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Black Arrow Cyber Threat Briefing 17 May 2024

Black Arrow Cyber Threat Intelligence Briefing 17 May 2024:

-Social Engineering is the Biggest Cyber Threat as Study Finds Most Workers Have Clicked on a Suspicious Email Link

-Business Leaders are Stressing Out Over Pace of Technological Change, as Cyber Security Incidents Seen as Main Business Disruptor

-ICO Warns That Many UK Businesses Neglect Basic Cyber Security: More Ransomware and Cyber Attacks Last Year Than Ever Before

-Data Breaches are Getting Worse, Many are Employee Errors or Social Engineering Attacks

-Why Cyber Insurance isn’t a Substitute for Cyber Risk Management

-China Presents Defining Challenge to Global Cyber Security, Says GCHQ

-Botnet Sent Millions of Emails in LockBit Black Ransomware Campaign

-Global Financial Stability at Risk Due to Cyber Threats, IMF warns

-Ongoing Campaign Bombards Enterprises with Spam Emails and Phone Calls

-Santander Data Breach via Third-Party Provider Impacted Customers and Employees

-40% of Cyber Teams Have Held Back from Reporting Cyber Attacks Over Fear of Losing Jobs

-Digital Resilience – a Step Up from Cyber Security

-UK Lags Europe on Exploited Vulnerability Remediation

-Cyber Threats Demand More Focus Says Zurich, as UK Insurance And NCSC Join Forces to Fight Ransomware Payments

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

Social Engineering is the Biggest Cyber Threat, as Study Finds Most Workers Have Clicked on a Suspicious Email Link

According to a recent report, half of office workers have clicked on a link or attachment within a suspicious email sent to their work address within the last 12 months, and of those that interacted with the email, half of them claimed to be confident in their ability to identify phishing emails.

With 68% of breaches involving the human element, your organisation must be cognisant of its employees. Hackers know that no matter what your tech stack is, you will always have employees and where there is an employee, there is a way into your organisation. It is far cheaper to exploit an employee who already has the access you require, than to develop a new exploit. It only takes one human to make a mistake by granting access to an attacker.  

When it came to training, only 41% of respondents said their employer had provided formal cyber security awareness training and 79% said their previous training is not sufficient to keep pace with modern cyber threats.

Source: [HackerNoon] [BusinessPlus]

Business Leaders are Stressing Out Over Pace of Technological Change, as Cyber Security Incidents Seen as Main Business Disruptor

A recent report commissioned by BT reveals that 86% of UK business leaders suffer from 'tech-related stress,' particularly concerning AI and cyber security, a phenomenon they have termed as 'Bytmares.' The report found that 59% of business leaders worry about the rapid and relentless pace of tech advancement, and whether appropriate controls are in place to protect it.

According to a different survey, 74% of business leaders view cyber security incidents as the main disruptive threat to their organisations either currently or over the next twelve months. This was followed by cloud computing, internet of things and artificial intelligence.

These findings highlight the critical importance of robust cyber security measures in today’s interconnected world. As organisations increasingly rely on digital infrastructure, safeguarding sensitive data and systems becomes paramount. Cyber threats can disrupt operations, compromise customer trust, and result in financial losses. Remember, cyber security is not just an IT concern; it is a strategic imperative for every organisation.

Sources: [Beta News] [Telecoms] [Verdict]

ICO Warns That Many UK Businesses Neglect Basic Cyber Security: More Ransomware and Cyber Attacks Last Year Than Ever Before

A recent update from the UK’s Information Commissioner’s Office (ICO) has revealed that ransomware attacks in the UK have surpassed all previous years, up 52% from the previous year. The report found that finance, retail and education sectors are suffering the most incidents.

The leading causes of breaches include phishing, brute force attacks, errors and supply chain attacks. The ICO noted that many organisations still neglect basic cyber security measures and has called for enhanced efforts to combat the escalating threat, emphasising the importance of foundational controls.

Sources: [Tech Monitor] [Government Business] [The Record Media] [Tech Monitor]

Data Breaches are Getting Worse, Many are Employee Errors or Social Engineering Attacks

The latest Verizon Business Data Breach Investigations Report (DBIR) highlights that employee error is the leading cause of cyber security incidents in the EMEA region, accounting for 49% of cases. The top reasons for these incidents are “miscellaneous errors, system intrusion, and social engineering,” making up 87% of all breaches. Hackers primarily target personal information (64%), internal data (33%), and login credentials (20%). Despite zero-day vulnerabilities being a significant threat, with exploitation rising to 14% of breaches, the report emphasises the critical need for ongoing employee training and awareness to mitigate these risks.

Source: [TechRadar]

Why Cyber Insurance isn’t a Substitute for Cyber Risk Management

While cyber insurance can be beneficial in mitigating financial loss from cyber attacks, it is not a substitute for comprehensive cyber risk management. Many firms with cyber insurance have still fallen victim to attacks, highlighting that cyber insurance primarily transfers residual risk. Effective cyber risk management includes conducting proper risk assessments and implementing robust cyber security controls. Cyber insurance cannot resolve issues like business disruption, breach of client confidentiality, and compliance with legal obligations; this stresses the need for proactive measures and independent assurance to protect against cyber threats.

Source: [ Law Society of Scotland]

China Presents Defining Challenge to Global Cyber Security, Says GCHQ

A recent speech by the new director of the UK’s GCHQ highlighted China's growing cyber threat, describing it as an "epoch-defining challenge." She warned that China's destabilising actions undermine global internet security. The current head of the UKs’ NCSC echoed these concerns, pointing to the Chinese state-sponsored hacking group Volt Typhoon which has infiltrated critical sectors like energy and transportation. The National Cyber Director at the White House added that China’s cyber capabilities pose a significant threat to global infrastructure, particularly in crisis scenarios, as Chinese hackers increasingly use sophisticated techniques to pre-position within networks.

Source: [Infosecurity Magazine]

Botnet Sent Millions of Emails in LockBit Black Ransomware Campaign

Since April, millions of phishing emails have been sent through a botnet known as “Phorpiex” to conduct a large-scale LockBit Black ransomware campaign. In a warning from New Jersey’s Cybersecurity and Communications Integration Cell, it was explained that the attackers use ZIP attachments containing an executable that deploys the LockBit Black payload, which encrypts the recipients' systems if launched. The emails are sent from 1,500 unique IP addresses worldwide.

