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Black Arrow Cyber Threat Intelligence Briefing 4th August 2023

Black Arrow Cyber Threat Intelligence Briefing 04 August 2023:

-Top 12 Exploited Vulnerabilities List Highlights Troubling Reality: Many Organisations Still Are Not Patching

-67% of Data Breaches Start with a Single Click, with 1 in 100 Emails Being Malicious

-Ransomware Attacks Hit All Time High. Attackers’ Motives Change, So Should Your Defence

-The Generative AI War Between Companies and Hackers is Starting

-Spend to Save: The CFO’s Guide to Cyber Security Investment

-Corporate Boards Take Heed: Give CISOs the Cold Shoulder at your Peril

-How the Talent Shortage Impacts Cyber Security Leadership

-Salesforce, Meta Suffer Phishing Campaign that Evades Typical Detection Methods

-Cyber Insurance and the Ransomware Challenge

-Microsoft Exposes Russian Hackers' Sneaky Phishing Tactics via Microsoft Teams Chats

-66% of Cyber security Leaders Don’t Trust Their Current Cyber Risk Mitigation Strategies

-Startups Should Move Fast and Remember Cyber Security

Welcome to this week’s Black Arrow Cyber Threat Intelligence 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

Top 12 Exploited Vulnerabilities List Highlights Troubling Reality That Many Organisations Are Still Not Patching

A joint advisory from US and allied cyber security agencies highlights the top routinely exploited vulnerabilities. This is a list that includes old and well-known bugs that many organisations still have not patched, including some vulnerabilities that have been known for more than five years. The list underscores how exploiting years-old vulnerabilities in unpatched systems continues to dominate the threat landscape. Organisations are more likely to be compromised by a bug found in 2021 or 2020 than they are by ones discovered over the past year.

This report emphasises that a vulnerability management strategy relying solely on CVSS for vulnerability prioritisation is proving to be insufficient at best; CVSS is an established method for assigning criticality scores to known vulnerabilities based on different scoring criteria. Additional context is required to allow for a more scalable and effective prioritisation strategy. This context should stem from internal sources, for example, the target environment (asset criticality, mitigating controls, reachability), as well as from external sources, which will permit a better assessment of the likelihood and feasibility of exploitation. Most organisations have a limited patching capacity, affected by the tooling, processes, and skills at their disposal. The challenge is to direct that limited patching capacity towards vulnerabilities that matter most in terms of risk reduction. Therefore, the task of sifting the signal through the noise is becoming increasingly more important.

Sources: [HelpNetSecurity] [NSA.gov] [SCMagazine]

67% of Data Breaches Start with a Single Click, with 1 in 100 Emails Being Malicious

In a report that leveraged data from 23.5 billion cyber security attacks, spanning 500 threat types and 900 distinct infrastructure and software vulnerabilities it was found that approximately 67% of all breaches start with someone clicking on a seemingly safe link, which explains why adversaries begin 80-95% of all attacks with a phishing email.

A separate report found that there was a 36% rise in cyber attacks in the first half of 2023. Email continued to be the main vector for delivering malicious content, with as many as 1 in every 100 emails sent in the first half of 2023 found to be malicious. In addition, malware accounted for 20% of attacks, and business email compromise (BEC) constituted 8%.

The findings reinforce the need for organisations to employ effective and regular security awareness training for users to better help them to not only identify, but also report such attacks to help strengthen the cyber resilience of the organisation. Black Arrow offers bespoke training to all roles within the organisation as well as upskilling tailored to those at the board level.

Source: [Security Intelligence]

Ransomware Attacks Hit All Time High. Attackers’ Motives Change, So Should Your Defence

Cases of straight-up data theft and extortion now appear to be more widespread a threat than ransomware, becoming the single most observed threat in the second calendar quarter of 2023, according to new data released by researchers. 1,378 organisations have been named as victims on ransomware data-leak websites in Q2 2023. This was a 64.4% increase from the record-breaking number of victims named in Q1 2023.

Despite both the rise in threats and the high percentage of respondents whose organisations suffered recent attacks, there hasn’t been a corresponding uptick in strategic measures to shore up cyber resilience. In fact, close to four in five survey respondents don’t have complete confidence that their company has a cyber resilience strategy designed to address today’s escalating cyber challenges and threats.

