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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.

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Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 16 February 2024

Black Arrow Cyber Threat Intelligence Briefing 16 February 2024:

-Active Phishing Campaigns Targeting Office 365, Another Forcing Remote Management Software Downloads

-Cyber Security is Your Defensive Strategy, Cyber Resilience is Your Business

-Leveraging Threat Intelligence for Regulatory compliance

-The Risks of Quishing and How Enterprises Can Stay Secure

-Phishing Attacks Increased 106% Year Over Year as 91% of Organisations Impacted by AI-enhanced Phishing Attacks

-Microsoft and OpenAI Warn State-backed Threat Actors are Using AI En Masse to Wage Cyber Attacks

-Cyber Risk Management: Bring Security to the Boardroom

-Trustees Open to Cyber Risks by Not Responding to NCSC Reporting Changes

-Nation State Actors Intensify Focus on NATO Member States

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

Active Phishing Campaigns Targeting Office 365, Another Forcing Remote Management Software Downloads

Proofpoint have released an alert relating to an active hacking operation in which cyber criminals are employing phishing traps and shared Office 365 documents to steal credentials. Hackers have been threading together credential phishing and account takeover (ATO) tactics to gain access to enterprise resources, with multiple organisations already hit. One of the identified methods in use involves attackers inserting links that direct users to click to view a document. This subsequently links them to a phishing page controlled by the attacker.

In another currently active phishing campaign, threat actors are targeting potential victims via email and SMS, with personalised content to match victim roles within their organisation. But instead of phishing for information directly, they are convincing victims to download remote monitoring and management software. Victims were directed to newly registered websites mimicking various financial institutions and asked to download a “live chat application”, which turned out to be an old version of AnyDesk. Once downloaded, the software would then allow full access to victim’s machine and network resources.

Sources: [Verdict] [Help Net Security]

Cyber Security is Your Defensive Strategy, Cyber Resilience is Your Business

A cyber attack is a matter of when, not if, and as such businesses must prepare for such an event happening to them. Whilst cyber security aims to defend the organisation, cyber resilience is about ensuring that your digital operations, which are the heart of your organisation, can withstand and quickly recover from any cyber attack, technical malfunction, or even deliberate tampering. If we think back to Covid, a lot of organisations suddenly had to adapt, to ensure that they could function as close to normal as possible. How many have tested their organisation’s ability to continue work since, or prepared for a loss of access to critical systems for an extended period of time? It’s the cyber resilient organisations that know they’ve made the right investments to significantly reduce the risk of their operations grinding to a halt.

Source: [Security Brief]

Leveraging Threat Intelligence for Regulatory Compliance

The collective improvement of cyber security is a high international priority and a wealth of EU legislation, such as NIS2 and the Digital Operational Resilience Act (DORA) is in the pipeline, to oblige organisations to understand and manage their cyber risks appropriately. As part of these regulations, threat intelligence is often a feature that can be leveraged to improve cyber resilience.

Threat intelligence can be collected from a variety of sources such as governmental advisories, dark web monitoring, private sector feeds, intelligence-sharing communities and open source information. The key for organisations is to be able to digest this, and apply it accordingly to their specific organisation, to improve their cyber resilience efforts.

Black Arrow provides weekly threat intelligence free of charge through our online blog and weekly subscription summary email. To sign up, visit https://www.blackarrowcyber.com/subscribe

Source: [BetaNews]

The Risks of Quishing and How Enterprises Can Stay Secure

QR codes have surged in popularity in the past two years, mainly due to their convenient and touchless features that streamline daily transactions, making it easy for users to scan and access information quickly. However, this surge in popularity has also caught the attention of cyber criminals, who exploit QR codes to perpetrate phishing attacks, known as "quishing." Attackers use tactics, such as disguising malicious QR codes in seemingly legitimate contexts; these pose substantial risks, leading to compromised personal and corporate data, financial loss, and reputational damage. Organisations must prioritise understanding and fortifying defences against quishing, as these attacks pose significant risks to both individuals and organisations. By educating employees on discerning phishing attempts, enforcing device security measures, and leveraging specialised solutions, organisations can bolster their resilience against QR code-based cyber threats and safeguard their digital assets effectively.