Sources: [Bleeping Computer]

Global Financial Stability at Risk Due to Cyber Threats, IMF warns

A new International Monetary Fund (IMF) report highlights the severe threat cyber attacks pose to global financial stability, revealing that nearly 20% of reported cyber incidents in the past two decades targeted the financial sector, causing $12 billion in direct losses. Since 2020, these attacks have led to an estimated $2.5 billion in direct losses. The report underscores that cyber incidents threaten financial institutions' operational resilience, potentially leading to funding challenges and reputational damage. The IMF calls for bolstered cyber security measures, including stress testing, information-sharing arrangements, and enhanced national cyber security strategies to mitigate these growing risks.

Source: [World Economic Forum]

Ongoing Campaign Bombards Enterprises with Spam Emails and Phone Calls

An ongoing social engineering campaign that is bombarding enterprises with spam calls and emails has been uncovered. The campaign involves a threat actor overwhelming a user’s email with junk, followed by a call offering to assist in removing the junk. From here, the threat actor aims to convince the victim to download remote monitoring and management software such as AnyDesk or Microsoft’s built in Quick Assist feature to allow the attacker remote access to the victim’s machine.

Source: [The Hacker News]

Santander Data Breach via Third-Party Provider Impacted Customers and Employees

A recent disclosure by the Spanish bank Santander revealed a data breach at a third-party provider affecting customers in Chile, Spain, and Uruguay. Unauthorised access to a database hosted by the provider compromised information on all current and some former employees, but did not include transactional data, online banking details, or passwords. Santander said they swiftly implemented measures to contain the incident, blocking access to the compromised database and enhancing fraud prevention controls. The bank assured that its operations and systems remain unaffected, allowing customers to continue transacting securely. The number of impacted individuals remains unspecified.

There is a continued trend in third party providers being used as the soft underbelly to attack larger and better defended organisations, requiring all organisations to consider the security controls of their third parties.

Source: [securityaffairs.com]

40% of Cyber Teams Have Held Back from Reporting Cyber Attacks Over Fear of Losing Jobs

Recent research has revealed that 40% of cyber teams have not reported a cyber attack due to the fear of losing their job. Unfortunately, this leaves businesses at risk of being non-compliant, without even knowing so. When it came to challenges faced by organisations, it was found that nearly 20% of companies say a lack of qualified talent is a key challenge to overcoming cyber attacks and 32% did not have the resources to hire new staff. This is not to say however, they are unable to outsource some of their cyber function to cyber specialists. This lack of allocated resources prevents the organisation from being confident that any incidents have been appropriately remediated.

Source: [Business Wire]

Digital Resilience – a Step Up from Cyber Security

In an increasingly digital world, many organisations are unaware of how truly reliant they are on digital technology, and the accompanying risks. As we move toward an even more digitally dependent future, the need for digital resilience is more critical than ever. Digital resilience refers to the ability to maintain, change, or recover technology-dependent operations. Organisations should begin with an internal audit to assess their digital resilience, involving all departments and ensuring senior management oversight, as board involvement is essential for effective cyber security programmes.

Digital resilience goes beyond cyber security to encompass change management, business resilience, and operational risk. Implementing digital resilience strategies requires continuous adaptation, cross-functional collaboration, and embedding resilience thinking throughout the organisation. Businesses must integrate digital resilience into their strategic planning to ensure ongoing competitiveness and adaptability in an ever-evolving digital landscape.

Sources: [CSO Online] [CSO Online]

UK Lags Europe on Exploited Vulnerability Remediation

A new report by Bitsight reveals that UK organisations lag behind their European counterparts in remediating software flaws listed in the US ‘Known Exploited Vulnerability’ (KEV) catalogue. UK organisations take an average of 225 days to address KEVs, compared to 220 days for European entities and just 21 days for German organisations. Non-KEV vulnerabilities are patched at an even slower rate, with UK entities taking over two years (736 days) to patch. Globally, the average time to resolve KEVs is around six months (180 days). Despite fewer KEVs detected in UK environments (30% versus 43% in Europe), the slow remediation poses significant risks, emphasising the need for faster and more proactive cyber security measures, specifically robust vulnerability scanning and patching.

Source: [Infosecurity Magazine]

Cyber Threats Demand More Focus Says Zurich, as UK Insurance And NCSC Join Forces to Fight Ransomware Payments

A recent discussion at the British Insurance Brokers' Association (BIBA) conference highlighted the increasing importance of cyber security for businesses, driven by the surge in cyber attacks and the use of AI by criminal gangs. Zurich Resilience Solutions UK noted that businesses face greater scrutiny from underwriters over their cyber exposures.

BIBA, together with the Association of British Insurers (ABI), and the International Underwriting Association (IUA), have united with the UK’s National Cyber Security Centre (NCSC) in a joint effort to tackle ransom payments. As a result of their collaboration, they have published new best practice guidance, which aims to reduce the number of payments being made by UK victims as well as the disruption businesses face.

Source: [Emerging Risks] [NCSC] [Infosecurity Magazine]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC

Other Social Engineering

Artificial Intelligence

2FA/MFA

Malware

Mobile

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Cloud/SaaS

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

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

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

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea

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 03 May 2024

Black Arrow Cyber Threat Intelligence Briefing 03 May 2024:

-Most Attacks Impacting SMB’s Target Older, Unpatched Vulnerabilities

-91% of Ransomware Victims Paid At least One Ransom in the Past Year, as 1 in 5 Ransomware Attacks Triggers Lawsuit

-BEC and Fund Transfer Fraud Top Insurance Claims

-Correlating Cyber Investments with Business Outcomes

-Vulnerability Exploitation up 180%, 68% of Breaches involved Humans and Supply Chain Weak Link

-MOVEit & Change Healthcare Attacks Designated as Cyber Catastrophe Loss Events by Insurer

-Securing Your Organisation’s Supply Chain: Reducing the Risks of Third Parties

-Why Remote Desktop Tools are Facing an Onslaught of Cyber Threats

-95% of Organisations Revamped Cyber Security Strategies in the Last Year: Make Sure Yours is Right

-Human Factor a Significant Risk for Small and Medium-Sized Businesses.

