of $4.45 million. Cyber threats are evolving, with hackers increasingly favouring stolen user accounts over traditional malware. This shift, underscored by a notable 71% increase in attacks leveraging valid login credentials in 2023 as reported by CrowdStrike and IBM, highlights the repercussions of compromised credentials. Embracing technologies like multi-factor authentication (MFA) and single sign-on (SSO), along with employee education, can bolster security while alleviating financial strains. Robust identity management and zero-trust security frameworks are essential to mitigate risks further, especially in the face of rising cloud intrusions. Proactive investments in password security software such as password managers can help streamline operations and enhance overall organisational resilience against these evolving threats.

Sources: [Bleeping Computer] [Axios

Phishing Attacks Up 40 Percent in 2023; Attackers Leverage Social Engineering for Greater Success

Kaspersky recently released their annual spam and phishing report in which they identified over 709 million attempts to access phishing and scam websites, a 40% increase from the previous year. It should be noted that this number is just related to Kaspersky’s identification; the figure is likely far greater. With reports identifying that 90% of phishing involves social engineering, it is important to understand how it is leveraged.

Phishing attacks generally include an element of trust; for example, a bad actor impersonating a reputable brand or providing details about an individual that makes the attack more credible. Often, social engineering will rely on human characteristics, such as urgency, emotion and habit to try to manipulate the target to perform particular actions. Whilst the tools may change, the basis is the same; a successful phish requires user interaction. To mitigate the impact of phishing in corporate environments, organisations must stay informed about the latest adversarial activity and prioritise security measures such as multi-factor authentication (MFA) and providing employee awareness and education training that goes beyond ticking boxes.

Sources: [Beta News] [CSO Online] [Security Boulevard] [DarkReading]

Business Leaders Don’t Even Know They’ve Been Hacked

A survey of over 10,000 business leaders across various industries has found that a number of business leaders know little when it comes to their organisation’s cyber security landscape, with 1 in 10, “unsure” and unable to provide a definitive answer as to whether their organisation has had a data breach in 2023. The report highlights that there are a number of leadership positions that are not receiving sufficient information about their organisation’s data security situation.

Receiving regular reports with metrics about the organisation’s cyber security posture is key to organisations achieving and maintaining a solid level of governance, something that is required in various standards and regulations.

Source: [Tech.Co]

Rising Cyber Security Risks: Insider Threat Main Concern Among Mid-Market Firms

According to the 2023 CyberArk Identity Security Threat Landscape Report, insider threats are on the rise, with 68% of organisations reporting an increased frequency in the past year. These threats, considered one of the top concerns over the next 12 months, stem from within an organisation where authorised employees exploit their access to steal or leak sensitive data. Factors such as flexible working, an increase in job transitions, workforce reductions, third-party relationships, economic uncertainties, and employee stress levels further compound these challenges. Negligence, accounting for 62% of insider incidents, plays a significant role; these threats aren’t always malicious but can also be negligent or accidental. As these threats evolve, the potential consequences, including revenue loss and reputational damage, are becoming more apparent to business leaders. To mitigate risks, companies must prioritise improving identity security, particularly in controlling privileged access, and embrace a Zero Trust approach. This ensures full visibility and control over access to sensitive data, safeguarding critical assets and enhancing cyber resilience in an increasingly volatile landscape. Other key identified threats include AI-related risks, ransomware, deep fakes, and malware.

Sources: [TechRadar] [Comms Business]

C-Suite Executives: An Attacker’s Dream?

Cyber criminals are increasingly focusing on high-value targets, particularly C-suite executives who hold extensive organisational access. These executives, often overlooked in security practices and training, have become vulnerable links. The cyber security landscape of 2023 saw significant advancements but also revealed vulnerabilities, exacerbated by global conflicts and strategic cyber attacks. Cyber actors are now targeting entities with high return potential, with ransomware attackers tailoring their strikes to maximise revenues, often from smaller organisations. Interestingly, while automation is on the rise, cyber criminals are opting for a human touch, with human operatives often behind attacks. A report last year showed a nearly 30% spike in fraud specifically targeting senior executives, highlighting the vulnerability of the C-suite. This emphasises the need for robust cyber resilience strategies to safeguard these high-value targets.

