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Black Arrow Cyber Threat Briefing 01 March 2024

Black Arrow Cyber Threat Intelligence Briefing 01 March 2024:

-Phishing, Smishing and Vishing Skyrocket 1,265%

-Business Email Compromise Attacks Are Evolving, But What Can Be Done About It

-Vulnerabilities Count Set to Rise by 25% in 2024

-BYOD Increases Mobile Phishing; Risks Have Never Been Higher

-Risk-based spending: An Imperative for Cyber Security That Demands Board Attention

-If you Pay Ransoms, You May not Get Your Data Back and Worse, You Will Probably Get Hit Again, with 78% of Firms who Paid Then Suffering Repeat Ransomware Attacks

-Cyber Resilience and Cyber Hygiene: Why They Matter to Your Business

-Why Governance, Risk and Compliance Must be Integrated with Cyber Security

-More and More UK Firms Concerned About Insider Threats

-98% of Businesses Linked to Breached Third Parties

-What Companies Should Know About Rising Legal Threats

-CIOs Rethink All-In Cloud Strategies as Five Eyes Nations Warn of Evolving Russian Cyber Espionage Practices Targeting Cloud Environments

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

Risk-based spending: An Imperative for Cyber Security That Demands Board Attention

Staying ahead of the latest cyber security developments is essential to keeping your organisation safe. But with the rise of artificial intelligence and attackers dreaming up new techniques every day, a lot of organisations are left to question how they can create proactive, agile cyber security strategies and what approach gives the best return on investment, mitigating risks and maximising the value of their cyber security investments.

Unfortunately, most organisations do not have an unlimited budget, and for small and medium-sized businesses, there is even less to work with. What is needed is a risk-based approach, where organisations identify and prioritise their greatest vulnerabilities, correlating these to business impact; this is then used to form the cyber risk strategy for the organisation.

Sources: [Security Week] [The Hacker News] [Risk.net]

If you Pay Ransoms, You May not Get Your Data Back and Worse, You Will Probably Get Hit Again, with 78% of Firms who Paid Then Suffering Repeat Ransomware Attacks

Recent research from Proofpoint has found that 69% of organisations experienced a successful ransomware incident in the past year, a rise of 5% compared to the previous year. The report found that 60% reported four or more separate ransomware incidents and of the total involved, 54% admitted to paying a ransom. In a separate report, it was found that 78% of organisations suffering a ransomware attack suffered repeat attacks even after they paid.

Sources: [databreaches.net] [Infosecurity Magazine] [Infosecurity Magazine] [Claims Journal]

Cyber Resilience and Cyber Hygiene: Why They Matter to Your Business

Cyber resilience unites cyber security with business continuity and organisational durability, with proper implementation allowing the continuation of routine operations during adverse cyber incidents. Cyber hygiene, on the other hand, refers to having strong cyber security processes and procedures, to help the organisation mitigate the chance of an incident. The combination of both of these allows an organisation to reduce their likelihood of suffering a cyber incident, whilst improving their likelihood of continuing operations in the event of such an incident.

Sources: [Information Week] [Security Boulevard]

Why Governance, Risk and Compliance Must be Integrated with Cyber Security

With pressure from regulators, the evolving threat landscape and requirements for stronger oversight, governance, risk and compliance (GRC) has even more of an argument for alignment with cyber security. After all, cyber security is still security. Incorporating cyber security into the GRC programme of an organisation allows for cyber to become a business enabler.

Source: [CSO Online]

More and More UK Firms Concerned About Insider Threats

A report has found that 54% of UK business decision makers are concerned about the likelihood of their employees disclosing sensitive information or providing network access to fraudsters. In a separate report, 35% of respondents cited overworked and distracted staff making mistakes as a reason why they thought their business experienced insider risk. Certainly, insider risk does not just involve malicious employees; it can also include negligence and in some cases, employees may not be trained enough to identify the risk they are placing on the organisation such as not knowing or following an organisation’s call back procedure. It is important for organisations to consider whether their current training addresses this and whether the programme is doing enough to ensure that insider risk is mitigated.

