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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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Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 23 February 2024

Black Arrow Cyber Threat Intelligence Briefing 23 February 2024:

-Despite Recent FBI Disruptions, a Rise in Ransomware Means 2024 Will be a Volatile Year for Cyber Security

-The Old, Not the New: Basic Security Issues Still the Biggest Threat to Enterprises

-Reevaluating Your Cyber Security Priorities

-Cyber Threat Environment at its Most Dangerous for SMBs, as Geopolitical Tenison, Extortion and Attacks Present Biggest Risks

-Legal Sector Grows as a Target, with Cyber Attacks on Law Firms Surging by Over a Third

-It’s Not Only Ransomware Seeing Huge Rises, Business Email Compromise (BEC) Attacks are Also Seeing a Huge Rise – is Your Business Prepared?

-Deepfake Phishing Grew by 3,000% in 2023, and it’s Just the Beginning

-Cyber Attacks are Getting Faster, More Common and More Successful, Although Detection is More Advanced Than Ever — New Report Signals the Threats to Businesses, Supply Chains, and Democracy

-Report Finds Malicious Emails Bypassing Secure Email Gateways Rose by 105%

-Rising Cyber Threats Identified Amongst Other Major Business Risks for 2024

-Huge Cyber Security Leak Lifts the Lid on China’s Hackers for Hire

-Fifth of British Kids Have Broken the Law Online

-Over 40% of Firms Struggle with Cyber Security Talent Shortage

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

Despite Recent NCA and FBI Disruptions, a Rise in Ransomware Means 2024 Will be a Volatile Year for Cyber Security

There has been a lot of high profile coverage this week of the infamous and prolific LockBit gang’s infrastructure having been seized by law enforcement following an international Police operation led by the UK’s National Crime Agency. Whilst the international operation shows the seriousness of the matter, and the success of the operation should be celebrated, those celebrations should be muted and organisations should not become lax. Like the Hydra of Greek mythology, when one head disappears, a few more appear in its place. Ransomware really is a case of if, not when, and your organisation needs to be prepared.

Further, a recent threat report has found that the median ransom demand rose by 20% year on year, hitting an average of $600,000 and it is expected that 2024 will be even more volatile. Ransomware groups are expanding their target lists and exploring new pressure tactics in response to increasingly effective law enforcement efforts, and this is coupled with the increasing regulatory impact on organisations.

Sources: [Sky News] [GOV Infosecurity] [Bleeping Computer] [Infosecurity Magazine] [Cyber Reason]

The Old, Not the New: Basic Security Issues Still the Biggest Threat to Enterprises

In the latest IBM X-Force Threat Intelligence Index, it was revealed that basic security issues remain the most significant threat to enterprises. Cyber criminals are increasingly turning to credential stuffing, using and exploiting valid accounts harvested from the darkweb and previous breaches, with a 266% uptick in info-stealing malware. This tactic is harder to detect and elicits a costly response from enterprises. On the other hand, it is also important to adopt an attacker mindset for effective security. Understanding the attacker’s tools, motives, and efforts can help in limiting access, compartmentalising the impact of any successful attack, and minimising the time to attack detection. In essence, while organisations continue to grapple with complex cyber threats, the biggest security problem boils down to the basic and the already known. Therefore, it is crucial to focus on strengthening basic security measures and thinking like an attacker to proactively mitigate the risk for a more secure attack surface.

Source: [Help Net Security] [Forbes]

Reevaluating Your Cyber Security Priorities

Both technology and cyber criminals are evolving, yet many companies and organisations are not. For many corporate leaders, they may not know where to begin. Organisations looking to evolve their cyber security posture should look to elevate cyber to the C-suite and board, conduct audits of their sensitive information, create or update and test their incident response plan and finally, revisit their cyber hygiene training to ensure it is doing more than just ticking boxes. Organisations doing the above will find themselves improving their cyber security posture, and mitigating their risk to threats.