Source: [SecurityBrief New Zealand]

Security Risks Plague SMEs in Shift to Remote Working

In the wake of the COVID-19 pandemic, remote working surged, offering businesses newfound flexibility and cost efficiencies. However, this paradigm shift comes with its own set of security challenges, particularly impacting startups and small businesses. The inherent flexibility of remote work exposes companies to risks like unauthorised access, IP theft, and malware. These threats are especially potent for SMEs, jeopardising their financial stability and reputation. Robust security measures include VPNs, enforcing regular software updates, and employee training to mitigate these risks. By embracing these strategies, SMEs can navigate the remote work landscape securely, unlocking its benefits while safeguarding against potential threats.

Source: [SecurityBrief New Zealand]

After Collecting $22 Million, Ransomware Group Stages FBI Takedown

The ransomware group responsible for facilitating a huge attack against a US prescription drug company for $22 million has gone dark, days after receiving the payment and standing accused of scamming their own affiliate out of their share of the gains. Days after the payment was made, AlphV’s public website started displaying a message saying it had been seized by the FBI as part of an international law enforcement action. Ransomware researchers have since said that it has not actually been seized, but appears to be a ploy to exit scam affiliates of the ransomware group. This proves the old adage that there really is no honour among thieves.

Source: [Ars Technica]

Cyber Attacks Remain Chief Concern for Businesses

A recent report has underscored the growing concern among UK corporate businesses regarding cyber attacks as the primary fraud threat in the upcoming year, with 73% of respondents expressing worry. As businesses grapple with the shift to hybrid and remote work models, ensuring robust counter-fraud measures and internal controls is imperative to safeguarding workforces regardless of location. This situation emphasises the critical importance of investing in employee training to combat evolving fraud threats. It highlights the far-reaching consequences that fraud can have on organisations and underscores the necessity of fostering an anti-fraud culture across all levels of the enterprise.

Source: [TheHRDirector]

Two New Ransomware Groups Join Forces to Launch Joint Attacks

Two ransomware groups, Ghostsec and Stormous, have joined forces to conduct double extortion ransomware attacks on various businesses across multiple countries. As part of this, their new ransomware-as-a-service (RaaS) program, STMX_GhostLocker, provides various options for their affiliates. GhostSec is already part of a coalition called the five families, involving 4 other entities. The group ventured into RaaS last year, offering services for as little as $269.99 per month.

Source: [The Hacker News]



Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Supply Chain and Third Parties

Cloud/SaaS

Identity and Access Management

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Training, Education and Awareness

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda


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

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

North Korea

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


Vulnerability Management

Vulnerabilities





Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3


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

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

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

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

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Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 23 February 2024

Black Arrow Cyber Threat Intelligence Briefing 23 February 2024:

-Despite Recent FBI Disruptions, a Rise in Ransomware Means 2024 Will be a Volatile Year for Cyber Security

-The Old, Not the New: Basic Security Issues Still the Biggest Threat to Enterprises

-Reevaluating Your Cyber Security Priorities

-Cyber Threat Environment at its Most Dangerous for SMBs, as Geopolitical Tenison, Extortion and Attacks Present Biggest Risks

-Legal Sector Grows as a Target, with Cyber Attacks on Law Firms Surging by Over a Third

-It’s Not Only Ransomware Seeing Huge Rises, Business Email Compromise (BEC) Attacks are Also Seeing a Huge Rise – is Your Business Prepared?

