Threat Intelligence Blog

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

Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 24 May 2024

Black Arrow Cyber Threat Intelligence Briefing 24 May 2024:

-Human Error and AI Tops Cyber Threats as 70% of CISOs Worry About Risk

-Threat Research Highlights Growing Mobile Security Risks

-The State of Cyber Security: AI and Geopolitics Mean a Bigger Threat Than Ever

-Family Offices Become Prime Targets for Cyber Hacks and Ransomware

-Ransomware Fallout - 94% Experience Downtime, 40% Face Work Stoppage

-Employee Discontent - Insider Threat No. 1

-Report Reveals 341% Rise in Advanced Phishing Attacks

-Ransomware and GenAI Raise Security Challenges, Driving Cyber Investment

-New Rules Prompt 93% of Organisations to Rethink Cyber Security Plans

-HR and IT Related Phishing Scams Still Most Popular According to KnowBe4’s Latest Phishing Report

-80% of Exposures from Misconfigurations, as 15 Vendors Account for 62% of Global Attack Surface

-UK to Propose Mandatory Reporting for Ransomware Attacks and Licensing Regime for all Payments

-UK’s Legal Sector Needs to Improve its Cyber Security, Says Experts

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

Human Error and AI Tops Cyber Threats as 70% of CISOs Worry About Risk

According to a survey of 1,600 CISOs, 70% worry about the risk of a material cyber attack over the next 12 months. Additionally, nearly 31% believe an attack is very likely, compared to 25% in 2023.  Amongst the largest concerns were human error, with 75% of CISOs identifying it as their most significant cyber vulnerability, up from 60% in 2023. Furthermore, 80% anticipate that human risk and employee negligence in particular will be major cyber security issues in the next two years.  Additionally, artificial intelligence was identified as an emerging concern for 54% of CISOs.

Sources: [The Register] [Infosecurity Magazine] [Cryptopolitan]

The State of Cyber Security: AI and Geopolitics Mean a Bigger Threat Than Ever

A recent report by Check Point reveals that global organisations faced an average of 1,158 weekly cyber attacks in 2023, an increase from 2022. In the UK, 50% of businesses experienced cyber attacks in the past year, with medium and large-sized businesses more affected at 70% and 74%, respectively. A ClubCISO survey found 62% of CISOs believe organisations are ill-equipped for AI-driven attacks, yet 77% haven't increased cyber security spending.

Additionally, a British Foreign Policy Group (BFPG) article highlights cyber threats from geopolitical tensions, with a recent attack on the Ministry of Defence exposing HR and payroll data. The National Cyber Security Centre attributes such attacks to state-affiliated actors like China and Russia. Despite efforts to establish international cyber norms, enforcement remains challenging. Businesses must recognise that cyber security is now deeply intertwined with geopolitics, affecting strategic partnerships and procurement.

Sources: [Verdict] [BFPG]

Threat Research Highlights Growing Mobile Security Risks

A recent report by a cloud security vendor focusing on the mobile threat landscape found that in the first quarter of 2024, the number of phishing, malicious, denylisted and offensive links delivered to their customers’ mobile devices tripled compared to Q1 2023. The report, which bases its data on 220 million devices, 325 million apps and billions of web items, found that the most common misconfiguration in mobiles was out of date operating systems (37%). When it came to the prevalence of attacks, 75% of organisations reported experiencing mobile phishing attempts targeting their employees.

This comes as a representative from the US Cybersecurity and Infrastructure Security Agency told the Federal Communications Commission earlier this year that there had been “numerous incidents of successful, unauthorised attempts” to steal location data, monitor voice and text messages, and deliver spyware.

Sources: [Economist] [Business Wire]

Family Offices Become Prime Targets for Cyber Hacks and Ransomware

A recent Dentons survey reveals that nearly 80% of family offices perceive a dramatic increase in cyber attack threats, with a quarter experiencing an attack in 2023, up from 17% in 2020. Despite their wealth, family offices often lack the staff and technology to manage these risks effectively. Less than a third report well-developed cyber risk management processes, and only 29% believe their cyber training programs are sufficient. This gap between awareness and action highlights the need for family offices to prioritise comprehensive cyber security measures, including better training, updated policies, and secure communication practices.

Source: [CNBC]

Ransomware Fallout: 94% Experience Downtime, 40% Face Work Stoppage

According to a report by cyber security provider Arctic Wolf, within the last 12 months 48% of organisations identified evidence of a successful breach within their environment and 70% of organisations were the targets of attempted Business Email Compromise (BEC) attacks, with 29% of these targets becoming victims of one or more successful BEC occurrences.

In its survey, the company says “45% of the organizations we spoke with admitted to being the victim of a ransomware attack within the last 12 months”,  an increase from the prior year. Of those impacted by ransomware, 86% of attacks including successful data exfiltration and 94% of those impacted by a ransom event experienced a significant downtime and delays. 40% of victims stated they experienced a period of total work stoppage due to ransomware.

Source: [Help Net Security]

Employee Discontent: Insider Threat No. 1

Chief Information Security Officers (CISOs) must integrate human factors into insider risk management (IRM), not just rely on detection technologies. IRM must consider factors such as those raised by recent research where only half of US workers are very satisfied with their jobs, and 28% feel their employers don't care about them. CISOs themselves are affected by job satisfaction; the 2024 IANS/Artico report shows three out of four CISOs are ready to leave their roles. DTEX Systems found 77% of malicious insiders concealed their activities, emphasising the importance of human engagement and feedback in mitigating risks.

Source: [CSO]

Report Reveals 341% Rise in Advanced Phishing Attacks

A recent report has revealed malicious emails increased by 341% over the past 6 months. This included a 217% increase in credential harvesting phishing attacks and a 29% increase in Business Email Compromise (BEC) attacks. The report highlighted the impact of artificial intelligence, noting that since the launch of ChatGPT in November 2022, there has been a 4,151% surge in malicious phishing messages.

Source: [Security Magazine] [ Infosecurity Magazine]

Ransomware and GenAI Raise Security Challenges, Driving Cyber Investment

A recent study by Infosecurity Europe reveals that nearly 40% of cyber security leaders are increasing investments to combat the growing threats of ransomware and AI-generated attacks. A separate survey found 94% of organisations have or plan to implement generative AI use policies, and a third strictly forbid AI tech in their environment. This data highlights the ongoing effort to balance AI benefits with security risks, indicating that there isn’t a one-size-fits-all strategy for formalising AI adoption and usage policies.

Source: [Security Boulevard] [Infosecurity Magazine]

New Rules Prompt 93% of Organisations to Rethink Cyber Security Plans

A recent report reveals that 93% of organisations have re-evaluated their cyber security strategies due to new regulations, with 58% reconsidering their entire approach. The survey, which included 500 cyber security decision-makers from the US and UK, found that 92% reported increased security budgets, with 36% seeing rises of 20-49% and 23% experiencing over 50% increases. Despite this, only 40% feel confident in their resources to comply with regulations, and just one-third believe they can meet all requirements, highlighting significant gaps in preparedness.