Sources: [Forbes] [HelpNetSecurity] [ComputerWeekly] [SecurityBrief.co.nz] [Malwarebytes]

The Generative AI War Between Companies and Hackers is Starting

To no one’s surprise, criminals are tapping open-source generative AI programs for all kinds of heinous acts, including developing malware and phishing attacks, according to the FBI. This comes as the UK National Risk Register officially classes AI as a long-term security threat. It’s safe to say AI is certainly a controversial field right now, with the battle between companies and hackers really starting to take place; only recently had technology giants such as Amazon, Google, Meta and Microsoft met with the US President Joe Biden to pledge to follow safeguards.

A recent report from security firm Barracuda has found that between August 2022 and July 2023, ransomware attacks had doubled and this surge has largely been driven by the breaching of networks via AI-crafted phishing campaigns, as well as automating attacks to increase reach, again using AI.

Despite the controversy, AI can be of tremendous value to organisations, helping to streamline and automate tasks. Organisations employing or looking to employ AI in the workplace should also have effective governance and identification procedures over the usage of said AI. Equally, when it comes to defending against AI attacks, organisations need to have a clear picture of their attack landscape, with layers of defence.

Sources: [CSO Online] [PC MAG] [CNBC] [Tech Radar]

Spend to Save: The CFO’s Guide to Cyber Security Investment

As a CFO, you need to make smart choices about cyber security investments. The increasing impact of data breaches creates a paradox: While more spending is necessary to combat these challenges, this spending isn’t directly tied to profit. Instead, cyber security spending should be seen an investment in the future of your business.

The impact of a cyber event extends beyond quantifiable currency loss. Further impacts include those of reputation and customer retention. CFOs should look to identify weak spots, understand the effect these can have, pick the right solution that mitigates these and finally, advocate cyber security and robust governance at the board level.

It is important to remember, cyber security is not just a technical issue, but also a business one, and you have a key role in ensuring the security and resilience of your organisation.

Source: [Security Intelligence]

Corporate Boards Take Heed: Give CISOs the Cold Shoulder at your Peril

The debate over whether the CISO should, by the very nature of the position, be considered a member of the C-suite has been raging for some time and seems likely to continue for a good while to come. CISOs should not only have a seat among the uppermost echelon at the big table but also be recognised as a foundational element in the success of any business.

There is a danger that, without an effective CISO, organisations can end up in a perilous situation in which there's no one driving the cyber security bus at a time when vulnerabilities and incidents are ever on the rise. When the CISO has a seat at the big table, everybody wins.

Source [CSO Online]

How the Talent Shortage Impacts Cyber Security Leadership

The lack of a skilled cyber security workforce hampers the effectiveness of an organisation’s security program. While technologies like AI and machine learning can provide some support, they are not sufficient, especially for small and medium sized businesses (SMBs). The cyber security workforce shortage affects not just current security but the future of leadership roles, including CISOs and CSOs.

Today’s CISOs require a blend of technology and business understanding. According to the (ISC)2 2022 Workforce Study, the global cyber security workforce is nearly 5 million and growing at 26% yearly. However, more than 3 million jobs still need to be filled, including specialised roles in cloud security, data protection, and incident response. This gap jeopardises functions like risk assessment, oversight, and systems patching.

The greatest talent shortage is found in soft skills, leading to a trend of looking outside the traditional security talent pool. The future of CISOs will likely require a solid security background, but as the talent gap widens, finding leadership candidates from the existing pool may remain challenging.

Source: [Security Intelligence]

Salesforce, Meta Suffer Phishing Campaign that Evades Typical Detection Methods

A recent report by cyber security company identified a sophisticated email phishing campaign exploiting a zero-day vulnerability in Salesforce's legitimate email services. The vulnerability allowed threat actors to craft targeted phishing emails, cleverly evading conventional detection methods by leveraging Salesforce's domain and reputation and exploiting legacy quirks in Facebook's web games platform.

Whilst Facebook and Salesforce have now addressed the issue, it goes to show that technology alone is not enough to stop phishing; operational and people controls are still necessary and should form part of an effective organisational response.

Source: [Security Brief]

Cyber Insurance and the Ransomware Challenge

The cyber insurance industry has been heavily criticised for providing coverage for ransom payments. A frequent accusation, which has become close to perceived wisdom in policymaking and cyber security discussions on ransomware, is that cyber insurance has incentivised victims to pay a ransom following a cyber incident, rather than seek alternative remediation options. However, the insurance industry could do much more to instil discipline in both insureds and the ransomware response ecosystem in relation to ransom payments to reduce cyber criminals’ profits. Insurers’ role as convenors of incident response services gives them considerable power to reward firms that drive best practices and only guide victims towards payment as a last resort.