Source: [Dark Reading]

Cyber Threat Environment at its Most Dangerous for SMBs, as Geopolitical Tenison, Extortion and Attacks Present Biggest Risks

A new study has found that extortion campaigns, geopolitical threats, and attacks on small and medium-sized businesses (SMBs) are amongst the greatest threats to cyber security defences currently. The report, conducted by Mimecast, highlights how individual ransom groups have claimed over 1,000 victims and over $300 million in payments. Regarding SMBs, the report found that these businesses encountered twice the normal number of threats, at over 30 threats per user, as compared to larger companies who saw approximately 15. Not only are SMBs at more risk, but they also do not have the same resources a large company would have to mitigate such threats. SMBs must be efficient in the way they prioritise and address their cyber risk as part of their larger risk management strategy.

Sources: [Emerging Risks] [The HR Director]

Legal Sector Grows as a Target, with Cyber Attacks on Law Firms Surging by Over a Third

A new report has found that the number of reported cyber breaches on UK law firms has increased 30% from the previous year, as attackers increasingly target the profession. As a note, this does not include firms who may be unaware that they have been breached. Law firms are an attractive target to attackers due to the sensitive information such as M&A activity, divorce information and big ticket litigation; many attackers believe that law firms will pay handsomely to have this data back.

Sources: [Emerging Risks] [Legal Cheek]

It’s Not Only Ransomware Seeing Huge Rises: Business Email Compromise (BEC) Attacks are Also Seeing a Huge Rise. Is Your Business Prepared?

A recent report found that business email compromise (BEC) saw a staggering increase of 10 time the amount compared to the previous year. BEC involves a genuine business email account being compromised by a threat actor; this could be your supplier, a client, or anyone you have legitimate contact with. With such an increase, organisations must consider if they would be able to spot and mitigate BEC in their corporate environment through robust operational controls such as callback procedures for example. Due to the rise in deep fake fraud with voice cloning and video, the efficacy of traditional safeguards such as callbacks are not providing the assurance they once did. Firms and employees need to be on their guard to these changing tactics to safeguard the business.

Source: [TechRadar]

Deepfake Phishing Grew by 3,000% in 2023, and it’s Just the Beginning

Phishing remains one of the most prevalent cyber security threats, and with the emergence of artificial intelligence it is only going to carry on getting worse. According to a recent report, the number of deepfake fraud attempts rose by 3,000%. In one instance, the CEO of an energy enterprise sent €220,000 to a supplier after getting a call from the parent company’s leader requesting the exchange; the call was a deepfake.

Source: [HackerNoon]

Cyber Attacks are Getting Faster, More Common and More Successful, Although Detection is More Advanced Than Ever. New Report Signals the Threats to Businesses, Supply Chains, and Democracy

A recent report from CrowdStrike sheds light on the increasing speed and sophistication of cyber attacks. Breakout times have plummeted to an average of 62 minutes, with a record time of just two minutes and seven seconds observed. Hackers are now targeting the cloud, exploiting its vulnerabilities and leveraging AI assistance to escalate attacks. The human factor remains a primary entry point for threat actors, with social engineering and phishing campaigns on the rise. As organisations transition to the cloud, threat actors follow suit, with cloud intrusions soaring by 75%. CrowdStrike warns of state-sponsored adversaries targeting critical elections, emphasising the need for a platform-based approach bolstered by threat intelligence to safeguard against evolving threats.

Source: [TechRadar]

Report Finds Malicious Emails Bypassing Secure Email Gateways Rose by 105%

A report by Cofense has found a 105% increase in malicious emails that successfully bypassed Secure Email Gateways (SEGs), with approximately one malicious email navigating their way past SEGs every 57 seconds. The report suggests that phishing efforts are outpacing that of SEGs, and such phishing efforts are responsible for 90% of data breaches. Whilst SEGs may be filtering out a number of malicious emails, they, like everything in cyber security, are not a silver bullet. Organisations should not fall foul of believing that they are impenetrable because they have a SEG.

Sources: [SiliconANGLE] [Security Magazine] [Help Net Security]

Rising Cyber Threats Identified as Major Business Risk for 2024

In the latest Allianz risk barometer, cyber incidents have been identified as the most significant concern for companies globally in 2024. This is particularly true for remote desktop connections, which have become a prime target for cyber attacks since the shift to a work-from-home environment. The report also highlights that the risk landscape is being shaped by digitalisation, climate change, and geopolitical uncertainties. Meanwhile, a report from Coalition reveals that the cyber attack surface has expanded due to new ways of working. The report found that smaller businesses often lack the resources to prepare for a wide range of risk scenarios, which can lead to longer recovery times after an unexpected incident. These findings underscore the importance of robust cyber security measures and the need for continuous monitoring and improvement of an organisation’s digital defences.

