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Black Arrow Cyber Threat Briefing 15 March 2024

Black Arrow Cyber Threat Intelligence Briefing 15 March 2024:

-Mind The Gap - Mimecast Report Finds Humans Are Biggest Security Flaw

-Three-Quarters of Cyber Victim Are SMBs - Why SMBs are Becoming More Vulnerable

-Cyber Security Skills Gap and Lack of Boardroom Engagement Invite Hacker Havoc

-UK Government’s Ransomware Failings Leave Country ‘Exposed and Unprepared’

-Data Breaches up 72% to New Record High: Cyber Security Incidents Rank as #1 Global Business Threat in 2024

-Finance Sector Facing Huge Number of Cyber Attacks That Could Leave It On its Knees, Highlights the Need to Build a Robust Security Culture

-Microsoft Confirms Russian Hackers Stole Source Code, Some Customer Secrets

-Independent Cyber Security Audits Are Powerful Tools for Boards

-Navigating Cyber Security in The Era of Mergers

-Phishing Tactics Evolve as Sophisticated Vishing and Image-based Phishing Take World by Storm

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

Mind The Gap: Mimecast Report Finds Humans Are Biggest Security Flaw

A global report from Mimecast has found that 74% of all cyber breaches are caused by human factors, including errors, misuse of access privileges or social engineering. Email remains the primary attack vector for cyber threats. Further, 67% of respondents expect AI-driven attacks to soon be the norm and 69% believe their company will be harmed by an attack.

No matter the size, sector or budget of an organisation, people remain a consistent risk factor. Even with strong technology controls, people can still be the risk that brings down the organisation. It is therefore important for organisations to integrate people into their cyber security investments. This should include awareness and education training, and fostering a cyber secure culture in the organisation.

Sources: [IT Security Guru] [Beta News] [Verdict]

Three-Quarters of Cyber Victim Are SMBs: Why SMBs are Becoming More Vulnerable

According to a recent Sophos report, over three-quarters of cyber incidents impacted smaller businesses in 2023, with ransomware having the largest impact. The research also found that in 90% of attacks, data or credential theft was involved and in 43%, data theft was the main focus.

The report found significant usage of initial access brokers; these are attackers whose speciality is to break into computer networks and sell ready-to-go access to other attackers. In fact, the report found that almost half of all malware detected in SMBs were malicious programs used to steal sensitive data and login credentials. Unfortunately, many SMBs struggle to keep up due to a lack of resources and budget; instead, they must be able to prioritise their cyber security efforts to get the most return on investment.

Sources: [Infosecurity Magazine]  [Help Net Security] [TechRadar] [Nairametrics] [TechTarget]

Cyber Security Skills Gap and Lack of Boardroom Engagement Invite Hacker Havoc

The Ipsos report on Cyber Security Skills in the UK Labour Market 2023 sheds light on the persistent challenges faced in recruiting, training, and retaining cyber security professionals across various domains. With approximately 739,000 businesses lacking basic cyber skills and 487,000 facing advanced skills gaps, the demand for trained professionals is escalating. The shortage of incident response skills highlights the need for comprehensive education and training programs. Senior management and board-level executives must also be equipped with the knowledge to manage incidents effectively, emphasising reporting, seeking external assistance, and maintaining a no-blame culture. Understanding cyber risks at the business level is crucial, as cyber crime has evolved into a well-organised industry with distinct roles and profit-sharing mechanisms among cyber criminal groups. Conducting tabletop incident response exercises can effectively prepare senior leadership for cyber incidents, ensuring a proactive and coordinated response to mitigate risks and safeguard organisational resilience.

Source: [TechRadar]

UK Government’s Ransomware Failings Leave Country ‘Exposed and Unprepared’

The recent response from the British government to warnings about the looming ransomware threat has sparked criticism, with accusations of adopting an "ostrich strategy" by downplaying the severity of the national cyber threat. Despite alarming assessments from the Joint Committee on the National Security Strategy (JCNSS) regarding the high risk of a catastrophic ransomware attack, the government's formal response has been met with scepticism. Key recommendations, such as reallocating responsibility for tackling ransomware away from the Home Office, were rejected, with the government arguing that its existing regulations and the current National Cyber Strategy were sufficient. This argument has raised concerns about the government's preparedness and resource allocation. With ransomware attacks escalating in the UK, the Committee underscores the urgency for a proactive national security response to mitigate the potentially devastating impacts on the economy and national security.