While the insurance industry has the power to do this, there are still challenges that need to be addressed in the underwriting process. Offering expensive policies that exclude common risks such as ransomware or nation-state attacks is simply not a sustainable approach. This has helped insurers become more profitable for now, but these are only short-term fixes to the real problem at hand. Namely, that the underwriting process for cyber insurance policies is still not that sophisticated. Most underwriters are poorly equipped to effectively measure the cyber risk exposure of new or renewing customers.

Sources: [RUSI] [Dark Reading]

Microsoft Exposes Russian Hackers' Sneaky Phishing Tactics via Microsoft Teams Chats

Microsoft on Wednesday disclosed that it identified a set of highly targeted social engineering attacks mounted by a Russian nation-state threat actor using credential theft phishing lures sent as Microsoft Teams chats. The tech giant attributed the attacks to a group it tracks as Midnight Blizzard.

"In this latest activity, the threat actor uses previously compromised Microsoft 365 tenants owned by small businesses to create new domains that appear as technical support entities" Microsoft said. "Using these domains from compromised tenants, Midnight Blizzard leverages Teams messages to send lures that attempt to steal credentials from a targeted organisation by engaging a user and eliciting approval of multi-factor authentication (MFA) prompts."

Source: [TheHackerNews]

66% of Cyber security Leaders Don’t Trust Their Current Cyber Risk Mitigation Strategies

A recent report found that 66% of cyber security leaders don’t trust their current cyber risk mitigation strategies. It was also found that while 90% of respondents say their organisation has dedicated resources responsible for managing and reducing cyber risk, in almost half of situations (46%) this consists of just one person.

In some cases, it can be hard to get the necessary talent to build out the cyber security arm of an organisation; this is where organisations can look towards outsourcing to fulfil positions with expertise. At Black Arrow we offer many services to help you to govern your cyber security, including as virtual CISO that leverages our diverse team with backgrounds from British intelligence, board governance, IT and finance.

Source: [ITSecurityWire]

UK legal Sector at Risk, National Cyber Security Centre Warns

Over the past three years more than 200 ransomware attacks worldwide have been inflicted on companies in the legal industry. The UK was the second most-attacked country constituting 2.3% of all ransomware attacks across various sectors. The legal sector was the fourth most-attacked industry in the UK in 2022. Ransomware groups are indiscriminate in their targeting, attacking companies of all sizes, from small law firms with only ten employees to large firms with 1,000+ employees, and ranging in revenue from companies generating £100 million to those with under £3 million. No single kind of company is immune to these attacks.

The International Bar Association (IBA) has released a report to guide senior executives and boards in protecting their organisations from cyber risk. Entitled "Global perspectives on protecting against cyber risks: best governance practices for senior executives and boards of directors," the report aims to provide leaders with insight into the primary elements of a robust cyber risk management programme. Its recommendations for senior executives and boards encompass understanding the organisation's cyber risk profile, knowing what information assets to safeguard, being aware of significant regulatory requirements, and recognising the security standards utilised by the organisation.

Sources: [Todays Conveyancer] [Infosecurity Magazine]

Startups Should Move Fast and Remember Cyber Security

The importance of cyber security for startups, which can often be overlooked in the pursuit of fast-paced growth, cannot be overstated. However, cyber attacks can have devastating consequences for businesses of all sizes. The percentage of micro-businesses in the UK that consider cyber security a high priority has dropped from 80% to 68% in the past year, possibly due to wider economic pressures. Cyber criminals target businesses of all sizes, often initially using automated software to find weak spots. Startups can be particularly vulnerable due to their fast-paced environments and new or less familiar supply chains. The use of shared office spaces can also increase risk.

The UK DCMS/DSIT 2023 Cyber Security Breaches survey reported that almost a third of businesses (32%) and a quarter of charities (24%) reported breaches or attacks in the past 12 months alone, with the average victim losing £15,300. Startups have the unique advantage of being able to implement cyber security best practices from the outset and embed them into company culture. It is recommended that startups prioritise cyber security from the get-go to protect their business and ensure long-term growth.