Source: [Zimperium]

Phishing Attacks Increased 106% Year Over Year as 91% of Organisations Impacted by AI-enhanced Phishing Attacks

A recent report found that phishing attempts increased 106% year on year, with malware detections up 40%. In a separate report on phishing, it was found that 91% of organisation were impacted by AI-enhanced phishing attacks. Such numbers reinforce the reason for organisations to implement effective phishing training, and this should include training regarding AI-enhanced phishing emails.

Sources: [The Fintech Times] [Security Magazine]

Microsoft and OpenAI Warn State-backed Threat Actors are Using AI En Masse to Wage Cyber Attacks

Microsoft has released a report detailing how prominent state-linked actors are using generative AI to enhance their attack methods. Russian, North Korean, Iranian, and Chinese-backed threat actors are attempting to use generative AI to inform, enhance, and refine their attacks, according to the report. It’s clear that AI is a double-edged sword, and organisations must implement processes to reduce their risk and increase their resilience to it.

Source: [ITPro]

Cyber Risk Management: Bring Security to the Boardroom

Organisations are facing the dual challenge of managing business risk and aligning with ever-expanding cyber security goals; as such, the need for a robust cyber risk management strategy is more critical than ever. This calls for organisations to effectively communicate their security posture to the board with relevant metrics.

Engaging the board requires a strategic approach, emphasising clear communication and contextual visibility. Board members are already increasingly recognising the impact of poor security on an organisation’s reputation, budget, and overall well-being; it is essential to translate security concerns into tangible metrics that resonate with the board. Real-time metrics, alignment with business goals, and educating the board on cyber security nuances can help build the foundation for such a strategy.

Source: [Trend Micro]

Trustees Open to Cyber Risks by Not Responding to NCSC Reporting Changes

Recent changes in the National Cyber Security Centre's (NCSC) threat reporting framework have prompted a call to action for pension scheme advisors.

Cyber security has fast become one of the biggest threats to pension schemes. Data breeches, scamming, ransomware, fraud: these have all become the stuff of trustee nightmares. And the sophistication of those threats is evolving rapidly, so it is important that schemes stay as far ahead of them as possible with comprehensive and proactive defence measures. It’s also imperative to check-in regularly with advisors that their measures are robust, and ensure that reports are undertaken frequently to demonstrate progression of mitigation of all vulnerabilities. A onetime spot check is simply not enough in this environment.

Source: [The HR Director]

Nation State Actors Intensify Focus on NATO Member States

The head of threat research and analysis at Google Cloud has highlighted that nation state actors consider cyber warfare as another tool in their box, noting the current ongoing cyber warfare between Russia and Ukraine. Separate reports have found that the cyber war has extended to NATO member states, with initial access brokers (individuals who sell credentials to organisations) increasingly targeting entities within NATO member states.

Sources: [Help Net Security] [World Economic Forum ] [Inforisktoday] [Help Net Security]

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

Encryption

Social Media

Malvertising

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

Iran

North Korea

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

Vulnerability Management

Vulnerabilities

Tools and Controls

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling·        

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 02 February 2022

Black Arrow Cyber Threat Briefing 02 February 2022:

-Why Cyber Change Outpaces Boardroom Engagement

-NCSC Alerts UK Orgs To Brace For Destructive Russian Cyber Attacks

-Ransomware: Over Half Of Attacks Are Targeting These Three Industries

-Third of Employees Admit to Exfiltrating Data When Leaving Their Job

-Massive Social Engineering Waves Have Impacted Banks In Several Countries

-Ransomware Is Terrifying – But Never Underestimate The Damage An Employee With Unmonitored Access Can Do

-People Working In IT Related Roles Equally Susceptible To Phishing Attempts As The General Population

-FBI Says More Cyber Attacks Come From China Than Everywhere Else Combined

-Managing Detections Is Not the Same as Stopping Breaches

-From War to Web Security, Protect Your Attack Surface from the Weakest Link

-Number Of Data Compromises Reaching All-Time High

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

Top Cyber Stories of the Last Week

Cyber Change Outpaces Boardroom Engagement

We all know the story of the past two years. Mass digital investments in SaaS collaboration suites, cloud infrastructure and other tools helped to keep organisations operational when they needed it most. The money continues to flow today, as those same companies realize they must keep on pumping funds into digital to stay competitive amidst rising customer expectations. Gartner predicted public cloud spending growth would hit 23% year-on-year in 2021 and increase 20% this year to top $397bn.