Source: [The Record Media]

Data Breaches up 72% to New Record High: Cyber Security Incidents Rank as #1 Global Business Threat in 2024

Research conducted by the Identity Theft Resource Center (ITRC) found that 2023 set an all time high in data breaches, 72% more than the prior year. Separately, the Allianz Risk Barometer identified cyber incidents as the biggest global business threat for 2024, ranking above regulatory concerns, climate change and a shortage of skilled workers. It is crucial that the severity of this risk is reflected in the actions taken by organisations, who must effectively govern and implement their cyber security strategy.

Sources: [JDSupra]

Finance Sector Facing Huge Number of Cyber Attacks That Could Leave It On its Knees, Highlights the Need to Build a Robust Security Culture

Cyber security has become a pressing issue on financial institutions due to the rise in cyber attacks, as highlighted by the February attack on Bank of America via a third-party service. The involvement of the LockBit ransomware group underlines the persistent nature of these threats, particularly targeting the financial sector. These attacks disrupt services and undermine trust in the financial system, necessitating robust cyber security frameworks. The new US Securities and Exchange Commission (SEC) rule requiring immediate disclosure of cyber security incidents presents both benefits and challenges, calling for clear guidelines and industry-wide collaboration. BlackBerry’s Global Threat Intelligence Report revealed a staggering million attacks globally in just 120 days last year. These attacks, often using commodity malware, make up almost two-thirds of all industry-related incidents. The 27% increase in novel malware samples highlights the need for improved defences. These findings emphasise the need for AI-driven detection and defence strategies. While critical infrastructure remains a primary focus, commercial enterprises must remain vigilant, with a third of threats targeting various sectors, emphasising the pervasive nature of cyber threats across industries.

Source:[ SC Media] [TechRadar]

Microsoft Confirms Russian Hackers Stole Source Code, Some Customer Secrets

In a recent revelation, Microsoft disclosed that the Kremlin-backed threat group known as Midnight Blizzard successfully accessed some of Microsoft’s source code repositories and internal systems following a hack in January 2024. The breach, believed to have originally occurred in November 2023, exploited a legacy test account lacking multi-factor authentication by employing a password spray attack. Microsoft assured no compromise to customer-facing systems but warned of ongoing attempts by Midnight Blizzard to exploit stolen corporate email data. The extent of the breach remains under investigation, with concerns raised over the potential accumulation of attack vectors by the threat actor. The incident underscores the escalating sophistication of nation-state cyber threats and prompts a re-evaluation of security measures, highlighting the imperative for robust defences against such adversaries.

Source: [The Hacker News]

Independent Cyber Security Audits Are Powerful Tools for Boards

Board members are increasingly held accountable for their organisation's cyber posture, facing personal liability for lapses. To gain insight and demonstrate proactive leadership, independent cyber security audits have become indispensable. These audits not only aid in regulatory compliance but also uncover blind spots in the organisation's security measures. Recent regulations, such as by  the US Securities and Exchange Commission (SEC) underscore the imperative for robust cyber security oversight at the board level. The audit process involves defining the scope, conducting assessments, validating findings through simulations, and presenting comprehensive reports to leadership. By embracing cyber security audits, boards can fulfil their duty of overseeing and enhancing the organisation's cyber resilience in an ever-evolving threat landscape.

Source: [Bloomberg Law]

Navigating Cyber Security in The Era of Mergers

In today's landscape of frequent mergers and acquisitions (M&A), organisations grapple with the challenge of aligning cyber security measures across subsidiaries, posing a risk to overall security. According to an IBM survey, over one in three executives attribute data breaches to M&A activity during integration. This complexity arises as security teams may lack insight into subsidiary infrastructure, hindering risk assessment and mitigation efforts. Historical incidents like the NotPetya attack on Merck and the Talk Talk hack highlight vulnerabilities post-acquisition, emphasising the need for a proactive approach to subsidiary cyber security. To address these challenges, organisations must conduct comprehensive risk assessments, standardise security protocols, foster collaboration, and consider unified security platforms. By proactively addressing visibility gaps and implementing standardised protocols, organisations can fortify their defences against evolving cyber threats amidst M&A activities.

Source: [Forbes]

Phishing Tactics Evolve as Sophisticated Vishing and Image-based Phishing Take World by Storm

According to a recent report, 76% of organisations were compromised by QR-code phishing in the last 12 months. Along with this, there has also been a rise in the number of sophisticated vishing attacks, with recent attacks costing organisations millions. The introduction of artificial intelligence has only added fuel to this fire already impacting security controls such as call-back procedures. With the tactics of phishing evolving, organisations need to ensure they are up-to-date and that employees are trained effectively to mitigate the risk of these.

Sources: [Help Net Security] [Dark Reading]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

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

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

Nation State Actors

China

Russia

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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The Board, not IT, is responsible for Cyber and Information Security

Welcome to this week's Black Arrow Cyber Tip Tuesday.