-Deepfake Phishing Grew by 3,000% in 2023, and it’s Just the Beginning

-Cyber Attacks are Getting Faster, More Common and More Successful, Although Detection is More Advanced Than Ever — New Report Signals the Threats to Businesses, Supply Chains, and Democracy

-Report Finds Malicious Emails Bypassing Secure Email Gateways Rose by 105%

-Rising Cyber Threats Identified Amongst Other Major Business Risks for 2024

-Huge Cyber Security Leak Lifts the Lid on China’s Hackers for Hire

-Fifth of British Kids Have Broken the Law Online

-Over 40% of Firms Struggle with Cyber Security Talent Shortage

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

Despite Recent NCA and FBI Disruptions, a Rise in Ransomware Means 2024 Will be a Volatile Year for Cyber Security

There has been a lot of high profile coverage this week of the infamous and prolific LockBit gang’s infrastructure having been seized by law enforcement following an international Police operation led by the UK’s National Crime Agency. Whilst the international operation shows the seriousness of the matter, and the success of the operation should be celebrated, those celebrations should be muted and organisations should not become lax. Like the Hydra of Greek mythology, when one head disappears, a few more appear in its place. Ransomware really is a case of if, not when, and your organisation needs to be prepared.

Further, a recent threat report has found that the median ransom demand rose by 20% year on year, hitting an average of $600,000 and it is expected that 2024 will be even more volatile. Ransomware groups are expanding their target lists and exploring new pressure tactics in response to increasingly effective law enforcement efforts, and this is coupled with the increasing regulatory impact on organisations.

Sources: [Sky News] [GOV Infosecurity] [Bleeping Computer] [Infosecurity Magazine] [Cyber Reason]

The Old, Not the New: Basic Security Issues Still the Biggest Threat to Enterprises

In the latest IBM X-Force Threat Intelligence Index, it was revealed that basic security issues remain the most significant threat to enterprises. Cyber criminals are increasingly turning to credential stuffing, using and exploiting valid accounts harvested from the darkweb and previous breaches, with a 266% uptick in info-stealing malware. This tactic is harder to detect and elicits a costly response from enterprises. On the other hand, it is also important to adopt an attacker mindset for effective security. Understanding the attacker’s tools, motives, and efforts can help in limiting access, compartmentalising the impact of any successful attack, and minimising the time to attack detection. In essence, while organisations continue to grapple with complex cyber threats, the biggest security problem boils down to the basic and the already known. Therefore, it is crucial to focus on strengthening basic security measures and thinking like an attacker to proactively mitigate the risk for a more secure attack surface.

Source: [Help Net Security] [Forbes]

Reevaluating Your Cyber Security Priorities

Both technology and cyber criminals are evolving, yet many companies and organisations are not. For many corporate leaders, they may not know where to begin. Organisations looking to evolve their cyber security posture should look to elevate cyber to the C-suite and board, conduct audits of their sensitive information, create or update and test their incident response plan and finally, revisit their cyber hygiene training to ensure it is doing more than just ticking boxes. Organisations doing the above will find themselves improving their cyber security posture, and mitigating their risk to threats.

Source: [Dark Reading]

Cyber Threat Environment at its Most Dangerous for SMBs, as Geopolitical Tenison, Extortion and Attacks Present Biggest Risks

A new study has found that extortion campaigns, geopolitical threats, and attacks on small and medium-sized businesses (SMBs) are amongst the greatest threats to cyber security defences currently. The report, conducted by Mimecast, highlights how individual ransom groups have claimed over 1,000 victims and over $300 million in payments. Regarding SMBs, the report found that these businesses encountered twice the normal number of threats, at over 30 threats per user, as compared to larger companies who saw approximately 15. Not only are SMBs at more risk, but they also do not have the same resources a large company would have to mitigate such threats. SMBs must be efficient in the way they prioritise and address their cyber risk as part of their larger risk management strategy.

Sources: [Emerging Risks] [The HR Director]

Legal Sector Grows as a Target, with Cyber Attacks on Law Firms Surging by Over a Third

A new report has found that the number of reported cyber breaches on UK law firms has increased 30% from the previous year, as attackers increasingly target the profession. As a note, this does not include firms who may be unaware that they have been breached. Law firms are an attractive target to attackers due to the sensitive information such as M&A activity, divorce information and big ticket litigation; many attackers believe that law firms will pay handsomely to have this data back.