-Microsoft CEO Says it is Putting Security Above All Else in Major Refocus

-Ending the Culture of Silence in Cyber Security; Three Ways to Empower Teams

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

Most Attacks Impacting SMB’s Target Older, Unpatched Vulnerabilities

Attackers continue to aggressively target small and mid-size businesses using specific high-profile vulnerabilities dating back a decade or more, network telemetry shows. Findings have shown that this is due to these vulnerabilities featuring in a wide range of products. Due to their prevalence, they can often become missed by organisations conducting patch management and therefore leave the organisation open.

For this reason it is critical that all organisations, including smaller organisations, have internal as well as external vulnerability scanning. You might believe your systems are patched up to date but there is no way to confirm without scanning , or to know which patches might have been missed.

Sources: [Infosecurity Magazine]

91% of Ransomware Victims Paid At least One Ransom in the Past Year, as 1 in 5 Ransomware Attacks Triggers Lawsuit

Ransomware attacks saw a significant surge in 2023, following a dip in 2022. The number of victims increased by 66% from 2022 to 2023, with 91% of those affected paying at least one ransom. 58% of organisations have been targeted six times or more.

The Sophos State of Ransomware 2023 report highlighted ransom payments rose by 500%; nearly two-thirds exceeded $1m or more, with an average payment of $2m. Furthermore, 30% of the demands were for over $5m.

In the US, 18% of incidents led to litigation, with 123 lawsuits filed in 2023 and 355 over five years. Data breaches, affecting 283.3 million records, primarily triggered these lawsuits, especially in healthcare and finance sectors. The resolution rate is 59%, with the highest settlement at $8.7m. Regulatory fines added nearly $10m to the financial impact. These figures underscore the significant financial implications of ransomware attacks and the urgent need for robust cyber security measures.

Sources: [ZD Net] [Infosecurity Magazine] [Security Magazine] [PrNewsWire] [Infosecurity Magazine]

BEC and Fund Transfer Fraud Top Insurance Claims

Cyber Insurer Coalition's 2024 Cyber Claims Report highlights a significant trend in cyber security threats, identifying email-based fraud as the predominant cause of insurance claims in 2023, accounting for 53% of all claims. Business email compromise (BEC) and funds transfer fraud (FTF) topped the list, contributing to 28% of claims and increasing claim amounts by 24% to an average loss exceeding $278,000. In contrast, ransomware, while less frequent at 19% of claims, also saw a rise in both frequency and severity, with average losses climbing to over $263,000. The report also notes a 13% year-on-year surge in overall claims, with substantial losses tied to compromised network security devices and a notable vulnerability in organisations using exposed remote desktop protocols.

Source: [Infosecurity Magazine]

Correlating Cyber Investments with Business Outcomes

The US Securities and Exchange Commission (SEC) has implemented stringent new rules compelling organisations to report significant cyber incidents within four days and to annually disclose details concerning their cyber security risk management, strategy, and governance. These mandates are seen as giving “more teeth to the idea that cyber security is a business problem” and “bringing an element of cyber security to the boardroom” according to cyber security solutions provider SecurityGate. Highlighted in the "Cybersecurity Insights" podcast, experts argue for simplifying cyber security strategies, advocating sustained resource allocation over reactive measures, and emphasising the importance of training over expensive solutions. These steps are deemed crucial for enhancing organisational resilience and security in a landscape where cyber threats are increasingly sophisticated and pervasive.

Source: [InfoRisk Today] 

Verizon: Vulnerability Exploitation up 180%, 68% of Breaches involved Humans and Supply Chain Weak Link

Verizon has released the findings of its 17th Annual Data Breach Investigations Report, which showed security incidents doubled year over year in 2023 to a record high 30,458 security events and 10,626 confirmed breaches. Some of the key takeaways from the 100-page report include zero-day attacks on unpatched systems and devices rising 180% in 2023, most breaches (68%) involving a non-malicious human element and the median time for users to fall for phishing emails falling just south of 60 seconds. In its first inclusion as a separate metric, supply chain attacks were found to contribute to 15% of all attacks.

Sources: [MSSP Alert] [Verizon]

MOVEit & Change Healthcare Attacks Designated as Cyber Catastrophe Loss Events by Insurer

Verisk’s Property Claim Services (PCS) has recently identified the MOVEit and Change Healthcare cyber attacks as significant Cyber Catastrophe Loss Events. These designations are part of PCS’s Global Cyber solution, which tracks cyber incidents and their potential impact on the insurance market. The designation indicates that each attack is anticipated to result in insurance industry losses exceeding USD 250 million.

The MOVEit attack, linked to the Russian-affiliated group Cl0p, compromised over 2,700 organisations globally, affecting up to 90 million individuals. The Change Healthcare attack, attributed to the ALPHV/Blackcat gang, notably disrupted UnitedHealth Group’s operations, with projected costs and lost revenue totalling up to USD 1.6 billion. These designations highlight the escalating scale and financial impact of cyber incidents on global markets.

Source: [Reinsurance News]

Securing Your Organisation’s Supply Chain: Reducing the Risks of Third Parties

Nearly every organisation is part of a supply chain, where a significant amount of data is transferred. When data leaves your infrastructure, its security depends on the third party. The risks of a cyber incident increases as the supply chain increases.

Organisations need to mitigate the risks that their third party brings. This requires an understanding of the supply chain actors, and performing cyber security assessments of the most critical ones. The objective is to ensure that your organisation is satisfied with the third party’s security controls, or to work together to remediate any gaps.

Source: [Help Net Security]

Why Remote Desktop Tools are Facing an Onslaught of Cyber Threats

In the era of hybrid work, remote desktop tools have become crucial yet vulnerable points within corporate networks, attracting significant cyber criminal attention. A study by Barracuda Networks underscores the challenges of securing these tools. Virtual Network Computing (VNC) is particularly susceptible; it is targeted in 98% of these types of attacks due to its use of multiple, sometimes unsecured ports. VNC attacks predominantly exploit weak password practices, notably through brute force methods. Conversely, Remote Desktop Protocol (RDP) accounts for about 1.6% of these attacks but is favoured for more extensive network breaches, often involving ransomware or crypto mining. The study highlights a pressing need for robust endpoint management and heightened security measures to mitigate these threats.

Source: [ITPro]

95% of Organisations Revamped Cyber Security Strategies in the Last Year: Make Sure Yours is Right

A recent report found that 95% of companies have altered their cyber security strategies in the last twelve months. This was driven by keeping pace with the shifting regulatory landscape (98%), the need to meet customer expectations for data protection and privacy (89%), and the rise of AI-driven threats and solutions (65%). Almost half (44%) of non-security executives do not understand the regulatory requirements their organisation must adhere to.