Source: [security magazine]

HR and IT Related Phishing Scams Still Most Popular According to KnowBe4’s Latest Phishing Report

A recent KnowBe4 report reveals that HR-related phishing emails account for 42% of top-clicked phishing attempts, followed by IT-related emails at 30%. These phishing tactics exploit employees' trust and evoke immediate responses by mimicking legitimate business communications about dress code changes, tax updates, and training notifications. The report also highlights that nearly a third of users are vulnerable to phishing, emphasising the need for robust security awareness training. A well-trained workforce is essential in defending against increasingly sophisticated phishing attacks that leverage AI and emotional manipulation.

Source: [IT Security Guru]

80% of Exposures from Misconfigurations, as 15 Vendors Account for 62% of Global Attack Surface

A recent XM Cyber report highlights a significant gap in cyber security focus with identity and credential misconfigurations accounting for 80% of security exposures. The study, based on hundreds of thousands of attack path assessments, found that 62% of the global attack surface is concentrated in just 15 vendors. Furthermore, 41% of organisations had at least one compromised device, and 11% experienced ransomware incidents. The report underscores the need for a shift from patching all vulnerabilities to addressing high-impact exposures, especially those around identity management and critical asset protection.

Sources: [Security Magazine] [The Hacker News]

UK to Propose Mandatory Reporting for Ransomware Attacks and Licensing Regime for all Payments

A forthcoming proposal in Britain aims to overhaul the response to ransomware by mandating victims to report incidents and obtain a license before making extortion payments. This initiative, part of a public consultation, includes a ban on ransom payments for critical national infrastructure to deter attacks. The National Cyber Security Centre has highlighted concerns over underreporting, with a 2023 increase in ransomware-related data breaches. The plan’s success hinges on replacing the delayed Action Fraud reporting platform. This proposal marks a significant step in global ransomware policy, with Britain leading international efforts against cyber criminals.

Source: [The Record Media]

UK’s Legal Sector Needs to Improve its Cyber Security, Says Experts

One in ten UK data breaches in 2023 occurred in the legal sector, highlighting that UK law firms are attractive targets for cyber criminals. A recent analysis of the UK’s Information Commissioner's Office (ICO) data found that the legal sector is one of the worst performing sectors for data breaches, with nearly 86 per cent of the incidents within the legal sector involving breaches of personal identifiable information, including instances also affecting sensitive economic and financial data.

Sources [CITY AM]

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

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

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

Backup and Recovery

Data Protection

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

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 20 October 2023

Black Arrow Cyber Threat Intelligence Briefing 20 October 2023:

-Cyber Insecurity: Many Businesses Scared They May be Hit by a Cyber Attack at Any Moment

-Cyber Security Investments Show Mature Business Mindset

-SMBs Struggle to Keep Pace as Cyber Threats Reach All Time High

-Phishing Attacks Reach Record Highs as Banks, Financial Services Remain Top Targets with HR Remaining the Most Effective Phishing Lure

-Cyber Attacks are a Matter of When not if, The Best Time to Deal With Them is Before They Happen

-Lloyd's Of London Warns Of Worst-Case-Scenario Cyber Attack

-20,000 Britons Approached By Chinese Agents On LinkedIn, Says MI5 Head

-Ransomware - All it Takes is One Employee Mistake, Criminals are Aiming at Third-Party Vendors

-39% of Individuals Use the Same Password for Multiple Accounts

-Why Fourth-Party Risk Management Is a Must-Have

-AI Adoption Surges But Security Awareness Lags Behind

-UK watchdog fines Equifax £11 million for role in cyber breach

-Why Boards Must Understand and Govern Cyber Security Risk

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 Insecurity: Many Businesses Scared They May be Hit by a Cyber Attack at Any Moment

A report from the Commvault and the International Data Corporation (IDC) found that 61% of respondents believe that a data loss within the next 12 months is "likely" or "highly likely" to occur due to increasingly sophisticated attacks. Unfortunately, most businesses do not have an unlimited budget; cyber security related spending must therefore be effective, taking an informed risk based approach to prioritise the biggest threats to businesses. To understand these threats, businesses must know the current threat landscape and how that relates to their business specifically. In order to be able to apply any threat intelligence, organisations must first ascertain what they need to protect through a documented asset register; after all you cannot protect something you do not know exists.

Sources: [PR Newswire] [TechRadar]

Cyber Security Investments Show Mature Business Mindset

Companies need to start embracing cyber security as a business enabler, rather than being viewed as a pure cost or as a regulatory burden. Good cyber security is a strong indicator of a mature business mindset, giving customers, employees, and suppliers confidence that you are running a mature, responsible operation that takes the value of its data and IP very seriously. With the perception of customers changing to be more security-based, having a high level of cyber security can establish trust and therefore distinguish a business in the marketplace.

Source: [Insider Media] [Compare the Cloud]

SMBs Struggle to Keep Pace as Cyber Threats Reach All Time High

Research conducted by Sage has found UK small and medium sized businesses (SMBs) are particularly struggling with cyber security preparedness, with 57% asking for more support with education and training and 45% not understanding what security is needed for their business. The report found that globally, 70% of SMBs highlighted cyber threats as a major concern, with 51% struggling to keep on top of new threats and 48% experiencing a cyber incident in the past year.

SMBs globally, found that their struggle related to making sure employees know what is expected of them in protecting the organisation (45%), providing education and awareness training (44%) and cost (43%).

Source: (IT Security Guru)

Phishing Attacks Hit Record Highs in Q2 2023, with Emails from HR still the Most Effective Lure

Research has found in the third quarter of this year, phishing attacks soared by 173% compared with the previous three months, and malware was up 110% over the same period, with 233.9 million malicious emails detected. Banks and financial services organisations remained a top target, with a 121% rise in phishing attacks.

In a separate report, human resource topics were found to account for more than half of the top-clicked phishing email subjects. This included emails that related to a change in dress code and updates on annual leave. It’s important for organisations to take this into account when training employees.

Sources: [SiliconANGLE1] [Beta News] [SiliconANGLE2] [TechRadar] [Security Brief]

Cyber Attacks Are a Matter of When, Not If; The Best Time to Deal with Them Is Before They Happen

Another week brings more companies added to the list of victims of cyber attacks. Just this week, UK based social care provider CareTech’s childcare subsidiary Cambian was criticised for keeping a cyber attack quiet, with individuals who had data stolen having to chase Cambian for details.

Cyber attacks happen, and companies need to admit when they have happened and inform relevant people. Honesty and clarity are key. After an attack, there are a number of things going on at once such as finding out what has happened, identifying stolen or encrypted data, fulfilling legal and regulatory requirements and communicating both internally and externally. Unfortunately, many companies do not expect to be attacked and therefore do not have anything in place to respond to an attack. In addition to having the necessary defences in place, organisations must be prepared for the event of an attack. This can be outlined in an incident response plan (IRP).

Black Arrow works with organisations of all sizes and sectors to design and prepare for managing a cyber security incident; this can include an Incident Response Plan and an educational tabletop exercise for the leadership team that highlights the proportionate controls to help the organisation prevent and mitigate an incident.