Sources: [Emerging Risks] [Legal Cheek]

It’s Not Only Ransomware Seeing Huge Rises: Business Email Compromise (BEC) Attacks are Also Seeing a Huge Rise. Is Your Business Prepared?

A recent report found that business email compromise (BEC) saw a staggering increase of 10 time the amount compared to the previous year. BEC involves a genuine business email account being compromised by a threat actor; this could be your supplier, a client, or anyone you have legitimate contact with. With such an increase, organisations must consider if they would be able to spot and mitigate BEC in their corporate environment through robust operational controls such as callback procedures for example. Due to the rise in deep fake fraud with voice cloning and video, the efficacy of traditional safeguards such as callbacks are not providing the assurance they once did. Firms and employees need to be on their guard to these changing tactics to safeguard the business.

Source: [TechRadar]

Deepfake Phishing Grew by 3,000% in 2023, and it’s Just the Beginning

Phishing remains one of the most prevalent cyber security threats, and with the emergence of artificial intelligence it is only going to carry on getting worse. According to a recent report, the number of deepfake fraud attempts rose by 3,000%. In one instance, the CEO of an energy enterprise sent €220,000 to a supplier after getting a call from the parent company’s leader requesting the exchange; the call was a deepfake.

Source: [HackerNoon]

Cyber Attacks are Getting Faster, More Common and More Successful, Although Detection is More Advanced Than Ever. New Report Signals the Threats to Businesses, Supply Chains, and Democracy

A recent report from CrowdStrike sheds light on the increasing speed and sophistication of cyber attacks. Breakout times have plummeted to an average of 62 minutes, with a record time of just two minutes and seven seconds observed. Hackers are now targeting the cloud, exploiting its vulnerabilities and leveraging AI assistance to escalate attacks. The human factor remains a primary entry point for threat actors, with social engineering and phishing campaigns on the rise. As organisations transition to the cloud, threat actors follow suit, with cloud intrusions soaring by 75%. CrowdStrike warns of state-sponsored adversaries targeting critical elections, emphasising the need for a platform-based approach bolstered by threat intelligence to safeguard against evolving threats.

Source: [TechRadar]

Report Finds Malicious Emails Bypassing Secure Email Gateways Rose by 105%

A report by Cofense has found a 105% increase in malicious emails that successfully bypassed Secure Email Gateways (SEGs), with approximately one malicious email navigating their way past SEGs every 57 seconds. The report suggests that phishing efforts are outpacing that of SEGs, and such phishing efforts are responsible for 90% of data breaches. Whilst SEGs may be filtering out a number of malicious emails, they, like everything in cyber security, are not a silver bullet. Organisations should not fall foul of believing that they are impenetrable because they have a SEG.

Sources: [SiliconANGLE] [Security Magazine] [Help Net Security]

Rising Cyber Threats Identified as Major Business Risk for 2024

In the latest Allianz risk barometer, cyber incidents have been identified as the most significant concern for companies globally in 2024. This is particularly true for remote desktop connections, which have become a prime target for cyber attacks since the shift to a work-from-home environment. The report also highlights that the risk landscape is being shaped by digitalisation, climate change, and geopolitical uncertainties. Meanwhile, a report from Coalition reveals that the cyber attack surface has expanded due to new ways of working. The report found that smaller businesses often lack the resources to prepare for a wide range of risk scenarios, which can lead to longer recovery times after an unexpected incident. These findings underscore the importance of robust cyber security measures and the need for continuous monitoring and improvement of an organisation’s digital defences.

Sources: [Reinsurance News] [Allianz]

Huge Cyber Security Leak Lifts the Lid on China’s Hackers for Hire

A huge leak of data from a Chinese cyber security firm, iSoon, has revealed state security agents paying tens of thousands of pounds to harvest data on targets, including the likes of foreign governments, and the leak shows this has been going on for years. Since the release, CrowdStrike has drawn overlaps between the firm and multiple known Chinese threat actors who are well resourced and conduct attacks over an extended period (referred to as advanced persistent threats, APTs). Among some of the 500 leaked documents are product manuals, lists of clients and employees, and WeChat instant messages. The leaks show over 14 governments have been attacked, as well as gambling and telecommunications companies.