When it came to reporting, the study found that security teams aren’t reporting on key operational metrics that define whether their security investments and strategy changes have a measurable impact. It is evident that there is a disconnect between security and non-security professionals when it comes to the business strategy.

Sources: [Business Wire] [Security Magazine]

Human Factor a Significant Risk for Small and Medium-Sized Businesses.

A survey of business and IT security in small and medium-sized businesses (SMBs) conducted by LastPass found that roughly one in five business leaders admits to circumventing security policies, as do one in 10 IT security leaders. The survey found that password management is critically important to cyber security, with nearly half (47%) reporting recent breaches due to compromised passwords.

Sources: [Beta News] [Business Wire]

Microsoft CEO Says it is Putting Security Above All Else in Major Refocus

Following a series of high-profile attacks in recent months and a report by the US Cyber Safety Review Board (CSRB), Microsoft’s CEO has revealed it will now focus its efforts on an increase in the commitment to security. Investigating a summer 2023 attack, Microsoft was deemed to have made a series of “avoidable errors”, including the failure to detect several compromises, the CSRB said.

Sources: [TechRadar]

Ending the Culture of Silence in Cyber Security; Three Ways to Empower Teams

A recent discussion on workplace errors highlights the significant repercussions of cyber breaches compared to typical office mistakes. In the UK, nearly a third of businesses face cyber attacks weekly, with each breach costing approximately £4,000. However, a concerning trend is that 41% of these breaches are not reported to internal leadership, often due to fears among staff about the consequences of admitting faults. A three-pronged approach has been suggested to foster a blame-free culture: providing tailored and evolving cyber training, establishing safe zones for admitting mistakes, and implementing robust recovery plans. This approach not only prepares employees to handle potential breaches more effectively but also encourages them to report incidents promptly, reducing the overall impact and aiding quicker recovery. Such strategies are essential for maintaining resilience against increasingly sophisticated cyber threats.

Source: [Minute Hack]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC

Other Social Engineering

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Training, Education and Awareness

Regulations, Fines and Legislation

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

Other News

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 05 April 2024

Black Arrow Cyber Threat Intelligence Briefing 05 April 2024:

-Corporations with Effective Cyber Governance Create 4 Times More Value, Boosting Shareholder Returns

-Ransomware Incidents Reported to UK Financial Regulator Doubled

-Half of British SMEs Have Lost Data in Past Five Years: Threat Indicators Show 2024 Already Promising to be Worse Than 2023

-Researchers Report Sevenfold Increase in Data Theft Cases, as 17 billion Personal Records Exposed in Breaches in 2023

-AI Abuse and Misinformation Campaigns Threaten Financial Institutions

-Security Teams are ‘Overconfident’ About Handling Next-Gen Threats

-AI Makes Phishing Attacks Accessible to Basic Users

-Cyber Attacks Wreaking Physical Disruption on the Rise

-73% Brace for Cyber Security Impact on Business in Next Two Years

-To Stay Ahead of Ransomware Businesses Need to Adopt An Offensive Security Mindset

-Cyber Security Imperative for Protecting Executives

-The Increasing Role of Cyber Security Experts in Complex Legal Disputes

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

Corporations with Effective Cyber Governance Create 4 Times More Value, Boosting Shareholder Returns

According to a recent report, companies who demonstrated an advanced level of cyber security performance generated a shareholder return 372% higher than their peers over a 5 year period. The report highlighted that having board committees focused on specialised risk and audit compliance produced the best outcomes; however, it was found that only a small number of those surveyed had done this. Financial institutions and healthcare had the highest cyber security ratings, highlighting the correlation between regulatory environments and cyber security performance.

Sources: [Help Net Security ] [Dark Reading]

Ransomware Incidents Reported to UK Financial Regulator Doubled

The number of security and ransomware incidents reported to the UK Financial Conduct Authority (FCA) surged in 2023, according to a freedom of information request. 31% of these incidents were categorised as ransomware, which had double the number of reports as the previous year. To note, these statistics address the number of ransomware incidents involving financial services that were disclosed: the number of actual incidents could be far higher.

Sources: [Digital Journal] [Digital Journal]

Half of British SMEs Have Lost Data in Past Five Years: Threat Indicators Show 2024 Already Promising to be Worse Than 2023

According to a new report, since 2019 nearly half (48%) of the UK’s small and medium-sized enterprises (SMEs) have lost access to data, potentially costing billions. The report found that nationwide, the number of businesses that lost data temporarily or permanently could amount to more than 800,000. Unfortunately, the report found that half of respondents assessed were relying on flawed backup processes, with a quarter not backing up data at all.

A number of organisations assume that they are backing data up automatically and that these backups are safe, but it is an assumption that can have cost. Added to this, some organisations are not aware that their backups can be changed, or deleted, by a malicious actor; a situation better mitigated by implementing immutable backups.

To better their situation, organisations need to understand the cause of a breach, map their data and understand where it is stored, follow the 3,2,1 rule (three copies of data, two separate locations, one in the cloud), consider immutable backups and monitor their backups. An effective backup policy will help.

Sources: [Infosecurity Magazine] [Security Week] [IT Security Guru]

Researchers Report Sevenfold Increase in Data Theft Cases, as 17 billion Personal Records Exposed in Breaches in 2023

According to a global threat intelligence report, data breach incidents rose by 34.5% in 2023, with 17 billion personal records compromised throughout the year. The research also observed a 429% spike in stolen or leaked personal data in the first two months of 2024. In a separate report, Kaspersky found that roughly 10 million devices encountered data-stealing malware in 2023, a sevenfold increase since 2020.

The reports highlight the importance of ensuring that precautions and mitigations are undertaken to thwart attackers. This should include enabling multi-factor authentication, strong and unique passwords, and using a password manager.

Sources: [Infosecurity Magazine] [Infosecurity Magazine]

AI Abuse and Misinformation Campaigns Threaten Financial Institutions

According to the Financial Services Information Sharing Analysis Center (FS-ISAC), cyber threats relating to generative AI in financial services are a consistent concern, with threat actors using generative AI to write malware and other types of attacks. In some cases, attackers are injecting contaminated data into the large language models used by AI, in order to supply it with misinformation which will in turn feed back to financial institutions.