Source: [Infosecurity Magazine]

98% of Businesses Linked to Breached Third Parties

A new report has found that 98% of organisations are associated with a third party that has experienced a breach, and these breaches often take months or more to be discovered. 75% of external business-to-business (B2B) relationships that enabled third-party breaches involved software or other technology products and services. Third party security is an important part of an organisation’s cyber security and to manage it correctly, organisations need to implement a third party risk management programme.

Source: [Help Net Security]

Phishing, Smishing and Vishing Skyrocket 1,265%

According to a report, since the launch of ChatGPT in November 2022, vishing, smishing, and phishing attacks have increased by a staggering 1,265%. Despite different techniques, these attacks all have one focus, and that’s on the user. Organisations looking to protect themselves should consider a blend of mitigations, including advanced email filtering, enabling multi-factor authentication and arguably the most important, effective user education and awareness training. This training should go beyond ticking boxes, by instead teaching employees how to both recognise and report phishing attempts.

A separate report analysed over 1 billion emails. Some of the key findings included that the majority of phishing attempts (71%) rely on deceptive links, but attachments (22%) and predatory QR codes (7%) are on the rise. When it came to spoofs, Microsoft was the most spoofed entity and financial services were amongst those most targeted sectors.

Source: [Bleeping Computer] [Help Net Security] [Security Affairs]

Business Email Compromise Attacks Are Evolving, But What Can Be Done About It

Business Email Compromise (BEC) attacks remain a dominant danger, with a staggering $51 billion lost over the last decade. A recent report underscores the prevalence of email as the primary battlefield, far outstripping other cyber attack methods. The low-cost, high-reach nature of email makes it an attractive starting point for cyber criminals. As organisations embrace cloud-based infrastructures, these attacks have morphed, presenting new challenges. Attackers have progressed from direct phishing attempts, to compromising business partners, vendors and other third parties. In this arms race, artificial intelligence (AI) assumes a pivotal role as an essential ally, efficiently discerning between benign and malicious content. This development signifies a significant milestone in the realm of email security resilience.

Source: [ITPro]

Vulnerabilities Count Set to Rise by 25% in 2024

The cyber threat landscape is rapidly evolving, with an anticipated 25% increase in published systems vulnerabilities for 2024. This surge, reaching approximately 2,900 vulnerabilities per month, underscores the critical need for robust vulnerability management strategies. Vulnerabilities serve as prime entry points for ransomware actors, heightening the urgency for organisations to fortify their defences. However, the sheer volume of vulnerabilities poses a daunting challenge for security and IT teams already thinly stretched. Timely risk-scoring remains a significant issue, leaving defenders vulnerable to exploits with threat actors often gaining a head start. Honeypot data reveals a concerning uptick in scans targeting remote desktop protocol (RDP), with businesses running end-of-life (EOL) software at heightened risk. In this dynamic cyber security climate, proactive risk management and expert intervention, such as Managed Detection and Response (MDR), are imperative to safeguarding against emerging threats.

Source: [Help Net Security]

BYOD Increases Mobile Phishing; Risks Have Never Been Higher

The risk of cyber attacks looms large, with stolen employee login credentials serving as a prime target for malicious actors. Mobile phishing has emerged as a significant threat, with data revealing a surge in encounter rates, especially in hybrid work environments and amid Bring Your Own Device (BYOD) policies. Personal devices, once considered outside the realm of corporate security, now pose substantial risks, as attackers exploit social engineering schemes to breach organisational networks. The financial implications of a successful phishing attack are staggering, with estimates suggesting potential losses of up to $4 million for organisations. As phishing encounter rates continue to rise, it's imperative for businesses to bolster their security strategies, ensuring comprehensive protection against mobile phishing threats across all employee devices. To navigate this evolving landscape and safeguard sensitive data, organisations must stay vigilant and adopt proactive measures.