Source: [UKTech] [Cyber security breaches survey 2023 - GOV.UK (www.gov.uk)]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

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

Deepfakes

AML/CFT/Sanctions

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Identity and Access Management

Encryption

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Biometrics

Social Media

Travel

Regulations, Fines and Legislation

Models, Frameworks and Standards

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

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

Russia

China

Iran

North Korea

Misc/Other/Unknown

Vulnerability Management

Vulnerabilities

Sector Specific

Industry specific threat intelligence reports are available.

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

·       Automotive

·       Construction

·       Critical National Infrastructure (CNI)

·       Defence & Space

·       Education & Academia

·       Energy & Utilities

·       Estate Agencies

·       Financial Services

·       FinTech

·       Food & Agriculture

·       Gaming & Gambling

·       Government & Public Sector (including Law Enforcement)

·       Health/Medical/Pharma

·       Hotels & Hospitality

·       Insurance

·       Legal

·       Manufacturing

·       Maritime

·       Oil, Gas & Mining

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

·       Retail & eCommerce

·       Small and Medium Sized Businesses (SMBs)

·       Startups

·       Telecoms

·       Third Sector & Charities

·       Transport & Aviation

·       Web3

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

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

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

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

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Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 23rd June 2023

Black Arrow Cyber Threat Briefing 23 June 2023:

-How the MOVEit Breach Shows Hackers' Interest in Corporate File Transfer Tools

-Attackers Discovering Exposed Cloud Assets Within Minutes

-Majority of Users Neglect Best Password Practices

-One in Three Workers Susceptible to Phishing

-Ransomware Misconceptions Abound, to the Benefit of Attackers

-Threat Actors Scale and Commoditise Uncommon Tools and Techniques

-Goodbyes are Difficult, IT Offboarding Processes Make Them Harder

-Security Budget Hikes are Missing the Mark, CISOs Say

-Understanding Cyber Resilience: Building a Holistic Approach to Cyber Security

-Emerging Ransomware Group 8Base Releasing Data on SMBs Globally

-Cyber Security Industry Still Fighting to Recruit and Retain Talent

-Financial Firms to Build Resilience in Face of Growing Cyber-Threats

-Fulfilling Expected SEC Requirements for Cyber Security Expertise at Board Level

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 Security Industry Still Fighting to Recruit and Retain Talent

Cyber security teams are struggling to find the right talent, with the right skills, and to retain experienced employees. The situation is only likely to worsen, as inflation and a tight labour market push up wages. Universities produce graduates with a strong focus on technical knowledge, but not always the broader skills they need to operate in a business environment. This includes the lack of communications skills, understanding of how businesses operate and even emotional intelligence. One solution is to outsource to a corporate cyber security provider or outsource to infill shortages whilst trying to recruit permanent staff.

https://www.infosecurity-magazine.com/news/cybersecurity-industry-recruit/

  • How the MOVEit Breach Shows Hackers' Interest in Corporate File Transfer Tools

The world of managed file transfer (MFT) software has become a lucrative target for ransom-seeking hackers, with significant breaches including those of Accellion Inc's File Transfer Appliance in 2021 and Fortra's GoAnywhere MFT earlier this year. These MFT programs, corporate versions of popular file sharing programs like Dropbox or WeTransfer, are highly desirable to hackers for the sensitive data they often transfer between organisations and partners. The recent mass compromise tied to Progress Software Corp's MOVEit transfer product has prompted governments and companies worldwide to scramble in response.

Hackers are shifting their tactics, with an increasing focus on MFT programs which typically face the open internet, making them more vulnerable to breaches. Once inside these file transfer points, hackers have direct access to a wealth of data. In addition, there's a noticeable shift from ransomware groups encrypting a company's network and demanding payment to unscramble it, to a simpler tactic of pure extortion by threatening to leak the data.

https://www.reuters.com/technology/how-moveit-breach-shows-hackers-interest-corporate-file-transfer-tools-2023-06-16/

  • Attackers Discovering Exposed Cloud Assets within Minutes

The shift to cloud services, increased remote work, and reliance on third-parties has led to widespread use of Software-as-a-Service (SaaS) applications. This has also opened avenues for attackers to exploit weak security configurations and identities. Over the past year, attackers have intercepted authorisation tokens, bypassed multifactor authentication, and exploited misconfigured systems, targeting critical applications like GitHub, Microsoft 365, Google Workspace, Slack, and Okta. A study revealed alarmingly fast rates of breach discovery and compromise of exposed cloud assets, with assets being discovered within as little as two minutes for some and others within an hour.