Not all risks are malicious, however. In some cases where generative AI uses enormous datasets, this can contain privileged information or biased data, which can in turn cost financial firms the trust of regulators, consumers and investors. The FS-ISAC stated “As we look ahead to a critical year marked by emerging technology and heightened geopolitical tensions, the best way to maintain the integrity, security, and trust of the sector is through global information sharing.”

Source: [Help Net Security]

Security Teams are ‘Overconfident’ About Handling Next-Gen Threats

In a new study of more than 8,000 cyber security decision makers, Cisco found that nearly three-quarters of organisations anticipated a cyber incident to disrupt their business in the next two years and 80% said they felt at least “moderately confident” in their ability to defend against emerging threats. In contrast, Cisco’s own analysis rated the maturity of these organisations, finding 71% were deemed to be rated as ‘formative’ or ‘beginner’, the two lowest categories.

Source: [CSO Online]

AI Makes Phishing Attacks Accessible to Basic Users

One of the big selling points of AI is its ability to allow even an unsophisticated user to advance their capability and operate at a far more damaging level. Crucially AI can enable a completely non-technical user to understand and produce technical output. Unfortunately, many cyber criminals have realised this and are using AI to sharpen the efficacy of their phishing emails. With AI, phishing emails can now be created without telltale grammatical errors, and can be convincingly formatted to use a certain style to resonate with given target audience, such as a board level executive. AI is also enabling these phishing campaigns to be replicated across languages and geographies, giving malicious actors wider nets than ever before. Whilst low sophistication ‘Nigerian Prince’ type phishing emails are still doing the rounds they are largely being replaced by much more convincing and devious legitimate looking emails.

Source: [The Economic Times]

Cyber Attacks Wreaking Physical Disruption on the Rise

According to a report, more than 500 industrial operational technology (OT) sites worldwide suffered physical consequences as the result of a cyber attack last year, a near 20% rise from the previous year. The report found that some of the attacks cost the organisation up to $100 million in damages.

Attacks on utilities, water, energy, and other critical national infrastructure (CNI) have seen a sharp rise over the last year, against a backdrop of geopolitical tensions and actions by nation state aggressors such as Russia, China, North Korea and Iran, as well as hacktivist groups and other malicious actors.

Threats to IT may be better known than threats to OT, but the latter can result in very serious real world consequences, ultimately leading to potential mass loss of life events.

Source: [Dark Reading]

73% Brace for Cyber Security Impact on Business in Next Two Years

A survey has found that 73% of organisations are expecting a business disruption relating to a cyber incident in the next 12 to 24 months. Part of this was based on previous experiences, with 54% experiencing a cyber incident in the last 12 months, and 52% of those impacted reporting costs of at least $300,000. 87% reported issues with talent, and 46% reported having more than 10 unfilled roles related to cyber security.

Source: [Help Net Security]

To Stay Ahead of Ransomware Businesses Need to Adopt An Offensive Security Mindset

2023 was the most lucrative year yet for ransomware attacks and it was also the year that saw the biggest shift in ransomware tactics, with the majority of ransomware actors now implementing data exfiltration and extortion, in addition to encryption. As it is getting harder for organisations to defend against these attacks and to stay ahead of ransomware, organisations need to develop an offensive security mindset, working out how an attacker might gain access to their systems. This includes keeping up with the latest tactics, communicating this throughout the organisation and running threat-led attack simulations.

Source: [IBTimes]

Cyber Security Imperative for Protecting Executives

The stakes are high in cyber security, and particularly for executives whose positions amplify the potential fall out and damage from cyber incidents. The variety of sensitive information that they have access to, and their authority in the organisation, makes them a desirable target for business email compromise.

Organisations need to implement a robust security culture, led by executives, to foster an environment where cyber threats are understood and mitigated. As part of this, training needs to be given to the whole organisation, including executives.

Executives may have historically excluded themselves from security controls, yet ironically it is this exclusion and their position in the organisation that makes them such a lucrative target.

Source: [Forbes]

The Increasing Role of Cyber Security Experts in Complex Legal Disputes

Expert witnesses have been known to play significant roles in matters where their valuable insight is required. In today’s world, with the number of high-stake crimes now involving technology, cyber security professionals have become some of the most sought-after experts.

Disputes involving highly complex cyber crimes typically require more technical experience than is on hand, and the contributions of a cyber expert are significant in uncovering critical evidence and shaping the legal strategy, as well as explaining cyber security in the courtroom.

Source: [JDSupra]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Artificial Intelligence

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

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

Training, Education and Awareness

Regulations, Fines and Legislation

Models, Frameworks and Standards

Backup and Recovery

Data Protection

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

Tools and Controls

Other News

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

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Black Arrow Cyber Threat Briefing 22 July 2022

Black Arrow Cyber Threat Briefing 22 July 2022

-Insurer Refuses to Pay Out After Victim Misrepresented Their Cyber Controls

-5 Cyber Security Questions CFOs Should Ask CISOs

-The Biggest Cyber Attacks in 2022 So Far — and it’s Just the Tip of the Iceberg

-Malware-as-a-Service Creating New Cyber Crime Ecosystem

-The Rise and Continuing Popularity of LinkedIn-Themed Phishing

-Microsoft Teams Default Settings Leave Organisations Open to Cyber Attacks

-Top 10 Cyber Security Attacks of Last Decade Show What is to Come

-Software Supply Chain Concerns Reach C-Suite

-EU Warns of Russian Cyber Attack Spillover, Escalation Risks

-Critical Flaws in GPS Tracker Enable “Disastrous” and “Life-Threatening” Hacks

-Russian Hackers Behind Solarwinds Breach Continue to Scour US And European Organisations for Intel, Researchers Say

-The Next Big Security Threat Is Staring Us in The Face. Tackling It Is Going to Be Tough

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

  • Insurer Refuses to Pay Out After Victim Misrepresented Their Cyber Controls

In what may be one of the first court filings of its kind, insurer Travelers is asking a district court for a ruling to rescind a policy because the insured allegedly misrepresented its use of multifactor authentication (MFA) – a condition to get cyber coverage.

According to a July filing, Travelers said it would not have issued a cyber insurance policy in April to electronics manufacturing services company International Control Services (ICS) if the insurer knew the company was not using MFA as it said. Additionally, Travelers wants no part of any losses, costs, or claims from ICS – including from a May ransomware attack ICS suffered.