In our articles in Business Brief magazine and the Guernsey Press, we have consistently highlighted that the Board, not IT, is responsible for Cyber and Information Security.

The financial services regulators in the Channel Islands have also made that very clear.

The GFSC has warned that “Cyber and information security should be taken seriously by the Board and included along with more established risks within a firm’s overall strategy for risk management”.

And the JFSC has told businesses that “As a registered person, the Codes of Practice require you to understand and manage risks, including cyber-security risks, which could affect your business or customers”.

Welcome to this week's Black Arrow Cyber Tip Tuesday.

In our articles in Business Brief magazine and the Guernsey Press, we have consistently highlighted that the Board, not IT, is responsible for Cyber and Information Security.

The financial services regulators in the Channel Islands have also made that very clear.

The GFSC has warned that “Cyber and information security should be taken seriously by the Board and included along with more established risks within a firm’s overall strategy for risk management”. And the JFSC has told businesses that “As a registered person, the Codes of Practice require you to understand and manage risks, including cyber-security risks, which could affect your business or customers”.

There is no room for misunderstanding there.

So, if a cyber incident happened, the Regulator would say to each Director “show us the evidence that you had taken cyber and information security seriously. Show us that you had understood and managed your risks properly, just as we had warned you to do”. 

If you are a Director, including a Non-Executive Director, and you had to get that evidence ready for tomorrow morning, would you be able to?

To be clear, it would not be appropriate to say that you handed it over to IT and thought they had sorted it.

Our Black Arrow website contains videos and articles that help Directors understand the basics of cyber and information security.

It is really important that the Board should be an educated customer of cyber security providers, including any outsourced IT providers, to be able to scrutinise and challenge what they are being told. You don’t need to be an expert, but have a good understanding of the basics, and your independent trusted advisors can support you on the details.

Have a look at the information on our site or contact us to see how we can help you achieve what the regulators require of you.

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Black Arrow Admin Black Arrow Admin

Regulatory Expectations around Cyber and Information Security - Cyber Tip Tuesday video for 11 August 2020

Welcome to this week's Black Arrow Cyber Tip Tuesday. We have talked before about how the regulators like the Guernsey GFSC and the Jersey JFSC expect Boards to take Cyber and information security seriously by the Board just as they do with more established risks, and that Directors are required to understand and manage those risks. So, how can a Board evidence this. The clearest way is to schedule a regular review of a cyber security report at Board meetings. That report should contain a few sections with brief and focused content that is explained in terminology that all business leaders can understand. One of those sections is a dashboard with key indicators about the risks that the business faces, and the controls that are in place to mitigate those risks to match the organisation’s risk appetite. We recommend that organisations structure their risks and controls based on one of the globally recognised frameworks, for example NIST or ISO 27001. In fact, the forthcoming regulations from the GFSC are based on the NIST framework. So, the dashboard would also be structured to match that same framework, to ensure everything this covered. The Board members should be sufficiently knowledgeable about these topics to be able to question whether things are as good as the dashboard says they are, and whether the rating should be Amber instead of Green. Or, whether the RAG threshold is appropriate for their business. And that challenge in the Board room should be minuted for future reference. You don’t need to be an expert, but you do need to have a good understanding of the basics, and your independent trusted advisors can support you on the details. Contact us to see how we can help you achieve what the regulators require of you.

Welcome to this week's Black Arrow Cyber Tip Tuesday.

We have talked before about how the regulators like the Guernsey GFSC and the Jersey JFSC expect Boards to take Cyber and information security seriously by the Board just as they do with more established risks, and that Directors are required to understand and manage those risks.

So, how can a Board evidence this.

The clearest way is to schedule a regular review of a cyber security report at Board meetings. That report should contain a few sections with brief and focused content that is explained in terminology that all business leaders can understand. One of those sections is a dashboard with key indicators about the risks that the business faces, and the controls that are in place to mitigate those risks to match the organisation’s risk appetite.

We recommend that organisations structure their risks and controls based on one of the globally recognised frameworks, for example NIST or ISO 27001. In fact, the forthcoming regulations from the GFSC are based on the NIST framework. So, the dashboard would also be structured to match that same framework, to ensure everything this covered.

The Board members should be sufficiently knowledgeable about these topics to be able to question whether things are as good as the dashboard says they are, and whether the rating should be Amber instead of Green. Or, whether the RAG threshold is appropriate for their business. And that challenge in the Board room should be minuted for future reference.

You don’t need to be an expert, but you do need to have a good understanding of the basics, and your independent trusted advisors can support you on the details.

Contact us to see how we can help you achieve what the regulators require of you.

Read More