From a cyber security perspective, these business decisions are loaded with risk if protections are not built into projects from the start. A recent global poll revealed that of 90% of business and IT decision makers are concerned about the impact of ransomware. It also found generally poor levels of cyber-awareness among board members. Less than half (46%) of respondents claimed concepts like “cyber risk” and “cyber risk management” were known extensively in their organisation.

The truth is that many board leaders do understand the need for greater investment in security as a strategic growth driver. But they find it hard to keep pace with a threat landscape that moves at the speed of light. Vulnerabilities used to go months or years before they were exploited, for example, but today threat actors are working on exploits for bugs like Log4Shell within hours of their discovery. That makes the fast-changing risk landscape difficult to grasp for even tech-savvy C-suite leaders. As a result, cyber risk continues to be managed reactively, which puts the organisation perpetually on the back foot.

https://www.trendmicro.com/en_us/research/22/b/why-cyber-change-outpaces-boardroom-engagement.html

NCSC Alerts UK Orgs to Brace for Destructive Russian Cyber Attacks

The UK’s National Cyber Security Centre (NCSC) is urging organisations to bolster security and prepare for a potential wave of destructive cyber attacks after recent breaches of Ukrainian entities.

The NCSC openly warns that Russian state-sponsored threat actors will likely conduct the attacks and reminds of the damage done in previous destructive cyber attacks, like NotPetya in 2017 and the GRU campaign against Georgia in 2019.

These warnings come after Ukrainian government agencies and corporate entities suffered cyber attacks where websites were defaced, and data-wiping malware was deployed to destroy data and make Windows devices inoperable.

The cause for the resurgence of attacks is the tensions between Russia and Ukraine, and attempts to negotiate a way out of the Ukraine crisis have failed so far.

Ukraine and Russia have engaged in cyber warfare for many years, but recent Russian military mobilization was accompanied by new waves of attacks, with European countries and the USA expected to be targeted next.

https://www.bleepingcomputer.com/news/security/ncsc-alerts-uk-orgs-to-brace-for-destructive-russian-cyberattacks/

Over Half of Ransomware Attacks are Targeting Financial Services, Utilities and Retail

Three sectors have been the most common target for ransomware attacks, but researchers warn "no business or industry is safe".

Over half of ransomware attacks are targeting one of three industries; banking, utilities and retail, according to analysis by cyber security researchers – but they've also warned that all industries are at risk from attacks.

The data has been gathered by Trellix – formerly McAfee Enterprise and FireEye – from detected attacks between July and September 2021, a period when some of the most high-profile ransomware attacks of the past year happened.

According to detections by Trellix, banking and finance was the most common target for ransomware during the reporting period, accounting for 22% of detected attacks. That's followed by 20% of attacks targeting the utilities sector and 16% of attacks targeting retailers. Attacks against the three sectors in combination accounted for 58% of all of those detected.

https://www.zdnet.com/article/ransomware-over-half-of-attacks-are-targeting-these-three-industries/

Third of Employees Admit to Exfiltrating Data When Leaving Their Job

Nearly one-third (29%) of employees admitted taking data with them when they leave their job, according to new research from Tessian.

The findings follow the ‘great resignation’ of 2021, when workers quit their jobs in huge waves following the COVID-19 pandemic. Unsurprisingly, close to three-quarters (71%) of IT leaders believe this trend has increased security risks in their organisations.

In addition, nearly half (45%) of IT leaders said they had seen incidents of data exfiltration increase in the past year due to staff taking data with them when they left.

The survey of 2000 UK workers also looked at employees' motives for taking such information. The most common reason was that the data would help them in their new job (58%). This was followed by the belief that the information belonged to them because they worked on the document (53%) and to share it with their new employer (44%).