Sources: [Euronews] [The Times] [AI-CIO]

Lloyd's Of London Warns of Worst-Case-Scenario Cyber Attack

In recent modelling by a Lloyds of London researcher, a worst-case-scenario was found to have the potential to cause $3.5 trillion of economic damage within 5 years. While this may seem implausible, with the increased number of cyber attacks, especially to the financial sector, this figure is not as incredulous as it may seem.

The FBI has also stated that the average annual cost of cyber crime worldwide is expected to soar from $8.4 trillion in 2022 to more than $23 trillion in 2027.

Sources: [Reinsurance News] [ABS-CBN News] [The Motley Fool] [City AM]

20,000 Britons Approached by Chinese Agents on LinkedIn, Says MI5 Head

An estimated 20,000 Britons have been approached by Chinese state actors on LinkedIn in the hope of stealing industrial or technological secrets, the head of MI5 stated ahead of the Five Eyes agencies summit. This summit is a meeting of the heads of security from the Five Eyes nations – UK, US, Australia, Canada and New Zealand. The summit discussed how industrial espionage was happening at “real scale”, with 10,000 UK businesses being at risk, particularly in artificial intelligence, quantum computing or synthetic biology where China was trying to gain a march.

A 'secure innovation' guideline has been released to assist small to medium-sized enterprises, especially tech start-ups, in bolstering their defences against threats from foreign states, criminals, and competitors. This guideline offers basic security advice on areas like investments, supply chains, IT networks, and cloud computing to safeguard emerging technologies.

Sources: [Computer Weekly] [Tech Monitor] [Guardian]

Ransomware - All it Takes is One Employee Mistake, As Criminals are Aiming Third-Party Vendors

According to a report, human error is the root cause of more than 80% of all cyber breaches. The solution in this case, is for organisations to provide effective training to employees to reduce the risk of such an error happening. However, this does not have any impact on third parties that the  organisations use. A separate report found that nearly a third of ransomware claims involved a third-party vendor as a point of failure.

Whilst organisations often focus on improving their own cyber security, third parties can become an easily overlooked area. You don’t want to invest a significant amount into your organisation’s cyber security, only for it to fail due to a third party. This is why it is important for organisations to have an effective way of measuring supply chain risk, to ensure that they know what data their third parties have access to and what is being done by the third parties to protect it.

Black Arrow have helped many clients carry out third party risk assessments on a large number of suppliers and this can be done as a standalone offering or as part of a fractional CISO engagement.

Sources: [Security Affairs] [Claims Journal]

39% of Individuals Use the Same Password for Multiple Accounts

According to a recent survey by Yubico, 80% of respondents are concerned about the security of their online accounts. Additionally, 39% admitted to using the same passwords for multiple accounts. The report found that Boomer-generation users are the least likely to reuse passwords at 20%. In comparison, Millennials are twice as likely to reuse passwords for multiple accounts at 47%. This survey highlights that whilst younger generations may be more tech savvy, having grown up with this technology, it also brings with it a more relaxed and complacent attitude when it comes to cyber security hygiene.

Source: [Security Magazine]

Why Fourth-Party Risk Management Is a Must-Have

Most organisations today are acutely aware of the risks that third-party relationships pose, and many employ some form of third-party risk management to understand and monitor these alliances. Another danger also needs to be borne in mind: the threats organisations face from their third parties’ third parties. These ‘fourth parties’, the vendors of an organisation's vendor, are becoming an increasing concern among regulators, particularly those in the banking and financial services sector. Attackers exploit fourth parties just the same as they do third parties to indirectly target an organisation. As a result, these fourth parties greatly increase an IT environment's attack surface.

Fourth parties pose reputational, operational and regulatory risks, and with new regulations such as the Digital Operational Resilience Act (DORA) in Europe coming into place, organisations need to implement a comprehensive third-party risk management program that extends to cover fourth-party risk management. This is the only way to ensure fourth parties are vetted appropriately.

Source: [Tech Target]

AI Adoption Surges but Security Awareness Lags Behind

A new survey found that security is reportedly not the primary concern for organisations when using tools such as ChatGPT and Google Bard. Respondents are more worried about inaccurate responses than the exposure of customer and employee personally identifiable information (PII), disclosure of trade secrets (33%) and financial loss (25%). Basic security practices are lacking, however, with 82% of respondents confident in their security stacks but less than half investing in technology to monitor generative AI use, exposing them to data loss risks. Only 46% have established security policies for data sharing.

Organisations need to rigorously assess and control how large language models (LLMs) handle data, ensuring alignment with regulations such as GDPR, HIPAA, and CCPA. This involves employing strong encryption, consent mechanisms and data anonymisation techniques, and ensuring control over how the organisation’s data is used, alongside regular audits and updates to ensure data handling practices remain compliant.

Source: [Infosecurity Magazine]

UK Watchdog Fines Equifax £11 Million For Role in Cyber Breach

Britain's financial watchdog has fined the consumer credit rating body Equifax £11 million ($13.4 million) for its role in "one of the largest" cyber security breaches in history. The Financial Conduct Authority (FCA) stated that "The cyber attack and unauthorised access to data was entirely preventable", identifying that the UK arm of Equifax did not find out data had been accessed until six  weeks after their parent company discover the hack.

Source: [Reuters]

Why Boards Must Understand and Govern Cyber Security Risk

The boardroom is a critical control in every company’s system of cyber security risk management. An ineffective approach to cyber security governance creates an overall system of cyber security that is weaker than it needs to be. Boards have typically viewed cyber security as something that it left to IT and have not been able to challenge or interpret the reports that they receive, if any, from their IT departments or IT providers. Governing bodies such as the US Securities Exchange Commission (SEC) have identified this and have started bringing in regulations that force the board of directors to fully understand digital cyber security risk and have a more vital role as part of the system.
Black Arrow supports business leaders in organisations of all sizes to demonstrate governance of their cyber security, by owning their cyber security strategy and leveraging their existing internal and external resources to build resilience against a cyber security incident.

Source: [Forbes]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

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

Insurance

Supply Chain and Third Parties

Identity and Access Management

Encryption

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

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

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

Misc Nation State/Cyber Warfare

Geopolitical Threats/Activity

China

Russia

Iran

North Korea

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 June 2023

Black Arrow Cyber Threat Briefing 02 June 2023:

-How to Keep Cyber Attacks from Tanking Your Balance Sheet

-Company Size Doesn’t Matter When It Comes to Cyber Attacks

-‘Exceptional’ Cyber Attacks Now Normal, says BT Security Chief

-How State-Sponsored/Advanced Persistent Threat Groups (APTs) Target SMBs

-Phishing Campaigns Thrive as Evasive Tactics Outsmart Conventional Detection

-Don't be Polite When you Get a Text from a Wrong Number

-Capita Cyber Attack: 90 Downstream Organisations Reported Data Breaches

-Travel-Themed Phishing, BEC Campaigns Get Smarter as Summer Season Arrives

-Organisations Spend 100 Hours Battling Post-Delivery Email Threats

-Ransomware Gangs Adopting Business-like Practices to Boost Profits

-The Sobering Truth About Ransomware—For The 80% Who Paid Up

-The Great CISO Resignation: Why Security Leaders are Quitting in Droves

-When is it Time for a Cyber Hygiene Audit?