Source: [MSSP Alert]

What Companies Should Know About Rising Legal Threats

The cyber security landscape is witnessing a significant shift as legal actions increasingly target both corporations and individual security officers. Recent cases including lawsuits by Tesla against ex-employees for cyber security breaches and charges by regulatory bodies like the US FTC and SEC, underscore the mounting legal risks associated with cyber security breaches. Notably, private companies are not exempt from such liabilities, facing scrutiny from authorities, regulators, customers and other affected parties. This environment has prompted many cyber security leaders to reconsider their roles, with concerns raised about the future of the profession. Amidst escalating threats and enforcement actions, there's a pressing need for enhanced cyber security budgets, robust risk-based controls and proactive audits or other independent assurance.

Source: [Darkreading]

CIOs Rethink All-In Cloud Strategies as Five Eyes Nations Warn of Evolving Russian Cyber Espionage Practices Targeting Cloud Environments

As organisations embrace the cloud, CIOs recognise that a one-size-fits-all approach may not be optimal. Many now favour a nuanced strategy, shifting workloads from public clouds to platforms offering productivity gains and cost savings; a trend known as ‘cloud exit.’ CIOs are rethinking cloud strategies, assessing each application’s suitability and fostering context-aware hosting decisions.

This comes as a recent advisory issued jointly by cyber security agencies from the UK, US, Australia, Canada, and New Zealand reveals that Russian cyber espionage units, including APT29 and Cozy Bear, are adapting tactics to target cloud environments used by both public and private organisations. These sophisticated attacks pose significant threats across industries. Implementing basic cloud security measures is crucial to regularly evaluate dormant accounts, limit system-issued token validity, and enforce stringent device policies. As cloud adoption rises, prioritise cyber security fundamentals for effective defence.

Sources: [CyberScoop] [CIO]

Governance, Risk and Compliance

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

Identity and Access Management

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

Backup and Recovery

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

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

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea

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 09 February 2024

Black Arrow Cyber Threat Intelligence Briefing 09 February 2024:

-Over Half of Companies Experienced Cyber Security Incidents Last Year

-Deepfake Video Conference Costs Business $25 Million

-Watershed Year for Ransomware as Victims Rose by Almost 50% and Payments Hit $1 Billion All-Time High

-Malware-as-a-Service Now the Top Threat to Organisations

-Over 9 in 10 UK Firms Who Fell Victim to Ransomware Paid the Ransom, Despite Alleged “No Pay” Stances

-Chinese State Hackers Hid in National Infrastructure for at Least 5 Years

-Email Attacks on Businesses Tripled and AI is a Huge Contributing Factor

-Security Leaders, C-Suite Unite to Tackle Cyber Threats

-UN Experts Investigate Cyber Attacks by North Korea that Raked in $3 Billion to Build Nuclear Weapons

-What Does a ‘Cyber Security Culture’ Actually Entail?

-Beyond Checkboxes: Security Compliance as a Business Enabler

-No One in Cyber Security Is Ready for the SolarWinds Prosecution

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

Over Half of Companies Experienced Cyber Security Incidents Last Year

According to a recent global survey, over half of the participating companies faced major security incidents in the past year, necessitating additional resources to tackle these challenges. Despite these incidents, many organisations claim improved performance on key cyber security indicators and express confidence in their threat detection capabilities. The research highlights a concerning discrepancy between perceived security measures and the actual state of security operations, underscoring a lack of comprehensive visibility and effective response mechanisms within companies. Particularly concerning is the finding that organisations can typically monitor only two-thirds of their IT environments, exposing significant vulnerabilities. Furthermore, the study points to a greater need for greater automation and third-party assistance in threat detection and response, suggesting that while companies are aware of their shortcomings, the path to enhanced security involves embracing AI-driven solutions to close these gaps. This insight highlights to leadership the importance of investing in advanced cyber security technologies and expertise to safeguard the organisation’s digital assets effectively.

Sources: [Beta News] [Verdict]

Deepfake Video Conference Costs Business $25 Million

There has been a surge in the number of artificial intelligence deepfake attacks where technology is being used to impersonate individuals. In one case, a finance professional at a multinational was reportedly swindled out of $25 million (HK$200 million) of company money when scammers created a deepfake of his London-based chief financial officer in a video conference call, faking both the CFO’s look and voice. The scam involved the fake CFO making increasingly urgent demands to execute money transfers, resulting in 15 transfers from the victim employee. The reality of the attack was only discovered by the victim after he had contacted the company’s corporate head office.