Travelers alleged ICS submitted a cyber policy application signed by its CEO and “a person responsible for the applicant’s network and information security” that the company used MFA for administrative or privileged access. However, following the May ransomware event, Travelers first learned during an investigation that the insured was not using the security control to protect its server and “only used MFA to protect its firewall, and did not use MFA to protect any other digital assets.”

Therefore, statements ICS made in the application were “misrepresentations, omissions, concealment of facts, and incorrect statements” – all of which “materially affected the acceptance of the risk and/or the hazard assumed by Travelers,” the insurer alleged in the filing.

ICS also was the victim of a ransomware attack in December 2020 when hackers gained access using the username and password of an ICS administrator, Travelers said. ICS told the insurer of the attack during the application process and said it improved the company’s cyber security.

Travelers said it wants the court to declare the insurance contract null and void, rescind the policy, and declare it has no duty to indemnify or defend ICS for any claim.

https://www.insurancejournal.com/news/national/2022/07/12/675516.htm#

  • 5 Cyber Security Questions CFOs Should Ask CISOs

Armed with the answers, chief financial officers can play an essential role in reducing cyber risk.

Even in a shrinking economy, organisations are likely to maintain their level of cyber security spend. But that doesn’t mean in the current economic climate of burgeoning costs and a possible recession they won’t take a magnifying glass to how they are spending the money budgeted to defend systems and data. Indeed, at many companies, cyber security spending isn’t targeting the most significant dangers, according to experts — as evidenced by the large number of successful ransomware attacks and data breaches.

Without a comprehensive understanding of the security landscape and what the organisation needs to do to protect itself, how can CFOs make the right decisions when it comes to investments in cyber security technology and other resources? They can’t.

So, CFOs need to ensure they have a timely grasp of the security issues their organisation faces. That requires turning to the most knowledgeable people in the organisation: chief information security officers (CISOs) and other security leaders on the IT front lines.

Here are five questions CFOs should be asking their CISOs about the security of their companies.

  1. How secure are we as an organisation?

  2. What are the main security threats or risks in our industry?

  3. How do we ensure that the cyber security team and the CISO are involved in business development?

  4. What are the risks and potential costs of not implementing a cyber control?

  5. Do employees understand information security and are they implementing security protocols successfully?

https://www.cfo.com/technology/cyber-security-technology/2022/07/cybersecurity-spending-protocols-ciso-security-threats-business-development-cyber-control/

  • The Biggest Cyber Attacks in 2022 So Far — and it’s Just the Tip of the Iceberg

For those in the cyber resilience realm, it’s no surprise that there’s a continued uptick in cyber attacks. Hackers are hacking, thieves are thieving and ransomers are — you guessed it — ransoming. In other words, cyber crime is absolutely a growth industry.

As we cross into the second half of this year, let’s look at some of the most significant attacks so far:

  • Blockchain schmockchain. Cryptocurrency exchange Crypto.com’s two-factor-identification (2FA) system was compromised as thieves made off with approximately $30 million.

  • Still the one they run to. Microsoft’s ubiquity makes it a constant target. Earlier this year, the hacking collective Lapsus$ compromised Cortana and Bing, among other Microsoft products, posting source code online.

  • Not necessarily the news. News Corp. journalist emails and documents were accessed at properties including the Wall Street Journal, Dow Jones and the New York Post in a hack tied to China.

  • Uncharitable ways. The Red Cross was the target of an attack earlier this year, with more than half a million “highly vulnerable” records of Red Cross assistance recipients compromised.

  • Victim of success. North Korea’s Lazarus Group made off with $600 million in cryptocurrencies after blockchain gaming platform Ronin relaxed some of its security protocols so its servers could better handle its growing popularity.

  • We can hear you now. State-sponsored hackers in China have breached global telecom powerhouses worldwide this year, according to the U.S. Cybersecurity & Infrastructure Security Agency.

  • Politics, the art of the possible. Christian crowdfunding site GiveSendGo was breached twice this year as hacktivists exposed the records of donors to Canada’s Freedom Convoy.

  • Disgruntled revenge. Businesspeople everywhere were reminded of the risks associated with departing personnel when fintech powerhouse Block announced that a former employee accessed sensitive customer information, impacting eight million customers.

  • Unhealthy habits. Two million sensitive customer records were exposed when hackers breached Shields Health Care’s network.

  • They even stole the rewards points. General Motors revealed that hackers used a credentials stuffing attack to access personal information on an undisclosed number of car owners. They even stole gift-card-redeemable customer reward points.

For every breach or attack that generates headlines, millions of others that we never hear about put businesses at risk regularly. The Anti-Phishing Working Group just released data for the first quarter of this year, and the trend isn’t good. Recorded phishing attacks are at an all-time high (more than a million in just the first quarter) and were accelerating as the quarter closed, with March 2022 setting a new record for single-month attacks.

https://www.msspalert.com/cybersecurity-guests/the-biggest-cyberattacks-in-2022-so-far-and-its-just-the-tip-of-the-iceberg/

  • Malware-as-a-Service Creating New Cyber Crime Ecosystem

This week HP released their report The Evolution of Cybercrime: Why the Dark Web is Supercharging the Threat Landscape and How to Fight Back, exploring how cyber-criminals are increasingly operating in a quasi-professional manner, with malware and ransomware attacks being offered on a ‘software-as-a-service’ basis.

The report’s findings showed how cyber crime is being supercharged through “plug and play” malware kits that are easier than ever to launch attacks. Additionally, cyber syndicates are now collaborating with amateur attackers to target businesses, putting the online world and its users at risk.

The report’s methodology saw HP’s Wolf Security threat team work in tandem with dark-web investigation firm Forensic Pathways to scrape and analyse over 35 million cyber criminal marketplaces and forum posts between February and March 2022, with the investigation helping to gain a deeper understanding of how cyber criminals operate, gain trust, and build reputation. Its key findings include:

Malware is cheap and readily available: Over three-quarters (76%) of malware advertisements listed, and 91% of exploits (i.e. code that gives attackers control over systems by taking advantage of software bugs), retail for under $10.

Trust and reputation are ironically essential parts of cyber-criminal commerce: Over three-quarters (77%) of cyber criminal marketplaces analysed require a vendor bond – a license to sell – which can cost up to $3000.  Of these, 92% have a third-party dispute resolution service.