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

  • How to Keep Cyber Attacks from Tanking Your Balance Sheet

According to a recent Forrester report, last year saw 1 billion records exposed in the top 35 breaches, $2.6 billion stolen in the top nine cryptocurrency breaches, and $2.7 billion in fines levied to the top 35 violators.

The average cost of a data breach reached $4.35 million in 2022, according to IBM’s Cost of a Data Breach Report for that year, which represents a 2.6% increase over the prior year, and a 12.7% increase from 2020. For ransomware, a report found the average payment in 2021 was approximately $1.85 million, more than double the $760,000 figure from 2020. These are just direct costs; indirect costs are far greater and can include lost business, lost customers, reputational loss and regulatory fines.

When it comes to managing cyber risk, corporate boards should look to understand cyber security as a strategic business enabler, understand the impacts, align risk-management with business needs, ensure the organisation supports cyber security, incorporate cyber security expertise into governance and encourage systemic resilience.

https://hbr.org/2023/06/how-to-keep-cyberattacks-from-tanking-your-balance-sheet

  • Company Size Doesn’t Matter When It Comes to Cyber Attacks

65% of large organisations suffered a cyber attack within the last 12 months, which is similar to the results among companies of all sizes (68%), according to a recent report. The most common security incidents were the same for all companies; these were phishing, ransomware and user account compromise, also known as business email compromise (BEC).

Smaller companies often underestimate their risk, with the reasoning that cyber criminals want the biggest targets as they will likely have more intellectual property, however all businesses have valuable data and are therefore a target. Additionally, smaller organisations can sometimes be seen as a way into larger organisations that use their services.

https://www.helpnetsecurity.com/2023/05/29/larger-organizations-cyberattacks/

  • ‘Exceptional’ Cyber Attacks Now Normal, says BT Security Chief

The threat of cyber attacks is growing at an “unprecedented” pace, according to the chief security officer at multinational teleco BT, Howard Watson, but it is not just large organisations such as BT who will be impacted by this increase.

Watson highlighted that the increase in sophisticated technology poses the biggest threat in the long run: “Technological advancement, as ever, is a double-edged sword in security. Quantum and AI have great potential for benefits in the right hands, or to cause massive damage in the wrong hands. But we know that cyber criminals will utilise these technologies, so we have to be able to respond in kind.”  Adding to this, the chief security officer highlighted that events that were previously considered as ‘exceptional’ need to be assessed and planned for as a probability, rather than a possibility.

https://www.thetimes.co.uk/article/exceptional-cyberattacks-now-normal-says-bt-security-chief-nd2kfp3gc

  • How State-Sponsored/Advanced Persistent Threat Groups (APTs) Target SMBs

Small and medium businesses (SMBs) are not exempt from being targeted by advanced persistent threat (APT) actors, according to Proofpoint researchers who collected data from over 200,000 SMB customers. Proofpoint identified a rise in phishing campaigns originating from such state-sponsored APT groups, who are highly skilled and typically state-sponsored groups with distinct strategic goals. These goals range from espionage and intellectual property theft to destructive attacks, state-sponsored financial theft, and disinformation campaigns.

Unfortunately, SMBs often lack adequate cyber security measures, making them vulnerable to all kinds of cyber threats. APT actors exploit this weakness by targeting SMBs as a stepping stone towards achieving their larger goals.

Alongside phishing campaigns, it was identified that APTs are increasingly targeting regional outsourced IT providers/Managed Service Providers (MSPs) to mount supply chain attacks. By compromising regional MSPs within geographies that align with the strategic collection requirements of APT actors, threat actors can gain access to multiple SMBs to extract sensitive information or execute further attacks.

https://www.helpnetsecurity.com/2023/05/31/apt-targeting-smbs/

  • Phishing Campaigns Thrive as Evasive Tactics Outsmart Conventional Detection

According to research, 2022 saw a 25% increase in the use of phishing kits. These phishing kits are a set of tools that enable cyber criminals to effortlessly create and maintain large scale sophisticated phishing campaigns. It is this sophistication that allows cyber criminals to circumnavigate conventional detections; in fact, the research found a 40% increase in the use of anti-bot technologies designed to prevent automated scanners from identifying content as phishing.

In some cases (11% of observed phishing kits) malicious links would not be detected when tested by anti-phishing controls because those controls do not use the exact device parameters, geolocation and referrer of the intended target victim’s profile; therefore the malicious link is allowed to be delivered to the intended target.

https://www.helpnetsecurity.com/2023/06/01/advanced-detection-evasion-techniques/

  • Don't be Polite When you Get a Text from a Wrong Number

You should immediately be suspicious of any text you get from a number not in your contacts, even if it may be innocent looking. Your first reaction may be to be polite and let them know they have the wrong number, but this person is a stranger. Strangely, despite teaching our children not to talk to strangers, many are comfortable with divulging information to them. Although letting them know they made a mistake seems harmless, responding opens you up to being scammed and you’ve just let them know you’re a real person. Every bit of helpful information you provide has the potential to be leveraged by an attacker.

https://www.kens5.com/article/money/consumer/wrong-number-text-messages/273-c94cd68b-6117-4add-bf16-e010f7e16726

  • Capita Cyber Attack: 90 Downstream Organisations Reported Data Breaches

90 organisations have reported breaches of personal information held by Capita after the outsourcing group had suffered a cyber attack, according to Britain’s data watchdog. The attack on Capita, which occurred in March, is still impacting businesses, with the UK Information Commissioners Office (ICO) making enquiries. Organisations must notify the ICO within 72 hours of becoming aware of a personal data breach.

The impact of the attack, and its knock-on effect, highlights the need for organisations to consider their third party security, no matter the size of the third party they use.

https://www.theguardian.com/business/2023/may/30/capita-cyber-attack-data-breaches-ico

  • Travel-Themed Phishing, BEC Campaigns Get Smarter as Summer Season Arrives

A recent survey from McAfee found that nearly a third (30%) of adults have fallen victim or know someone who has fallen victim to an online scam when bargain hunting for travel deals during the summer season, with a full two-thirds of victims losing up to $1,000.

This has extended to the corporate environment, with threat actors impersonating the HR department and exploiting the trust users place in their employers, a report has found. The attack leverages regular HR procedures associated with holiday requests and taps into the anticipation and excitement surrounding the summer travel season, to capitalise on exploiting the user.

https://www.darkreading.com/endpoint/travel-themed-phishing-bec-campaigns-smarter-summer-season

  • Organisations Spend 100 Hours Battling Post-Delivery Email Threats

Nearly every victim of a spear-phishing attack in the last 12 months saw impacts on their organisation, including malware infections, stolen data, and reputational damage, according to Barracuda Networks. The research shows that cyber criminals continue to barrage organisations with targeted email attacks, and many companies are struggling to keep up.

While spear-phishing attacks are low-volume, they are widespread and highly successful compared to other types of email attacks. On average, organisations take nearly 100 hours to identify, respond to, and remediate a post-deliver email threat: 43 hours to detect the attack and 56 hours to respond and remediate after the attack is detected.