Sources: [The Register] [Help Net Security] [TechCentral ] [Tripwire]

Watershed Year for Ransomware as Victims Rose by Almost 50% And Payments Hit $1 Billion All-Time High

Even with enforcers shutting down some ransomware gangs, the business of ransomware is booming. A recent report from Palo Alto Networks Unit 42 found a 49% increase in the number of victims reported on ransomware leak sites; this does not include those who were victims but did not appear on sites. This comes as ransomware hit an all time high, with over $1b made in ransomware payments. Of note, this is just ransom payments; this does not take in to account reputational damage, recovery costs and loss in share value. The real effects of a ransomware attack may take months or even years to materialise. As ransomware remains a constant threat, it is important for organisations to be prepared.

Sources: [The Verge ] [Malwarebytes] [Infosecurity Magazine] [CSO Online] [ITPro] [TechRadar]

Malware-as-a-Service Now the Top Threat to Organisations

Recent studies have underscored a significant shift in the cyber threat landscape, with Malware-as-a-Service (MaaS) and Ransomware-as-a-Service (RaaS) now dominating. These ‘as-a-service’ tools are particularly concerning as they lower the barrier to entry for cyber criminals, enabling even those with limited technical knowledge to launch sophisticated attacks. The report found that the most common as-a-Service tools were Malware loaders (77% of investigated threats), crypto-miners (52% of investigated threats) and botnets (39% of investigated threats). These findings underscore the adaptability of these threats, with malware strains being developed with multiple functions to maximise damage. Despite these trends, traditional methods like phishing continue to pose significant challenges for security teams. It’s clear that staying ahead of these evolving threats requires a proactive and comprehensive approach to cyber security.

Sources:[Infosecurity Magazine] [Beta News] [Help Net Security]

Over 9 in 10 UK Firms Who Fell Victim to Ransomware Paid the Ransom, Despite Alleged “No Pay” Stances

A recent report has found that over 97% of UK firms have paid a ransom in the last two years, finding even more reason to operate in a when-not-if environment. When asked about their recovery in an event, 38% said they could recover in four to six days, and 34% need one to two weeks to recover; almost one in four (24%) need over three weeks to recover data and restore business processes. Only 12% said their company had stress-tested their data security, data management, and data recovery processes or solutions in the six months prior to being surveyed, and 46% had not tested their processes or solutions in over 12 months.

Sources: [The FinTech Times] [ Help Net Security]

Chinese State Hackers Hid in National Infrastructure for at Least 5 Years

US cyber officials have said that they discovered China-sponsored hackers lurking in American computer networks, positioning themselves to disrupt communications, energy, transportation and water systems; and this had been going on for at least 5 years. This has led to a joint warning from the US FBI, National Security Agency and Cyber Infrastructure and Security Agency, which has been cosigned by Britain, Canada, Australia and New Zealand. This dwell time isn’t just something that is encountered in critical infrastructure networks; attackers lurk on networks, undiscovered often for years, allowing them to see everything going on in the corporate environment.

Sources: [NTD] [Washington Times]

Email Attacks on Businesses Tripled and AI is a Huge Contributing Factor

Email attacks against businesses have increased dramatically as hackers continually use generative AI tools to optimise their content and streamline malicious campaigns, new research has claimed.

The report from Acronis is based on data collected from more than a million unique endpoints across 15 countries, and found AI-powered phishing affected more than 90% of organisations last year. AI helped has email attacks grow by 222% since the second half of 2023.