Sources: [Dark Reading] [The Guardian]

Fifth of British Kids Have Broken the Law Online

In a recent study by the UK National Crime Agency (NCA), one in five children aged 10 to 16 have engaged in online offences with the figure rising to 25% among online gamers. These "low-level" cyber crimes, such as attempting to access protected servers or launching distributed denial of service (DDoS) attacks, may not be perceived by young individuals as violating the Computer Misuse Act. The consequences, however, are severe, including potential arrest, criminal records, and restrictions on future opportunities. The NCA stresses the importance of educating both children and adults about the legal and ethical implications of such actions, highlighting the transition from minor offences to more serious cyber crimes. With a significant shortage of cyber security professionals globally, fostering positive digital skills among young individuals is crucial for meeting industry demands and deterring cyber crime. Parents, teachers, and children are encouraged to explore resources provided by the NCA's Cyber Choices website to prevent inadvertent involvement in illegal online activities.

Source: [Infosecurity Magazine]

Over 40% of Firms Struggle with Cyber Security Talent Shortage

A recent report from Kaspersky has unveiled a critical global challenge: over 40% of companies are struggling to fill essential cyber security roles, with information security research and malware analysis roles particularly affected. This scarcity is felt most acutely in Europe and Latin America. Roles within security operations centres (SOCs) and network security are also understaffed, with figures around 35% and 33% respectively. The government sector faces the most significant demand for cyber security experts, followed closely by the telecoms and media sectors. While efforts like offering competitive salaries and enhanced training are underway, the gap persists due to the rapid pace of technological advancement outstripping educational initiatives. The report emphasises the need for innovative solutions to bridge this shortfall, highlighting recruitment, training, and technological advancements as key components of a comprehensive strategy to bolster cyber security resilience in the face of evolving threats.

Source: [Infosecurity Magazine]


Governance, Risk and Compliance


Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering

Artificial Intelligence

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Cyber Crime General & 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

Training, Education and Awareness

Regulations, Fines and Legislation

Careers, Working in Cyber and Information Security

Misinformation, Disinformation and Propaganda


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

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea


Vulnerability Management

Vulnerabilities





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 12 January 2024

Black Arrow Cyber Threat Intelligence Briefing 12 January 2024:

-Boardrooms on Notice: Cyber Security Oversight More Important Than Ever

-Ransomware Incidents Reported to UK Financial Regulator Doubled in 2023

-Businesses Can’t Survive Without Their IT Systems – and They’re Under Attack More Than Ever

-Cyber Insecurity and Misinformation Top WEF Global Risk List

-Why Effective Cyber Security and Risk Management are Crucial for Business Growth

-The Cost of Dealing with a Cyber Attack Doubled Last Year

-Merck Settles NotPetya Insurance Claim – Leaving Cyber Warfare Definition Unresolved

-Mandiant, SEC Lose Control of X Accounts Without 2FA

-If you Prepare, a Data Security Incident Should Not Cause an Existential Crisis

-82% of Companies Struggle to Manage Security Exposure, with 28,000 New Vulnerabilities Reported Last Year

-Cyber Security is the Number One Priority for the Financial Sector Again

-Cyber Crime Marketplaces Soar in 2024: All Threats Now Available ‘As-a-Service’

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

Boardrooms on Notice: Cyber Security Oversight More Important Than Ever

In 2023, the rise in security breaches and cyber attacks caused cyber security to transcend its usual confines and emerge as a critical boardroom concern, prompting executives to recognise the need for proactive engagement. The current landscape has necessitated executive decision-makers to proactively engage in cyber security, instead of just passively observing. It is no surprise that in a survey from KMPG of over 300 CEO’s, dealing with cyber risk was designated as the top priority for the foreseeable three to five years.