https://www.techtarget.com/searchsecurity/news/366542352/Attackers-discovering-exposed-cloud-assets-within-minutes

https://www.darkreading.com/dr-tech/growing-saas-usage-means-larger-attack-surface

  • Majority of Users Neglect Best Password Practices

The latest Password Management Report by Keeper Security has shed light on the concerning state of password security practices. The survey found that only 25% of respondents used solid and unique passwords. In comparison, 34% admitted to using repeat variations of passwords, and 30% still relied on simple and easily guessable passwords. The survey also found that 44% of individuals who claimed to have well-managed passwords still admitted to using repeated variations, while 20% acknowledged having had at least one password involved in a data breach or available on the dark web. The document also revealed that 35% of respondents feel overwhelmed when it comes to improving their cyber security. Furthermore, 10% admitted to neglecting password management altogether. More generally, Keeper Security said the survey’s findings highlight a significant gap between perception and reality regarding password security.

https://www.infosecurity-magazine.com/news/users-neglect-best-password/

  • One in Three Workers Susceptible to Phishing

More than one in three workers in the UK and Ireland are susceptible to falling for phishing attacks, according to the new 2023 Phishing by Industry Benchmarking Report by KnowBe4. The study found that 35% of users who had received no security training were prone to clicking on suspicious links or engaging in fraudulent actions. Regular training and continual reinforcement can get this figure down but even with training very few organisations ever get click rates down to zero, and you only need one person to click to cause potentially devastating consequences.

Globally, ransomware was responsible for 24% of all data breaches in 2023, with human error accounting for 74% of these incidents. Phishing attacks can often lead to significant reputational damage, financial loss and disruption to business operations.

https://www.infosecurity-magazine.com/news/one-in-three-phishing/

  • Ransomware Misconceptions Abound, to the Benefit of Attackers

There is a common ransomware misperception that there's no capability to fight this all too common hostage taking of business data. This is not true. Proactive organisations are increasingly making more strategic use of threat intelligence to prevent or disrupt attacks.

Ransomware has evolved into a massive, often state-sponsored, industry where operators buy, develop, and resell ransomware code, infiltrate networks, and collect ransoms. The perception that a speedy response is critical to prevent data encryption and loss is outdated; attackers now focus on data exfiltration, using ransomware as a distraction. They often target smaller organisations that are linked to larger ones through supply chains, using them as stepping stones. It is important to use in-depth defence measures, including email security to prevent phishing and efficient detection and response systems to identify and recover from changes.

https://www.darkreading.com/vulnerabilities-threats/ransomware-misconceptions-abound-to-the-benefit-of-attackers

  • Threat Actors Scale and Commoditise Uncommon Tools and Techniques

Proofpoint’s 2023 Human Factor report highlights significant developments in the cyber attack landscape in 2022. Following two years of pandemic-induced disruption, cyber criminals returned to their usual operations, honing their social engineering skills and commoditising once sophisticated attack techniques. There was a noticeable increase in brute-force and targeted attacks on cloud tenants, conversational smishing attacks, and multifactor authentication (MFA) bypasses. Microsoft 365 formed a large part of organisations' attack surfaces and faced broad abuse, from Office macros to OneNote documents.

Despite some advances in security controls, threat actors continue to innovate and scale their bypasses. Techniques like MFA bypass and telephone-oriented attack delivery are now commonplace. Attackers consistently exploit people, who remain the most critical variable in the attack chain.

https://www.proofpoint.com/uk/newsroom/press-releases/proofpoints-2023-human-factor-report-threat-actors-scale-and-commoditise

  • Goodbyes are Difficult, IT Offboarding Processes Make Them Harder

A recent survey found that 68% of organisations recognise the offboarding process as a major cyber security risk, but only 36% have adequate controls in place to secure data access when employees depart. The study revealed that 60% of organisations have discovered former employees still had access to corporate applications after leaving, and 52% have had security incidents linked to former employees. Interestingly, IT professionals are not always alerted when employees leave, leading to access not being revoked and IT assets being mishandled 34% of the time.

https://www.helpnetsecurity.com/2023/06/19/it-offboarding-processes/

  • Security Budget Hikes are Missing the Mark, CISOs Say

Misguided expectations on security spend are causing problems for CISOs despite notable budget increases. A recent report found that while most CISOs are experiencing noteworthy increases in security funding, impractical expectations of budget holders are leading to significant amounts being spent on what’s hitting the headlines instead of strategic, business-centric investment in security defences. This lack of understanding shows that a lot of work needs to be done to ensure that information security receives the attention it deserves, especially in the boardroom.