Sources: [New Electronics] [TechRadar]

Security Leaders, C-Suite Unite to Tackle Cyber Threats

A recent survey found that CEOs are taking a more hands-on approach and prioritising cyber resilience in 2024, leading to the breakdown of traditional silos between IT operations and security teams. The survey polled over 200 C-Suite and senior-level IT executives globally, and revealed a growing recognition of the importance of collaboration in combating sophisticated cyber threats, with 99% of respondents observing increased connectivity between the teams over the past year. While progress has been made, challenges remain, with only 48% of organisations establishing joint protocols for incident mitigation or recovery. Looking ahead, respondents anticipate a significant role for artificial intelligence (AI) in enhancing security efforts, with 68% expecting AI to streamline threat detection and response. Despite advancements, fragmented data protection solutions persist as a challenge, impacting over 90% of organisations' cyber resiliency. This underscores the need for a top-down approach to cyber security, with CEOs and boards driving collaboration between IT operations and security teams to optimise cyber preparedness initiatives and mitigate cyber risks effectively.

Source: [Security Boulevard]

UN Experts Investigate Cyber Attacks by North Korea that Raked in $3 Billion to Build Nuclear Weapons

UN sanction monitors are investigating dozens of suspected cyber attacks by North Korea that have raked in $3 billion to help North Korea further its nuclear weapons programme, according to excerpts of an unpublished UN report. “The panel is investigating 58 suspected DPRK cyber attacks on cryptocurrency-related companies between 2017 and 2023, valued at approximately $3 billion, which reportedly help fund DPRK’s WMD development,” according to the monitors, who report twice a year to the 15-member security council.

Source: [The Guardian]

What Does a ‘Cyber Security Culture’ Actually Entail?

Fostering a robust cyber security culture emerges as a critical imperative for organisations in 2023, as revealed by ITPro Today's "State of Cybersecurity in 2023" study. Despite this recognition, organisations grapple with various challenges, including budget constraints, staffing shortages, and the failure to implement fundamental security practices like the principle of least privilege and zero trust. Insufficient staffing and constrained budgets elevate the risk of breaches, emphasising the need for a collective effort to bolster security measures.

Cultivating a cyber security culture entails educating every employee on security risks and holding them accountable for risk reduction efforts. While security teams play a pivotal role in setting expectations and providing guidance, a culture of cyber security necessitates continuous training, integration of security into everyday work, and clear delineation of risk ownership throughout the organisation. By prioritising proactive measures and fostering individual responsibility, organisations can fortify their defences against evolving cyber threats and mitigate risks effectively.

Source: [ITPro Today]

Beyond Checkboxes: Security Compliance as a Business Enabler

In today's complex business landscape, regulatory requirements are increasingly intricate, especially concerning cyber security compliance. While compliance might evoke images of stringent regulations and time-consuming audits, reframing our perspective reveals its potential as a vital business enabler. Security leaders, in collaboration with senior management, must cultivate a culture where commitment to cyber security compliance permeates the organisation, emphasising its role in fostering trust, facilitating global market access, and even serving as a competitive advantage. Moreover, robust compliance programs drive operational efficiency, innovation, and cost savings in the long run. Embracing cyber security compliance as a strategic enabler, rather than a regulatory burden, positions businesses for success, innovation, and resilience in an ever-evolving digital landscape.

Source: [Forbes]

No One in Cyber Security Is Ready for the SolarWinds Prosecution

The concept of "materiality" has taken centre stage for Chief Information Security Officers (CISOs) in light of new SEC regulations, requiring US public companies to disclose "material cyber security incidents" within four days. The SolarWinds breach and subsequent SEC charges against the company and its CISO highlight the seriousness of these regulations. This shift necessitates a deeper understanding of what constitutes "material" risk in cyber security and a more transparent approach to risk communication. However, many CISOs face challenges in quantifying and communicating cyber risks effectively to boards and executives, who often lack familiarity with cyber security terminology. This regulatory change underscores the need for CISOs to bridge the gap between cyber security and financial reporting, ensuring accurate and precise risk communication at the C-Suite level. Additionally, policymakers should incentivise C-Suite accountability for cyber risk management, fostering a culture where cyber risks are addressed proactively and transparently.

Source:[Council on Foreign Relations]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Artificial Intelligence

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Supply Chain and Third Parties

Cloud/SaaS

Identity and Access Management

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Regulations, Fines and Legislation

Models, Frameworks and Standards

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

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

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea

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

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