Users at companies with more than a 50% remote workforce report higher levels of suspicious emails: 12 per day on average, compared to 9 per day for those with less than a 50% remote workforce. Companies with more than a 50% remote workforce also reported that it takes longer to both detect and respond to email security incidents: 55 hours to detect and 63 hours to respond and mitigate, compared to an average of 36 hours and 51 hours respectively for organisations with fewer remote workers.

https://www.helpnetsecurity.com/2023/05/30/2023-spear-phishing-trends/

  • Ransomware Gangs Adopting Business-like Practices to Boost Profits

Ransomware gangs are using a variety of business-like practices to boost profits, making it more difficult for defenders to differentiate various groups, a new report by WithSecure has surmised. This move towards mirroring legitimate businesses practices means that tactics, techniques and procedures (TTPs) are blurring.

The underground marketplace now includes entities including ransomware-as-a-service (RaaS) groups, Initial Access Brokers (IAB), crypter-as-a-service (CaaS), cryptojackers, malware-as-a-service (MaaS) groups and nation-state actors. This allows nation-states to use tools available on the underground market to gain access to networks and systems without being detected. Ultimately, this trend towards professionalisation makes the expertise and resources to attack organisations accessible to lesser-skilled or poorly resourced threat actors.

https://www.infosecurity-magazine.com/news/ransomware-gangs-business-practices/

  • The Sobering Truth about Ransomware—for the 80% Who Paid Up

Newly published research of 1,200 organisations impacted by ransomware reveals a sobering truth that awaits many of those who decide to pay the ransom. According to research, 80% of the organisations surveyed decided to pay the demanded ransom in order to both end the ongoing cyber attack and recover otherwise lost data. This is despite 41% of those organisations having a “do not pay” policy in place, which only goes to reinforce the cold hard fact that cyber crime isn’t an easy landscape to navigate. This is something that’s especially true when your business is facing the real-world impact of dealing with a ransomware attack.

Of the 960 organisations that paid a ransom, 201 of them (21%) were still unable to recover their lost data. The same number also reported that ransomware attacks were now excluded from their insurance policies. Of those organisations with cyber insurance cover, 74% reported a rise in premiums. Another report, published by Sophos, revealed that 32% of those surveyed opted to pay the ransom but a shocking 92% failed to recover all their data and 29% were unable to recover more than half of the encrypted data.

Some groups have switched to stealing sensitive customer or corporate data instead, with the ransom demanded in return for them not selling it to the highest bidder or publishing it online. Many groups combine the two for a double extortion ransomware attack.

https://www.forbes.com/sites/daveywinder/2023/05/30/the-sobering-truth-about-ransomware-for-the-80-percent-who-paid-up 

  • The Great CISO Resignation: Why Security Leaders are Quitting in Droves

With the rise in AI tools such as ChatGPT broadening an attacker’s arsenal, this places greater and greater pressure on security leaders who are already dealing with shrinking budgets, skeleton crew staff and a conglomeration of security tools and protocols — so much so that they are increasingly quitting. A recent report found that nearly a third (32%) of CISOs in the US and UK were considering leaving their current organisation and 9 out of 10 reported themselves as “moderately” or “tremendously” stressed.

This so-called Great CISO Resignation is concerning, because what happens when there’s nobody guarding the gate and rallying the troops?

https://www.sdxcentral.com/articles/analysis/the-great-ciso-resignation-why-security-leaders-are-quitting-in-droves/2023/05/

  • When is it Time for a Cyber Hygiene Audit?

Effective cyber hygiene practices limit threats against your systems, devices and users, preventing breaches that could compromise sensitive business information, database information, and personal data. But cyber hygiene isn’t a static or one-off process. It requires routine execution and, occasionally, a full audit. This audit typically covers a range of aspects including encryption, documentation, authentication, patches, security and ongoing cyber hygiene.

Good cyber hygiene is a necessary part of maintaining IT security. Setting up processes and procedures within your organisation’s regular operating procedures is an effective way to maintain cyber hygiene. Although the responsibilities may differ by position, everyone in the organisation plays a role.

An audit provides important information on where and where you need to improve. It also provides a baseline for measuring improvement and effectiveness. The key to success is to integrate hygiene into routine process starting top down from policies into every part of the business and making use of third party experts to help aid in the process.

https://www.trendmicro.com/en_us/devops/23/e/cyber-hygiene-audit-best-practices.html

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Artificial Intelligence

2FA/MFA

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

AML/CFT/Sanctions

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Hybrid/Remote Working

Shadow IT

Identity and Access Management

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

Travel

Parental Controls and Child Safety

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Misinformation, Disinformation and Propaganda

Vulnerability Management

Vulnerabilities

Sector Specific

Industry specific threat intelligence reports are available.

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

·       Automotive

·       Construction

·       Critical National Infrastructure (CNI)

·       Defence & Space

·       Education & Academia

·       Energy & Utilities

·       Estate Agencies

·       Financial Services

·       FinTech

·       Food & Agriculture

·       Gaming & Gambling

·       Government & Public Sector (including Law Enforcement)

·       Health/Medical/Pharma

·       Hotels & Hospitality

·       Insurance

·       Legal

·       Manufacturing

·       Maritime

·       Oil, Gas & Mining

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

·       Retail & eCommerce

·       Small and Medium Sized Businesses (SMBs)

·       Startups

·       Telecoms

·       Third Sector & Charities

·       Transport & Aviation

·       Web3

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

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

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

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

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 02 July 2021

Black Arrow Cyber Threat Briefing 02 July 2021: Russian Hackers Target IT Supply Chain In Ransomware Attack Leading To Hundreds Of Firms Being Hit; 71% Of Orgs Experienced BEC Attacks Over The Past Year; Cyber Insurance Making Ransomware Crisis Worse; Breach Exposes 92% Of LinkedIn Users; Users Clueless About Cyber Security Risks; Paying Ransoms Make You A Bigger Target; Cyber Crime Never Sleeps; Classified MOD Docs Found At Bus Stop; Don’t Leave Your Cyber IR Plan To IT, It’s An Organisational Risk

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

Russian Hackers Target IT Supply Chain In Ransomware Attack Leading To Hundreds Of Firms Being Hit

Hackers began a ransomware attack on Friday, hitting at least 200 companies, according to cyber security researchers. 

In what appears to be one of the largest supply chain attacks to date, hackers compromised Kaseya, an IT management software supplier, in order to spread ransomware to the managed service providers that use its technology, as well as to their clients in turn. 

The attacks have been attributed t=to REvil, the notorious Russia-linked ransomware cartel that the FBI claimed was behind recent crippling attack on beef supplier JBS. 

The attack is the latest example of hackers weaponising the IT supply chain in order to attack victims at scale, by breaching just one provider. Last year, it emerged that Russian state-backed hackers had hijacked the SolarWinds IT software group in order to penetrate the email networks of US federal agencies and corporations, for example. 