Popular software is giving cyber criminals a foot in the door: Kits that exploit vulnerabilities in niche systems command the highest prices (typically ranging from $1,000-$4,000), while zero day vulnerabilities are retailing at 10s of thousands of pounds on dark web markets.

https://www.infosecurity-magazine.com/news/malware-service-cybercrime/

  • The Rise and Continuing Popularity of LinkedIn-Themed Phishing

Phishing emails impersonating LinkedIn continue to make the bulk of all brand phishing attempts. According to Check Point, 45% of all email phishing attempts in Q2 2022 imitated the style of communication of the professional social media platform, with the goal of directing targets to a spoofed LinkedIn login page and collecting their account credentials.

The phishers are generally trying to pique the targets’ interest with fake messages claiming that they “have appeared in X searches this week”, that a new message is waiting for them, or that another user would like to do business with them, and are obviously taking advantage of the fact that a record number of individuals are switching or are considering quitting their job and are looking for a new one.

To compare: In Q4 2021, LinkedIn-themed phishing attempts were just 8 percent of the total brand phishing attacks flagged by Check Point. Also, according to Vade Secure, in 2021 the number of LinkedIn-themed phishing pages linked from unique phishing emails was considerably lower than those impersonating other social networks (Facebook, WhatsApp).

Other brands that phishers loved to impersonate during Q2 2022 are (unsurprisingly) Microsoft (13%), DHL (12%) and Amazon (9%).

https://www.helpnetsecurity.com/2022/07/21/linkedin-phishing/

  • Microsoft Teams Default Settings Leave Organisations Open to Cyber Attacks

Relying on default settings on Microsoft Teams leaves organisations and users open to threats from external domains, and misconfigurations can prove perilous to high-value targets.

Microsoft Teams has over 270 million active monthly users, with government institutions using the software in the US, UK, Netherlands, Germany, Lithuania, and other countries at varying levels.

Cyber security researchers have discovered that relying on default MS Teams settings can leave firms and high-value users vulnerable to social engineering attacks. Attackers could create group chats, masquerade as seniors within the target organisation and observe whether users are online.

Attackers could, rather convincingly, impersonate high-ranking officials and possibly strike up conversations, fooling victims into believing they’re discussing sensitive topics with a superior. Skilled attackers could do a lot of harm with this capability.

https://cybernews.com/security/microsoft-teams-settings-leave-govt-officials-open-to-cyberattacks/

  • Top 10 Cyber Security Attacks of Last Decade Show What is to Come

Past is prologue, wrote William Shakespeare in his play “The Tempest,” meaning that the present can often be determined by what has come before. So it is with cyber security, serving as the basis of which is Trustwave’s “Decade Retrospective: The State of Vulnerabilities” over the last 10 years.

Threat actors frequently revisit well-known and previously patched vulnerabilities to take advantage of continuing poor cyber security hygiene. “If one does not know what has recently taken place it leaves you vulnerable to another attack,” Trustwave said in its report that identifies and examines the “watershed moments” that shaped cyber security between 2011 and 2021.

With a backdrop of the number of security incidents and vulnerabilities increasing in volume and sophistication, here are Trustwave’s top 10 network vulnerabilities in no particular order that defined the decade and “won’t be forgotten.”

  • SolarWinds hack and FireEye breach, Detected: December 8, 2020 (FireEye)

  • EternalBlue Exploit, Detected: April 14, 2017

  • Heartbleed, Detected: March 21, 2014

  • Shellshock, Remote Code Execution in BASH, Detected: September 12, 2014

  • Apache Struts Remote Command Injection & Equifax Breach, Detected: March 6, 2017

  • Chipocalypse, Speculative Execution Vulnerabilities Meltdown & Spectre

  • BlueKeep, Remote Desktop as an Access Vector, Detected: January, 2018

  • Drupalgeddon Series, CMS Vulnerabilities, Detected: January, 2018

  • Microsoft Windows OLE Vulnerability, Sandworm Exploit, Detected: September 3, 2014

  • Ripple20 Vulnerabilities, Growing IoT landscape, Detected: June 16, 2020

https://www.msspalert.com/cybersecurity-news/top-10-cybersecurity-attacks-of-last-decade-show-what-is-to-come-report/

  • Software Supply Chain Concerns Reach C-Suite

Major supply chain attacks have had a significant impact on software security awareness and decision-making, with more investment planned for monitoring attack surfaces.

Organisations are waking up to the need to establish better software supply chain risk management policies and are taking action to address the escalating threats and vulnerabilities targeting this expanding attack surface.

These were among the findings of a CyberRisk Alliance-conducted survey of 300 respondents from both software-buying and software-producing companies.

Most survey respondents (52%) said they are "very" or "extremely" concerned about software supply chain risks, and 84% of respondents said their organisation is likely to allocate at least 5% of their AppSec budgets to manage software supply chain risk.

Software buyers are planning to invest in procurement program metrics and reporting, application pen-testing, and software build of materials (SBOM) design and implementation, according to the findings.

Meanwhile, software developers said they plan to invest in secure code review as well as SBOM design and implementation.

https://www.darkreading.com/application-security/software-supply-chain-concerns-reach-c-suite

  • EU Warns of Russian Cyber Attack Spillover, Escalation Risks

The Council of the European Union (EU) said that Russian hackers and hacker groups increasingly attacking "essential" organisations worldwide could lead to spillover risks and potential escalation.

"This increase in malicious cyber activities, in the context of the war against Ukraine, creates unacceptable risks of spillover effects, misinterpretation and possible escalation," the High Representative on behalf of the EU said.

"The latest distributed denial-of-service (DDoS) attacks against several EU Member States and partners claimed by pro-Russian hacker groups are yet another example of the heightened and tense cyber threat landscape that EU and its Member States have observed."

In this context, the EU reminded Russia that all United Nations member states must adhere to the UN's Framework of responsible state behaviour in cyberspace to ensure international security and peace.

The EU urged all states to take any actions required to stop malicious cyber activities conducted from their territory.

The EU's statement follows a February joint warning from CISA and the FBI that wiper malware attacks targeting Ukraine could spill over to targets from other countries.

Google's Threat Analysis Group (TAG) said in late March that it observed phishing attacks orchestrated by the Russian COLDRIVER hacking group against NATO and European military entities.