Sources: [Reinsurance News] [Allianz]

Huge Cyber Security Leak Lifts the Lid on China’s Hackers for Hire

A huge leak of data from a Chinese cyber security firm, iSoon, has revealed state security agents paying tens of thousands of pounds to harvest data on targets, including the likes of foreign governments, and the leak shows this has been going on for years. Since the release, CrowdStrike has drawn overlaps between the firm and multiple known Chinese threat actors who are well resourced and conduct attacks over an extended period (referred to as advanced persistent threats, APTs). Among some of the 500 leaked documents are product manuals, lists of clients and employees, and WeChat instant messages. The leaks show over 14 governments have been attacked, as well as gambling and telecommunications companies.

Sources: [Dark Reading] [The Guardian]

Fifth of British Kids Have Broken the Law Online

In a recent study by the UK National Crime Agency (NCA), one in five children aged 10 to 16 have engaged in online offences with the figure rising to 25% among online gamers. These "low-level" cyber crimes, such as attempting to access protected servers or launching distributed denial of service (DDoS) attacks, may not be perceived by young individuals as violating the Computer Misuse Act. The consequences, however, are severe, including potential arrest, criminal records, and restrictions on future opportunities. The NCA stresses the importance of educating both children and adults about the legal and ethical implications of such actions, highlighting the transition from minor offences to more serious cyber crimes. With a significant shortage of cyber security professionals globally, fostering positive digital skills among young individuals is crucial for meeting industry demands and deterring cyber crime. Parents, teachers, and children are encouraged to explore resources provided by the NCA's Cyber Choices website to prevent inadvertent involvement in illegal online activities.

Source: [Infosecurity Magazine]

Over 40% of Firms Struggle with Cyber Security Talent Shortage

A recent report from Kaspersky has unveiled a critical global challenge: over 40% of companies are struggling to fill essential cyber security roles, with information security research and malware analysis roles particularly affected. This scarcity is felt most acutely in Europe and Latin America. Roles within security operations centres (SOCs) and network security are also understaffed, with figures around 35% and 33% respectively. The government sector faces the most significant demand for cyber security experts, followed closely by the telecoms and media sectors. While efforts like offering competitive salaries and enhanced training are underway, the gap persists due to the rapid pace of technological advancement outstripping educational initiatives. The report emphasises the need for innovative solutions to bridge this shortfall, highlighting recruitment, training, and technological advancements as key components of a comprehensive strategy to bolster cyber security resilience in the face of evolving threats.

Source: [Infosecurity Magazine]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering

Artificial Intelligence

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Cyber Crime General & 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

Training, Education and Awareness

Regulations, Fines and Legislation

Careers, Working in Cyber and Information Security

Misinformation, Disinformation and Propaganda

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

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea

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 19 March 2021

Black Arrow Cyber Threat Briefing 19 March 2021: Tens Of Thousands Of Microsoft Exchange Customers Under Attack, Targeted By Multiple Hacker Groups; Over $4.2 Billion Officially Lost To Cyber Crime In 2020; Cyber Attacks Multiply On HNWIs; Largest Ransomware Demand Now Stands At $30 Million; 71 Percent Of Office 365 Users Suffer Malicious Account Takeovers; More Than 16 Million Covid-Themed Cyber Attacks Launched In 2020; Cyber Now Key To National Security;

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.

Image by Muhammad Ribkhan from Pixabay

Top Cyber Stories of the Last Week

Tens Of Thousands Of Microsoft Exchange Customers Are Under Assault From Hackers, Experts Warning Of Unprecedented Damage, Exploits Being Targeted By "At Least 10 Hacker Groups"

Four exploits in Microsoft Exchange Server hit the news last week, when we heard that a Chinese hacking group had targeted the email servers of some 30,000 U.S. government and commercial organisations. The exploits had been patched by Microsoft, but the hacking group known as “Hafnium” had doubled-up on efforts targeting unpatched servers. Security researchers found that at least 10 APT groups are taking advantage of the exploits in an attempt to compromise servers around the world. Winniti Group, Calypso, Tick, and more are among the groups identified.