Late on Friday, Kaseya urged those using the compromised “VSA server” tool, which provides remote monitoring and patching capabilities, to shut it down immediately. 

https://www.ft.com/content/a8e7c9a2-5819-424f-b087-c6f2e8f0c7a1

71% Of Organisations Experienced BEC Attacks Over The Past Year

Business email compromise (BEC) attacks are one of the most financially damaging cyber crimes and have been on the rise over the past year. This is according to a new report which revealed that spoofed email accounts or websites accounted for the highest number of BEC attack as 71% of organisations acknowledged they had seen one over the past year. This is followed by spear phishing (69%) and malware (24%). Data from 270 IT and cyber security professionals were collected to identify the latest enterprise adoption trends, gaps and solution preferences related to phishing attacks.

https://www.helpnetsecurity.com/2021/06/25/bec-attacks-past-year/

Cyber Insurance Isn't Helping With Cyber Security, And It Might Be Making The Ransomware Crisis Worse, Say Researchers

Cyber insurance is designed to protect organisations against the fallout of cyber attacks, including covering the financial costs of dealing with incidents. However, some critics argue that insurance encourages ransomware victims to simply pay the ransom demand that will then be covered by the insurers, rather than have adequate security to deter hackers in the first place. Insurers argue that it's the customer that makes any decision to pay the ransom, not the insurer.

https://www.zdnet.com/article/ransomware-has-become-anc`-existential-threat-that-means-cyber-insurance-is-about-to-change/

LinkedIn Breach Reportedly Exposes Data Of 92% Of Users, Including Inferred Salaries

A second massive LinkedIn breach reportedly exposes the data of 700M users, which is more than 92% of the total 756M users. The database is for sale on the dark web, with records including phone numbers, physical addresses, geolocation data, and inferred salaries. The hacker who obtained the data has posted a sample of 1M records, and checks confirm that the data is both genuine and up to date. No passwords are included, but as the site notes, this is still valuable data that can be used for identity theft and convincing-looking phishing attempts that can themselves be used to obtain login credentials for LinkedIn and other sites. https://9to5mac.com/2021/06/29/linkedin-breach/

Users Clueless About Cyber Security Risks

Organisations are facing yet another unprecedented threat to their cyber security now that employees are headed back into offices with their personal devices, lax security hygiene and no clue about some of the most catastrophic attacks in history, such as the Colonial Pipeline shutdown. A new survey shows the mountains of work ahead for security teams in not just locking down their organisations’ systems but also in keeping users from getting duped into handing over the keys to the kingdom. 2,000 end users were surveyed in the U.S. and found the dangers to critical infrastructure, utilities and food supplies are not sinking in with the public, despite the deluge of headlines.

https://threatpost.com/users-clueless-cybersecurity-risks-study/167404/

Ransomware: Paying Up Won't Stop You From Getting Hit Again, Says Cyber Security Chief

Ireland's Health Service Executive (HSE) has been praised for its response after falling victim to a major ransomware attack and for not giving into cyber criminals and paying a ransom. HSE was hit with Conti ransomware in May, significantly impacting frontline health services. The attackers initially demanded a ransom of $20 million in bitcoin for the decryption key to restore the network. While the gang eventually handed over a decryption key without receiving a ransom, they still published stolen patient data – a common technique by ransomware attackers, designed to pressure victims into paying.

https://www.zdnet.com/article/ransomware-paying-up-wont-stop-you-from-getting-hit-again-says-cybersecurity-chief/

Don’t Leave Your Cyber IR Plan To IT, It’s An Organisational Risk

Phishing attacks, insider threats, denial of service disruptions, malware and ransomware — cyber security incidents like these happen on a daily basis. For most of these incidents, the onsite IT team will remediate based on a pre-developed plan and process. And for many of these incidents, that’s a solid approach. But those incident response plans and strategies are IT oriented and geared toward short-term fixes and single incident responses. Meaning, if an incident accelerates beyond a handful of infected laptops or a compromised server and begins to affect operations of all or even part of the organisation, business itself can be disrupted — or even shut down entirely.

https://securityintelligence.com/posts/incident-response-vs-cyber-crisis-management-plan/

Cyber Crime Never Sleeps

When the Colonial Pipeline fell victim to a ransomware attack, people across the United States were shocked to find that a single episode of cyber crime could lead to widespread delays, gas shortages and soaring prices at the pump. But disruptive ransomware attacks like these are far from rare; in fact, they are becoming more and more frequent. Cyber crime is on the rise, and our cyber security infrastructure desperately needs to keep up. A quick look at the data from the last year confirms that cyber crime is a growing threat. Identity theft doubled in 2020 over 2019.

https://www.newsweek.com/cybercrime-never-sleeps-opinion-1603901

IT, Healthcare And Manufacturing Facing Most Phishing Attacks

Researchers examined more than 905 million emails for the H1 2021 Global Phish Cyber Attack Report, finding that the IT industry specifically saw 9,000 phishing emails in a one month span out of almost 400,000 total emails. Their healthcare industry customers saw more than 6,000 phishing emails in one month out of an average of over 450,000 emails and manufacturing saw a bit less than 6,000 phishing emails out of about 330,000 total emails. Researchers said these industries are ripe targets because of the massive amount of personal data they collect and because they are often stocked with outdated technology that can be easily attacked.

https://www.zdnet.com/article/it-healthcare-and-manufacturing-facing-most-phishing-attacks-report/

Classified Ministry Of Defence Documents Found At Bus Stop

Classified Ministry of Defence documents containing details about HMS Defender and the British military have been found at a bus stop in Kent. One set of documents discusses the likely Russian reaction to the ship's passage through Ukrainian waters off the Crimea coast on Wednesday. Another details plans for a possible UK military presence in Afghanistan after the US-led NATO operation there ends. The government said an investigation had been launched.

https://www.bbc.co.uk/news/uk-57624942

Cabinet Office Increases Cyber Security Training Budget By Almost 500%

The UK’s Cabinet Office increased its cyber security training budget to £274,142.85 in the fiscal year 2021 – a 483% increase from the £47,018 spent in the previous year. In its FOI response, the Cabinet Office detailed the cyber security courses attended by its staff, revealing that the number of booked courses grew from 35 in 2019-20 to 428 in the current fiscal year.

https://www.itpro.co.uk/security/cyber-security/360039/cabinet-office-increases-cyber-spending-by-almost-500-amid-cctv

Threats

Ransomware

Phishing

Malware

Mobile

IoT

Data Breaches

Organised Crime & Criminal Actors

 Cryptocurrency/Cryptojacking

OT, ICS, IIoT and SCADA

Nation State Actors

Cloud

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
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 11 December 2020

Black Arrow Cyber Threat Briefing 11 December 2020: Cyber crime costs the world more than $1 trillion, 50% increase from 2018; One of the world's largest security firms breached; Chinese Breakthrough in Quantum Computing a Warning for Security Teams; Ransom payouts hit record-highs, surging 178% in a year; Ransomware Set to Continue to Evolve

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 Headlines of the Week

Cyber crime costs the world more than $1 trillion, a 50% increase from 2018

Cyber crime costs the world economy more than $1 trillion, or just more than one percent of global GDP, which is up more than 50 percent from a 2018 study that put global losses at close to $600 billion. Beyond the global figure, the report also explored the damage reported beyond financial losses, finding 92 percent of companies felt effects beyond monetary losses.

https://www.helpnetsecurity.com/2020/12/07/cybercrime-costs-world/

FireEye, one of the world's largest security firms, discloses security breach

FireEye, one of the world largest security firms, said today it was hacked and that a "highly sophisticated threat actor" accessed its internal network and stole hacking tools FireEye uses to test the networks of its customers.