When a company faces a substantial fine or penalty from a breach, it serves two crucial purposes. Firstly, it sets a precedent for ensuring companies across the board understand the repercussions of lax cyber security measures and secondly, it pushes organisations towards proactive investment in robust cyber security frameworks. Many organisations are beginning to realise that the cost of a breach, both financial and reputational, far outweighs that of prevention. Furthermore, many frameworks are now placing the board as directly responsible.

Sources: [Lexology] [Security Brief]

Ransomware Incidents Reported to UK Financial Regulator Doubled in 2023

Ransomware reported to the UK financial regulator in 2023 doubled, and the impact is clear. In a survey of CISOs based in the UK, one-third confessed to paying ransomware groups millions in recent years in a bid to alleviate the impact of an attack. The minimum ransom paid by UK businesses across a five year period stood at around $250,000, the study found. Ransomware is the dominant threat that continues to plague organisations, and it is important that your organisation is doing all it can to prevent such an attack, and has plans in place to recover when such an attack happens.

Sources: [Data Breaches] [UK mortgage news] [The Hacker News]

Businesses Can’t Survive Without Their IT Systems – and They’re Under Attack More Than Ever

As organisations find themselves more and more reliant on digital technology than ever before, the impact of not having it becomes greater and greater. As reliance on these systems grows, the level of cyber threat grows as well. A recent report found 68% of those surveyed believed they would not survive more than a single day without their IT systems, up from 46% in 2017. The report found that 54% of organisations said they experienced some form of cyber attack last year, with ransomware cited as the most disruptive.

Source: [TechRadar]

Cyber Insecurity and Misinformation Top WEF Global Risk List

In the latest report by the World Economic Forum, misinformation and disinformation have emerged as the most severe global risk anticipated over the next two years, with the risk becoming more likely as elections in several economies take place this year. As artificial intelligence models become easier to use and more accessible to the general population, this will enable an explosion of false information and synthetic content such as cloned voices and fake websites.

Another top concern identified in the report is the risk of cyber attacks and cyber insecurities. Currently the production of AI technologies is highly concentrated; this creates a significant supply chain risk, as the reliance of one or two models could give rise to systemic cyber vulnerabilities, paralysing critical infrastructure.

Source: [Infosecurity Magazine]

Why Effective Cyber Security and Risk Management are Crucial for Business Growth

Technology has changed, enhanced and transformed how business is conducted. However, these new advancements such as cloud, IoT and AI have introduced a range of new cyber security risks. It is crucial for leaders to grasp the accompanying risks to ensure the safety of their organisations, customers and products. Given the inevitability of business risk, particularly cyber risk, leaders should focus on managing it by identifying mission-critical aspects of their organisation and then determining how best to protect them. The first step to a proactive approach to cyber security is to devise a robust and tailored cyber security strategy aligned to the organisation’s risk profile. This not only improves the safety and security of the organisation, but also the trust of its customers and products in an increasingly digital world.

Source: [World Economic Forum]

The Cost of Dealing with a Cyber Attack Doubled Last Year

New research by Dell claims that the cost of global cyber attacks reached a new high in 2023, topping out at $1.41 million per attack, up $660,000 from the previous year. It was found that almost half (48%) of UK based organisations reported suffering either a cyber attack or incident that prevented access to company data.

Over half of global respondents report that malicious links in spam or phishing emails, hacked devices, and stolen credentials are the most common entry points for cyber attacks.

Source: [TechRadar]

Merck Settles NotPetya Insurance Claim – Leaving Cyber Warfare Definition Unresolved

Merck’s long legal battle with its insurers over the damage caused by the infamous NotPetya attack has finally come to an end, with the Merck agreeing to settle with their insurer providers who had refused to pay $699 million of the $1.4 million that was claimed in damages.