In May, the US, UK, and EU accused Russia of coordinating a massive cyber attack that hit the KA-SAT consumer-oriented satellite broadband service in Ukraine on February 24 with AcidRain data destroying malware, approximately one hour before Russia invaded Ukraine.

A Microsoft report from June also confirms the EU's observation of an increase in Russian malicious cyber activities. The company's president said that threat groups linked to Russian intelligence agencies (including the GRU, SVR, and FSB) stepped up cyber attacks against government entities in countries allied with Ukraine after Russia's invasion.

In related news, in July 2021, President Joe Biden warned that cyber attacks leading to severe security breaches could lead to a "real shooting war," a statement issued a month after NATO said that cyber attacks could be compared to "armed attacks" in some circumstances.

https://www.bleepingcomputer.com/news/security/eu-warns-of-russian-cyberattack-spillover-escalation-risks/

  • Critical Flaws in GPS Tracker Enable “Disastrous” and “Life-Threatening” Hacks

A security firm and the US government are advising the public to immediately stop using a popular GPS tracking device or to at least minimise exposure to it, citing a host of vulnerabilities that make it possible for hackers to remotely disable cars while they’re moving, track location histories, disarm alarms, and cut off fuel.

An assessment from security firm BitSight found six vulnerabilities in the Micodus MV720, a GPS tracker that sells for about $20 and is widely available. The researchers who performed the assessment believe the same critical vulnerabilities are present in other Micodus tracker models. The China-based manufacturer says 1.5 million of its tracking devices are deployed across 420,000 customers. BitSight found the device in use in 169 countries, with customers including governments, militaries, law enforcement agencies, and aerospace, shipping, and manufacturing companies.

BitSight discovered what it said were six “severe” vulnerabilities in the device that allow for a host of possible attacks. One flaw is the use of unencrypted HTTP communications that makes it possible for remote hackers to conduct adversary-in-the-middle attacks that intercept or change requests sent between the mobile application and supporting servers. Other vulnerabilities include a flawed authentication mechanism in the mobile app that can allow attackers to access the hardcoded key for locking down the trackers and the ability to use a custom IP address that makes it possible for hackers to monitor and control all communications to and from the device.

https://arstechnica.com/information-technology/2022/07/critical-flaws-in-gps-tracker-enable-disastrous-and-life-threatening-hacks/

  • Russian Hackers Behind Solarwinds Breach Continue to Scour US And European Organisations for Intel, Researchers Say

The Russian hackers behind a sweeping 2020 breach of US government networks have in recent months continued to hack US organisations to collect intelligence while also targeting an unnamed European government that is a NATO member.

The new findings show how relentless the hacking group — which US officials have linked with Russia's foreign intelligence service — is in its pursuit of intelligence held by the US and its allies, and how adept the hackers are at targeting widely used cloud-computing technologies.

The hacking efforts come as Russia's invasion of Ukraine continues to fray US-Russia relations and drive intelligence collection efforts from both governments.

In recent months, the hacking group has compromised the networks of US-based organisations that have data of interest to the Russian government.

In separate activity revealed Tuesday, US cyber security firm Palo Alto Networks said that the Russian hacking group had been using popular services like Dropbox and Google Drive to try to deliver malicious software to the embassies of an unnamed European government in Portugal and Brazil in May and June.

https://edition.cnn.com/2022/07/19/politics/russia-solarwinds-hackers/index.html

  • The Next Big Security Threat Is Staring Us in The Face. Tackling It Is Going to Be Tough

If the ongoing fight against ransomware wasn't keeping security teams busy, along with the challenges of securing the ever-expanding galaxy of Internet of Things devices, or cloud computing, then there's a new challenge on the horizon – protecting against the coming wave of digital imposters or deepfakes.

A deepfake video uses artificial intelligence and deep-learning techniques to produce fake images of people or events.

One recent example is when the mayor of Berlin thought he was having an online meeting with former boxing champion and current mayor of Kyiv, Vitali Klitschko. But the mayor of Berlin grew suspicious when 'Klitschko' started saying some very out of character things relating to the invasion of Ukraine, and when the call was interrupted the mayor's office contacted the Ukrainian ambassador to Berlin – to discover that, whoever they were talking to, it wasn't the real Klitschko.

It's a sign that deepfakes are getting more advanced and quickly. Previous instances of deepfake videos that have gone viral often have tell-tale signs that something isn't real, such as unconvincing edits or odd movements, but the developments in deepfake technology mean it isn't difficult to imagine it being exploited by cyber criminals, particularly when it comes to stealing money.

While ransomware might generate more headlines, business email compromise (BEC) is the costliest form of cyber crime today. The FBI estimates that it costs businesses billions of dollars every year. The most common form of BEC attack involves cyber criminals exploiting emails, hacking into accounts belonging to bosses – or cleverly spoofing their email accounts – and asking staff to authorise large financial transactions, which can often amount to hundreds of thousands of dollars.

The emails claim that the money needs to be sent urgently, maybe as part of a secret business deal that can't be disclosed to anyone. It's a classic social-engineering trick designed to force the victim into transferring money quickly and without asking for confirmation from anyone else who could reveal it's a fake request. By the time anyone might be suspicious, the cyber criminals have taken the money, likely closed the bank account they used for the transfer – and run.

BEC attacks are successful, but many people might remain suspicious of an email from their boss that comes out the blue and they could avoid falling victim by speaking to someone to confirm that it's not real. But if cyber criminals could use a deepfake to make the request, it could be much more difficult for victims to deny the request, because they believe they're actually speaking to their boss on camera.

Many companies publicly list their board of directors and senior management on their website. Often, these high-level business executives will have spoken at events or in the media, so it's possible to find footage of them speaking. By using AI-powered deep-learning techniques, cyber criminals could exploit this public information to create a deepfake of a senior-level executive, exploit email vulnerabilities to request a video call with an employee, and then ask them to make the transaction. If the victim believes they're speaking to their CEO or boss, they're unlikely to deny the request.

https://www.zdnet.com/article/the-next-big-security-threat-is-staring-us-in-the-face-tackling-it-is-going-to-be-tough/

Threats

Ransomware

BEC – Business Email Compromise

Phishing & Email Based Attacks

Other Social Engineering

Malware

Mobile

BYOD

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

AML/CFT/Sanctions

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Identity and Access Management

Encryption

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Privacy

Parental Controls and Child Safety

Regulations, Fines and Legislation

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

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

Other News

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