The employees most likely to take data with them when leaving their job worked in marketing (63%), HR (37%) and IT (37%).

https://www.infosecurity-magazine.com/news/third-employees-exfiltrating-data/

Massive Social Engineering Waves Have Impacted Banks in Several Countries

A massive social engineering campaign has been delivered in the last two years in several countries, including Portugal, Spain, Brazil, Mexico, Chile, the UK, and France. According to Segurança Informática publication, the malicious waves have impacted banking organisations with the goal of stealing the users’ secrets, accessing the home banking portals, and also controlling all the operations on the fly via Command and Control (C2) servers geolocated in Brazil.

In short, criminal groups are targeting victims’ from different countries to collect their home banking secrets and payment cards. The campaigns are carried out by using social engineering schemas, namely smishing, and spear-phishing through fake emails.

Criminals obtain lists of valid and tested phone numbers and emails from other malicious groups, and the process is performed on underground forums, Telegram channels or Discord chats.

The spear-phishing campaigns try to lure victims with fake emails that impersonate the banking institutions. The emails are extremely similar to the originals, exception their content, mainly related to debts or lack of payments.

https://securityaffairs.co/wordpress/127516/cyber-crime/massive-social-engineering-banks.html

Ransomware is Terrifying – But Never Underestimate the Damage an Employee with Unmonitored Access Can Do

Is the biggest threat to your data a mysterious ransomware merchant or an advanced persistent threat cartel?

Or is it a security system that will show you that data has been exfiltrated from your organisation – but only after the fact, leaving open the possibility that your valuable IP could have already been shared with unauthorized parties?

It was the latter scenario that allegedly resulted in 12,000 internal documents being lifted from Pfizer’s systems by a soon-to-depart employee last year. Those documents reportedly included details of COVID-19 vaccine research and a new melanoma drug.

The incident shows how today’s cloud infrastructure can exacerbate security gaps and why simply detecting a potential data leak isn’t enough. Companies need to have deep insight into what their employees are doing, as well as technology that can actively enforce policy and prevent unencrypted data from ever leaving the enterprise.

https://www.theregister.com/2022/02/03/ransomware_terrifying/

People Working in IT Related Roles Equally Susceptible to Phishing Attempts as the General Population

Phishing emails that mimic HR announcements or ask for assistance with invoicing get the most clicks from recipients, according to a study from F-Secure.

The study, which included 82,402 participants, tested how employees from four different organisations responded to emails that simulated one of four commonly used phishing tactics.

22% of recipients that received an email simulating a human resources announcement about vacation time clicked, making emails that mimic those sent by HR the most frequent source of clicks in the study.

An email asking the recipient to help with an invoice (referred to as CEO Fraud in the report) was the second most frequently engaged with email type, receiving clicks from 16% of recipients.

https://www.helpnetsecurity.com/2022/02/03/phishing-emails-clicks/

FBI Says More Cyber Attacks Come from China than Everywhere Else Combined

US Federal Bureau of Investigation director Christopher Wray has named China as the source of more cyber-attacks on the USA than all other nations combined.

In a Monday speech titled Countering Threats Posed by the Chinese Government Inside the US, Wray said the FBI is probing over 2,000 investigations of incidents assessed as attempts by China's government "to steal our information and technology."

"The Chinese government steals staggering volumes of information and causes deep, job-destroying damage across a wide range of industries – so much so that, as you heard, we're constantly opening new cases to counter their intelligence operations, about every 12 hours or so."

Wray rated China's online offensive as "bigger than those of every other major nation combined," adding it has "a lot of funding and sophisticated tools, and often joining forces with cyber criminals – in effect, cyber mercenaries."

https://www.theregister.com/2022/02/03/fbi_china_threat_to_usa/

Managing Detections is Not the Same as Stopping Breaches

Enterprises interested in managed detection and response (MDR) services to monitor endpoints and workloads should make sure the providers have rock-solid expertise in detecting and responding to threats.

The fundamental challenge in cyber security is that adversaries move quickly. We know from observation that attackers go from initial intrusion to lateral movement in a matter of a couple hours or less.