The report found that just 9% of CISOs said information security is always in the top three priorities on the boardroom’s meeting agenda, and less than a quarter (22%) of CISOs are actively participating in business strategy and decision-making processes. Talking to the board about cyber security in a way that is productive can be a significant challenge for CISOs, and failing to do so effectively can result in confusion, disillusionment, and a lack of cohesion among directors, the security function, and the rest of the organisation.

https://www.csoonline.com/article/3700073/security-budget-hikes-are-missing-the-mark-cisos-say.html

https://www.helpnetsecurity.com/2023/06/22/average-cybersecurity-budget-increase/

  • Understanding Cyber Resilience: Building a Holistic Approach to Cyber Security

In today’s interconnected world, the threat of cyber attacks is a constant concern for organisations of all sizes and across all industries. Cyber resilience entails not only making it difficult for attackers to infiltrate your systems but also ensuring that your organisation can bounce back quickly and continue operations successfully.

Cyber resilience offers a holistic approach to cyber security, emphasising the ability to withstand and recover from cyber attacks. By adopting the right mindset, leveraging advanced technology, addressing cyber hygiene, and measuring key metrics, organisations can enhance their cyber resilience. Additionally, collaboration within industries and proactive board engagement are crucial for effective risk management. As cyber threats continue to evolve, organisations must prioritise cyber resilience as an ongoing journey, continuously adapting and refining their strategies to stay ahead of malicious actors.

https://informationsecuritybuzz.com/understanding-cyber-resilience-building-a-holistic-approach-to-cybersecurity/

  • Emerging Ransomware Group 8Base Releasing Confidential Data from SMBs Globally

A ransomware group that operated under the radar for over a year has come to light in recent weeks, thanks to a series of business data leaks on the Dark Web. Since at least April 2022, 8base has been conducting double-extortion attacks against small and midsized businesses (SMBs). It all came to a head in May, when the group dumped data belonging to 67 organisations on the cyber underground.

Not much is known yet about the group's tactics, techniques, and procedures (TTPs), likely due to the low profile of their victims. The victims span science and technology, manufacturing, retail, construction, healthcare, and more, with victims from as far afield as India, Peru, Madagascar and Brazil, amongst others.

https://www.darkreading.com/vulnerabilities-threats/emerging-ransomware-8base-doxxes-smbs-globally

  • Financial Firms to Build Resilience in Face of Growing Cyber-Threats

Cyber resilience is now a key component of operational resilience for the UK’s financial markets, according to a Bank of England official. Cyber attacks have increased by 38% in 2022, and the range of firms and organisations being impacted seems to grow broader and broader.

Regulators want to see how financial firms will cope with an attack, and its impact on the wider financial services ecosystem. Similar work is being done at an international level by the G7, which has its own cyber expert group. In the UK, the main tools for improving resilience are threat intelligence sharing, better coordination between firms, regulators, the Bank and the Treasury, and penetration testing including CBEST. Financial services firms should have scenario specific playbooks, to set out how to contain intruders and stop them spreading to clients and counterparties. In the past, simulation exercises have been used to model terrorist incidents and pandemics and they are now being used to model cyber attacks.

https://www.infosecurity-magazine.com/news/financial-firms-to-build-resilience/

  • Fulfilling Expected SEC Requirements for Cyber Security Expertise at Board Level

The US Securities and Exchange Commission (SEC) is expected to introduce a rule requiring demonstration of cyber security expertise at the board level for public companies. A recent study found that currently up to 90% of companies in the Russell 3000 lack even a single director with the necessary cyber expertise. The simplest and speediest solution would be to promote the existing CISO, provided they have the appropriate qualities and experience, to the board but that would require transplanting a focused operational executive into a strategic business advisory role. A credible alternative is to bring in a cyber focused Non-Executive Director with the appropriate skills and experience.

https://www.securityweek.com/fulfilling-expected-sec-requirements-for-cybersecurity-expertise-at-board-level/

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

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

Impersonation Attacks

AML/CFT/Sanctions

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

Training, Education and Awareness

Digital Transformation

Regulations, Fines and Legislation

Models, Frameworks and Standards

Secure Disposal

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

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

Nation State Actors

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