The legal battle began when Merck, who did not have cyber insurance, had made a claim under its ‘all-risks’ coverage. In 2022, it was stated that the NotPetya attack “is not sufficiently linked to a military action or objective as it was a non-military cyber attack against an accounting software provider” and in May 2023, this decision was upheld, forcing the insurers to settle.

Source: [Security Week] [Dark Reading]

Mandiant, SEC Lose Control of X Accounts Without 2FA

While security teams are focused on preventing the gamut of different levels of cyber attack sophistication, it can be easy for even the sharpest teams to overlook the simple stuff. This was recently seen when Google’s cyber security operation, Mandiant, temporarily lost control of its account on X (formerly known as Twitter) due to not having two-factor authentication (2FA). A separate high-profile incident also occurred this week, as the US Securities and Exchange Commission (SEC) account on X was hijacked to post a fake announcement about bitcoin, raising its value by 5%.

In March of 2023, X changed the way multi-factor authentication (MFA) worked, so that only premium subscribers have access to it. The two high-profile attacks, which were due to accounts not having MFA, show that cyber criminals are taking advantage of these changes. These incidents serve as a clear reminder that organisations must prioritise even the most fundamental security practices, such as MFA, to protect their digital assets.

Further, the attack on the SEC has opened them to criticism from firms such as SolarWinds who the SEC had previously reprimanded for cyber security failures.

Source: [Dark Reading]

If you Prepare, a Data Security Incident Should Not Cause an Existential Crisis

A question to ask is why, in the event of a data security incident, is there an overwhelming feeling that the company is doomed? Yet when there are other issues, such as internal investigations, the feeling is not as strong. For a lot of companies, these cyber incidents are the first time that their cyber response plan (if they have one at all) is enacted and it is this lack of preparation that causes such a feeling.  Companies looking to increase their cyber resilience should look to have and regularly test a cyber incident response plan; you do not want to be in the position of having to learn your plan and deal with a cyber incident at the same time.

Source: [Help Net Security]

82% of Companies Struggle to Manage Security Exposure, with 28,000 New Vulnerabilities Reported Last Year

A substantial 82% of companies have reported a widening gap between security exposures and their ability to manage them according to a recent report. For many, the issue is caused by a lack of proper remediation solutions; this formed part of the reason why 87% of surveyed organisations reported plans to enhance vulnerability and exposure remediation within the next year. The need increases when considering last year there were more than 28,000 new vulnerabilities; that is the equivalent of nearly 80 every day.

Sources: [Infosecurity Magazine] [SecurityWeek]

Cyber Security is the Number One Priority for the Financial Sector Again

In Softcat's annual Business Tech Priorities Report, the financial sector's tech investments for the coming year have been unveiled. Notably, cyber security remains the top priority for the sector with 55% prioritising cyber security before anything else, reflecting the critical need to protect against the escalating threat landscape. It's important to understand that cyber security is not merely an IT problem; it is a business imperative. As consumers increasingly embrace digital banking, the impact of digitalisation on the financial sector is evident. With cyber incidents on the rise, investment in cyber security, including zero-trust security and AI threat hunting, is imperative for safeguarding not only data but the entire business.

Sources: [The Fintech Times] [Islamic Finance News]

Cyber Crime Marketplaces Soar in 2024: All Threats Now Available ‘As-a-Service’

In 2024, cyber crime marketplaces are expected to surge even more, transitioning every cyber threat further into the “as-a-service” model. The term “as-a-service” refers to the provision of specific functionalities or tools as a service, typically offered on a subscription or pay-as-you-go basis. This allows malicious actors with limited technical skills to launch sophisticated attacks. This trend was already being spotted at the end of 2023 as a report found that 73% of all internet traffic is currently composed of malicious bots and related fraud farm activities. This highlights the need for organisations to have accurate threat intelligence and analysis to understand the digital terrain ahead of these continued and expanding “as-a-service” threats.

Source: [Security Boulevard]


Governance, Risk and Compliance


Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

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

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda


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

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea

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


Vulnerability Management

Vulnerabilities



Other News


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·         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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