If security teams are going to successfully stop a breach, they need to operate within the same timeframe, containing and remediating threats within minutes, 24 hours a day, 7 days a week. Such constant vigilance can be challenging for in-house staff. This is why many organisations engage a provider of managed detection and response (MDR) security services, which monitors endpoints, workloads, and other systems to detect and monitor threats.

Unfortunately, even most managed services have several fundamental flaws that prevent them from executing on the core mission of stopping breaches.

https://www.darkreading.com/crowdstrike/managing-detections-is-not-the-same-as-stopping-breaches

From War to Web Security, Protect Your Attack Surface from the Weakest Link

With the rapid proliferation of data, increasing number of domains and subdomains as well as rise in third-party providers, the number of entry points through which attackers can infiltrate a company’s web environment is endless. Attacks are increasingly causing consequences felt beyond the perimeter of an organisation, as demonstrated earlier this year with the Colonial Pipeline breach, which caused fuel prices along the US East Coast to soar, and the attack on software provider Kaseya that forced hundreds of grocery stores in the Nordics to shut down business for days.

Security breaches often happen through an avenue that no one saw coming — a server no one knew existed, an old landing page, weak passwords or an application that was missing a patch. It’s perhaps never been clearer than today that a company is only as strong as the weakest link in its growing attack surface.

https://thenewstack.io/from-war-to-web-security-protect-your-attack-surface-from-the-weakest-link/

Number of Data Compromises Reaching All-Time High

According to an Identity Theft Resource Center (ITRC) report, the overall number of data compromises (1,862) is up more than 68 percent compared to 2020.

The new record number of data compromises is 23 percent over the previous all-time high (1,506) set in 2017. The number of data events that involved sensitive information (Ex: Social Security numbers) increased slightly compared to 2020 (83 percent vs. 80 percent). However, it remained well below the previous high of 95 percent set in 2017.

The number of victims continues to decrease (down five (5) percent in 2021 compared to the previous year) as identity criminals focus more on specific data types rather than mass data acquisition. However, the number of consumers whose data was compromised multiple times per year remains alarmingly high.

https://www.helpnetsecurity.com/2022/01/31/data-compromises-up/

Threats

Ransomware

Phishing

Other Social Engineering

Malware

Data Breaches/Leaks

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

Supply Chain

DoS/DDoS

CNI, OT, ICS, IIoT and SCADA

Nation State Actors

Cloud

Passwords & Credential Stuffing

Spyware, Espionage & Cyber Warfare

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

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

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

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

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Antony Cleal Antony Cleal

Black Arrow Cyber Threat Briefing 12 February 2021

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

2020 Sees Ransomware Increase By Over 400 Percent

A new study from Cyber Security company, finds that last year malware increased by 358 percent overall and ransomware increased by 435 percent as compared with 2019. The report which analyzes millions of attacks taking place across the year finds distribution of the Emotet malware skyrocketed by 4,000 percent, while malware threats attacking Android phones increased by 263 percent. July saw the largest increase in malicious activity, up by 653 percent compared with the previous year. Microsoft Office documents are the most manipulated document attack vector and these attacks were up by 112 percent.

https://betanews.com/2021/02/10/ransomware-increase-400-percent/

Remote Desktop Protocol Attacks Surge By 768%

Remote desktop protocol (RDP) attacks increase by 768% between Q1 and Q4 last year, fuelled by the shift to remote working. However, a slower rate of growth was observed in the final quarter of the year, indicating that organizations have enhanced their security for remote users.

https://www.infosecurity-magazine.com/news/remote-desktop-protocol-attacks/

Even Minor Phishing Operations Can Distribute Millions Of Malicious Emails Per Week

Even small-scale phishing campaigns are capable of distributing millions and millions of malicious emails to victims around the world, according to a new report. Describing the most popular styles of phishing attack, criminal today rely on fast-churning campaigns. They create a single phishing email template (usually in English) and send it out to anywhere between 100 and 1,000 targets.

https://www.itproportal.com/news/even-small-phishing-operations-can-distribute-millions-of-malicious-emails-per-week/