The firm said the threat actor also searched for information related to some of the company's government customers.

The attacker was described as a "highly sophisticated threat actor, one whose discipline, operational security, and techniques lead us to believe it was a state-sponsored attack."

https://www.zdnet.com/article/fireeye-one-of-the-worlds-largest-security-firms-discloses-security-breach/

Chinese Breakthrough in Quantum Computing a Warning for Security Teams

China’s top quantum-computer researchers have reported that they have achieved quantum supremacy, i.e., the ability to perform tasks a traditional supercomputer cannot. And while it’s a thrilling development, the inevitable rise of quantum computing means security teams are one step closer to facing a threat more formidable than anything before.

https://threatpost.com/chinese-quantum-computing-warning-security/161935/

Ransom payouts hit record-highs, surging 178% in a year

Average ransom payouts increased by 178% in the third quarter of this year, from $84,000 (£63,000) to almost £234,000, compared with the year before. Ransomware payments reached record-highs in 2020 as employees shifted to remote working to curb the spread of the coronavirus pandemic, creating more attack vectors for hackers.

https://uk.finance.yahoo.com/news/ransomware-payouts-hacking-computers-hit-record-highs-surging-134527988.html

Ransomware Set for Evolution in Attack Capabilities in 2021

Ransomware is set to evolve into a greater threat in 2021 as service offerings and collaborations increase. The year turned out “different than predicted” and the shift to working from home also impacted the e-crime landscape. “This created an industrialization of e-crime groups and their abilities to extend from single groups into business pipelines”

https://www.infosecurity-magazine.com/news/ransomware-evolution-capabilities/

How Organisations Can Prevent Users from Using Breached Passwords

There is no question that attackers are going after your sensitive account data. Passwords have long been a target of those looking to compromise your environment. Why would an attacker take the long, complicated way if they have the keys to the front door?

https://thehackernews.com/2020/12/how-organizations-can-prevent-users.html

Threats

Ransomware

Phishing

IOT

Malware

Vulnerabilities

Data Breaches

Threat Actors

Insider Threats

Other News

Reports Published in the Last Week

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
Black Arrow Admin Black Arrow Admin

Cyber Weekly Flash Brief 21 August 2020: Uber infosec exec charged with cover-up, 50% anti-malware products fail, WFH security breach surge, 40% of firms sacked staff for cyber breaches during Covid

Cyber Weekly Flash Briefing 21 August 2020: Former Uber security exec charged with cover-up, half of anti-malware products fail to recognise threats, millions of social media accounts compromised by data breach, WFH causes surge in security breaches, staff 'oblivious' to best practices, 40% of firms have sacked staff for cyber security breaches during Covid, HMRC Investigating Over 10,000 COVID-Related Phishing Scams

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.

Former Uber security executive charged with data breach cover-up

Uber’s former chief security officer has been charged with obstruction of justice over accusations that he attempted to cover up a 2016 hack of the company, which exposed the personal details of 57m users and drivers.

Prosecutors said Joseph Sullivan, 52, hid the breach from the relevant authorities, and instead paid a ransom to the hackers and had them sign non-disclosure agreements stating, falsely, that they had not stolen personal information.

“The agreements contained a false representation that the hackers did not take or store any data,” prosecutors said in a press release. “When an Uber employee asked Sullivan about this false promise, Sullivan insisted that the language stay in the non-disclosure agreements.”

Mr Sullivan, who worked at Facebook prior to Uber, is said to have authorised the payment to the hackers of $100,000 in bitcoin, disguising the fee as coming via the company’s legitimate “bug bounty” programme — normally used to pay well-intentioned cyber security experts for discovering flaws and vulnerabilities.

It was not until November 2017, almost a year after Mr Sullivan allegedly knew the attack took place, that Uber revealed its knowledge of the breach and Mr Sullivan was dismissed.

Why this matters?

Not only was a criminal act conducted against Uber but a further criminal act was then conducted within the firm to cover it up. This shows what is at stake, that people will go to lengths to cover things up and that strong governance is needed and appropriate controls, and rewards, need to be in place across the organisation to encourage good behaviours.

Read more: https://www.ft.com/content/aff1fe76-418e-4f93-ba27-5a3c888c4252

Half of anti-malware products fail to recognize notable threats

Many of the most popular, well-established cyber security solutions do not protect their users from all notable threats, according to new analysis from SE Labs.

The security firm tested 14 of the world’s most popular cyber security solutions and, while products from Microsoft and Kaspersky Lab scored 100 percent, more than half failed to identify all threats.

"While the numbers of 'misses' are not out of this world, it's disappointing to see big brand products miss well-known threats," said Simon Edwards, CEO at SE Labs.

"Although we do 'create' threats by using publicly available free hacking tools, we don't write unique malware so there is no technical reason why any vendor being tested should do poorly."

According to SE Labs, the firm used common threats that affect the general public to conduct the tests, as well as more targeted forms of attack.

"In some cases the bad guys actually help us out, by sending our own organization the same types of malware that they use to target other potential victims. The Emotet malware campaign that ran in July of this year was a notable example," Edwards added.

With the Covid-19 pandemic forcing employees to remain at home, it has never been more important to protect devices and data from cyberthreats. Businesses and consumers alike are advised to keep their operating systems, applications and cybersecurity solutions up to date.

Why this matters:

Many firms put too much faith in technical controls, yet reports like this prove the point that technical controls are not as good as many people believe.Technical controls, even the best technical controls, only go so far when information security is a whole of business risk and people controls are needed in addition to technical controls to keep a firm safe.

Read more: https://www.itproportal.com/news/half-of-anti-malware-products-fail-to-recognize-notable-threats/

Hundreds of millions of Instagram, TikTok, YouTube accounts compromised by data breach

Security researchers have discovered an exposed database online which contains scraped data from the social media profiles of nearly 235m Instagram, TikTok and YouTube users.

For those unfamiliar with the practice, web scraping is an automated technique used to gather data from websites that is often employed by analytics firms who use it to create large databases of user information. Although the practice is legal, it is strictly prohibited by social media companies as it puts the privacy of their users and their data at risk.

Researchers discovered three identical copies of the exposed database online at the beginning of August. After examining the database they learned that it belonged to a company called Deep Social which has shut down its operations.

Why this matters

Big beaches like these, where data has been taken from different sources, breaches and public databases, can give attackers an incredible amount of data on you, probably enough to then start attacking your home or your employer. Even as far as identity theft type attacks.

Read more: https://www.techradar.com/news/hundreds-of-millions-of-instagram-tiktok-youtube-accounts-compromised-by-data-breach

Working from home causes surge in security breaches, staff 'oblivious' to best practices

The COVID-19 pandemic shows little sign of slowing down, and for many businesses, employees are still working remotely and from home offices.