With One Update, This Malicious Android App Hijacked Millions Of Devices

With a single update, a popular barcode scanner app on Google Play transformed into malware and was able to hijack up to 10 million devices. Lavabird Ltd.'s Barcode Scanner was an Android app that had been available on Google's official app repository for years. The app, accounting for over 10 million installs, offered a QR code reader and a barcode generator -- a useful utility for mobile devices.

https://www.zdnet.com/article/with-one-update-this-malicious-android-app-hijacked-10-million-devices/

Cd Projekt Hit By Ransomware Attack, Refused To Pay Ransom, Data Reportedly Sold Off By Hackers

Polish video game maker CD Projekt, which makes Cyberpunk 2077 and The Witcher, has confirmed it was hit by a ransomware attack. In a statement posted to its Twitter account, the company said it will “not give in nor negotiate” with the hackers, saying it has backups in place. “We have already secured our IT infrastructure and begun restoring data,” the company said.

https://techcrunch.com/2021/02/09/cd-projekt-red-hit-by-ransomware-attack-refuses-to-pay-ransom/

Hacked Florida Water Plant Used Shared Passwords And Windows 7 PCs

The Oldsmar, Florida water plant hacked earlier this week used outdated Windows 7 PCs and shared passwords, the Associated Press has reported. A government advisory also revealed that the relatively unsophisticated attack used the remote-access program TeamViewer. However, officials also said that the hacker’s attempt to boost chemicals to dangerous levels was stopped almost immediately after it started.

https://www.engadget.com/hacked-water-plant-computer-had-shared-passwords-andofdate-windows-os-082552973.html

Top Web Hosting Provider Shuts Down Following Cyber Attack

Cybercriminals often attack websites in order to extort a ransom from their victims but a recent cyberattack against the web hosting company No Support Linux Hosting took quite a different turn. After a hacker managed to breach the company's internal systems and compromise its entire operation, No Support Linux Hosting has announced that it is shutting down. The company alerted its customers to the situation before shutting down its website in a message.

https://www.techradar.com/news/top-web-hosting-provider-shuts-down-following-cyberattack

High Demand For Hacker Services On Dark Web Forums

Nine in 10 (90%) users of dark web forums are searching for a hacker who can provide them with a particular resource or who can download a user database. This is according to new research by Positive Technologies, which analyzed activity on the 10 most prominent forums on the dark web, which offer services such as website hacking and the buying/selling of databases. The study highlights the growing demand for hackers’ services and stolen data, exacerbated by the increased internet usage by both organizations and individuals since the start of COVID-19.

https://www.infosecurity-magazine.com/news/demand-hacker-services-dark-web/

Facebook Phishing Campaign Tricked Nearly 500,000 Users In Two Weeks

A recent investigation uncovered a large scale phishing operation on Facebook. The Facebook phishing campaign is dangerous and targets user personal information. The phishing scam “Is that you” currently on Facebook has been around in multiple forms for years. The whole trouble starts with a “friend” sending you a message claiming to have found a video or image with you in it. The message is usually a video and after clicking, it takes you through a series of websites. These websites have malicious scripts that get your location, device type, and operating system.

https://www.gizchina.com/2021/02/09/facebook-phishing-campaign-tricked-nearly-500000-users-in-two-weeks/

Hackers Are Tweaking Their Approach To Phishing Attacks In 2021

Cyber criminals are a creative bunch, constantly coming up with new ways to avoid detection and advance their sinister goals. A new report from cyber security experts at BitDam describes a few fresh techniques used in the wild so far in 2021. According to the report, email protection solutions tend to trust newly created email domains that are yet to be flagged as dangerous. Criminals are now increasingly exploiting this fact to increase the chances that phishing, and malware emails make it into victims' inboxes.

https://www.itproportal.com/news/hackers-are-tweaking-their-approach-to-phishing-attacks-in-2021/

Threats

 Ransomware

Phishing

Malware

Mobile

IOT

Vulnerabilities

Data Breaches

Organised Crime

Supply Chain

Nation-State Actors

Privacy

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 weekly ‘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