While some companies are gearing towards reopening their standard office spaces in the coming months -- and have all the challenges associated with how to do so safely to face -- they may also be facing repercussions of the rapid shift to remote working models in the cyber security space.

In the clamor to ensure employees could do their jobs from home, the enterprise needed to make sure members of staff had the right equipment as well as network and resource access.

However, according to Malwarebytes, the rushed response to COVID-19 in the business arena has created massive gaps in cyber security -- and security incidents have increased as a result.

On Thursday, the cyber security firm released a report (.PDF), "Enduring from Home: COVID-19's Impact on Business Security," examining the impact of the novel coronavirus in the security world.

Company telemetry and a survey conducted with 200 IT and cyber security professionals suggest that since the start of the pandemic, remote workers have caused a security breach in 20% of organisations.

As a result, 24% of survey respondents added that their organizations had to pay unexpected costs to address cyber security breaches or malware infections after shelter-in-place orders were imposed.

Why this matters:

Months into this pandemic and staff working from home many staff are still oblivious to what they should and should not be doing and some firms are not doing a good enough job of getting their staff to appreciate the role they playing in helping to keep their firm’s safe.

Read more: https://www.zdnet.com/article/working-from-home-trend-causes-surge-in-cybersecurity-costs-security-breaches/

Two-fifths of firms have sacked staff for cybersecurity breaches during Covid, poll shows

Almost two-fifths of business decision-makers (39 per cent) have dismissed employees because of a cyber security policy breach since the pandemic began, a survey has found.

The research polled 200 UK business decision-makers and found more than half (58 per cent) of firms believed that working from home made employees more likely to circumvent security protocols – including through the use of personal laptops and failing to change passwords.

To combat poor employee security practices, more than half (55 per cent) of those surveyed had banned, or planned to ban, staff from using personal devices to work from home.

Meanwhile, 57 per cent were implementing more measures to securely authenticate employees, including biometric data checks such as fingerprint and facial recognition technology, and multi-factor authentication steps to access certain files, applications and accounts.

The poll found that almost two-thirds (65 per cent) had made substantial changes to their cybersecurity policies in response to breaches and to Covid-19.

Why this matters:

It is imperative employers revisited their data security protocols in light of widespread home working. Employers need to communicate that the same principles of data protection apply at home as in the office, including that a breach could lead to severe disciplinary action. The importance of securing data and directing employees accordingly cannot be underestimated as the employer could find themselves responsible for significant data breaches if they have not taken appropriate steps to protect it.

Separately, a report by recruitment firm Robert Walters has found that up to 65,000 cyber attacks take place on UK SMEs every day, with 4,500 successful. The report, Cyber security: Building Business Resilience, found that almost half (48 per cent) of UK companies admitted to not having adequate cyber security provision to maintain a fully remote working model.

Read more: https://www.peoplemanagement.co.uk/news/articles/two-fifths-firms-sacked-staff-cybersecurity-breaches-during-covid-poll-finds

We are at the mercy of Google's cloud services – and it could cost us dearly

If the internet is our information superhighway, this week's mass outage of Google services represents the sudden and total closure of the M25.

Users up and down the country who rely on the system for their livelihoods found themselves confronted with the simple Gmail message: “Oops, something went wrong”. It was the digital equivalent of the Road Closed sign.

Such is the public and private sector’s dependence on software services provided by Google and its rivals Amazon, Microsoft and Alibaba that the five-hour outage will likely be felt at GDP level.

Never mind the frustration felt by hundreds of thousands of homeworkers, think of all the lost opportunities from meetings unattended, the lost confidence from work unsent and the lost productivity from reduced output.

It all adds up: a temporary internet shutdown costs an advanced economy like Britain’s £107m per day according to a report from Deloitte and Facebook into the economic impact of disruptions to connectivity.

That’s equivalent to 1.9 per cent of daily GDP. A big hit, especially in a recession when companies small and large are fighting for their lives and public services are stretched to the limit.

Why this matters

Firms are increasing reliant on a small number of providers and a loss of any one of those providers could have serious ramifications for any business operating online. It is always best to diversify your critical systems across different providers such that a loss of one does not have such wide reaching impact.

Read more: https://www.telegraph.co.uk/technology/2020/08/20/mass-outages-google-will-cost-country-dearly-must-do-better/

Four million Britons with Huawei phones risk their devices becoming obsolete

Up to four million British consumers could be stuck with increasingly useless and vulnerable Huawei mobiles after the Chinese firm was blocked from receiving future software updates due to US sanctions.

The crisis-hit company's phones are in danger of rapidly becoming obsolete following the expiry of a temporary licence allowing it to use apps and Android updates from Google - raising fears they could become increasingly slow and laden with bugs.

Huawei is at risk of being unable to renew the licence after being blacklisted by the Trump administration in May last year, with US companies barred from selling technology to it without explicit government approval.

As a result, Huawei phones using Google Mobile Services could stop getting new features and security updates from the US company.

The US claims that Huawei equipment can be used by the Chinese government for espionage – something which Huawei has repeatedly denied. Older Huawei phones, developed before May 2019, are still expected to have the support of critical security features.

Why this matters:

Security updates need to rolled out to keen devices and software secure once vulnerabilities have been found and fixed by vendors. If Huawei phones are no longer able to receive these security updates any vulnerabilities in the underlying operating system will be able to continue being exploited by cyber criminals or ironically nation state actors.

Read more: https://www.telegraph.co.uk/technology/2020/08/19/four-million-britons-huawei-phones-risk-devices-becoming-obsolete/

HMRC Investigating Over 10,000 COVID-Related Phishing Scams

More than 10,000 email, SMS, social media and phone scams exploiting the COVID-19 pandemic are being investigated by Her Majesty’s Revenue and Customs (HMRC) in the UK.

The official figures, published following a Freedom of Information (FOI) request highlight how the health and economic crisis has provided major scamming opportunities for cyber criminals.

The data showed that May was the month in which the highest number of phishing scams were reported by members of the public to HMRC, at 5152, representing a 337% rise compared to March when lockdown measures were first introduced in the UK. This was followed by 2558 reports in June, and 2105 in April. The total since March comes to 10,428.

Government programs introduced to support businesses and workers impacted by the lockdown have been a common target for scammers. Examples include an email purporting to be from HMRC regarding the government’s Coronavirus Job Retention Scheme, which attempted to get business owners to reveal their bank account information, while another offered a bogus tax rebate under the guise of the Self-Employment Income Support Scheme.

The FOI also showed that 106 COVID-related websites have been requested for removal since March, with April the highest month at 42, followed by 24 in May and 17 in March. In May, it was revealed that HMRC formally asked internet service providers (ISPs) to remove 292 scam web addresses exploiting the coronavirus outbreak.

Why this matters:

Cyber criminals will always take advantage of current events, crises and tragedies to exploit unsuspecting victims. This has never been so evident as with the current Coronavirus pandemic, especially with the shift to more staff working from home.

Read more: https://www.infosecurity-magazine.com/news/hmrc-investigating-covid-related/

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.

Read More