https://www.techspot.com/news/88913-microsoft-exchange-server-exploits-targeted-least-10-hacker.html

Over $4.2 Billion Officially Lost To Cyber Crime In 2020

Cyber crime affecting victims in the U.S., noting a record number of complaints and financial losses in 2020 compared to the previous year. The Internet Crime Complaint Center (IC3) received last year 791,790 complaints - up by 69% from 2019 - of suspected internet crime causing more than $4 billion in losses. While most complaints were for phishing, non-payment/non-delivery scams, and extortion, about half of the losses are accounted by business email compromise (BEC), romance and confidence scams, and investment fraud.

https://www.bleepingcomputer.com/news/security/fbi-over-42-billion-officially-lost-to-cybercrime-in-2020/

Cyber Attacks Multiply On Wealthy Investors

An email nearly cost a wealthy British art collector £6m, after hackers monitored email correspondence between the client and an art dealer the client had been negotiating with for a year, with hackers impersonating the genuine art dealer, learning to impersonate the tone and language used — even gleaning private family news and the names of partners and children.

Just when the collector and the art dealer finally reached a conclusion on price, the client received an email to say something along the lines of, I hope the children are recovering from their colds — we have just amended our bank details for security and here they are. As it matched the tone of previous emails the art-loving client didn't think anything was amiss.

Fortunately, his family office phoned the real dealer to check the transaction before approving a transfer and the scam was discovered in time, but many people are not so lucky.

https://www.ft.com/content/cdfe8d97-6431-48e2-a8a7-7d760c6e9ed6

Cyber Strength Now Key To National Security, Says UK

In what has been billed as the largest security and foreign policy strategy revamp since the Cold War, the UK government has outlined new defence priorities – with at their heart, the imperative to boost the use of new technologies to safeguard the country. Prime minister Boris Johnson unveiled the integrated review this week, which has been in the making for over a year and will be used as a guide for spending decisions in the future. Focusing on foreign policy, defense and security, the review sets goals for the UK to 2025; and underpinning many of the targets is the objective of modernizing the country's armed forces.

https://www.zdnet.com/article/cyber-strength-now-key-to-national-security-says-uk/

Largest Ransomware Demand Now Stands At $30 Million As Crooks Get Bolder

Ransomware shows no sign of slowing down as the average ransom paid to cyber criminals by organisations that fall victim to these attacks has nearly tripled over the past year. Cyber security researchers analysed ransomware attacks targeting organisations across North America and Europe and found that the average ransom paid in exchange for a decryption key to unlock encrypted networks rose from $115,123 in 2019 to $312,493 in 2020.

https://www.zdnet.com/article/largest-ransomware-demand-now-stands-at-30-million-as-crooks-get-bolder/

Mimecast: SolarWinds Attackers Stole Source Code

Hackers who compromised Mimecast networks as part of the SolarWinds espionage campaign have swiped some of the security firm’s source code repositories, according to an update by the company. The email security firm initially reported that a certificate compromise in January was part of the sprawling SolarWinds supply-chain attack that also hit Microsoft, FireEye and several U.S. government agencies.

https://threatpost.com/mimecast-solarwinds-attackers-stole-source-code/164847/

71 Percent Of Office 365 Users Suffer Malicious Account Takeovers

88 percent of companies have accelerated their cloud and digital transformation projects due to COVID-19. But it also finds that 71 percent of Microsoft Office 365 deployments have suffered an account takeover of a legitimate user's account, not just once, but on average seven times in the last year.

https://betanews.com/2021/03/17/office-365-malicious-account-takeovers/

More Than 16 Million Covid-Themed Cyber Attacks Launched In 2020

COVID-19 dominated everyone's lives throughout 2020 but a new report from a cyber security company found that the pandemic was also the main theme of nearly 16.5 million threats and attacks launched against its customers. Researchers wrote that they dealt with 16,393,564 threats that had a COVID-19-related tint to them, with 88% of the threats coming in spam emails and another 11% coming in the form of URLs. Malware accounted for 0.2%, or nearly 33,000, of the threats

https://www.techrepublic.com/article/more-than-16-million-covid-themed-cyberattacks-launched-in-2020/#ftag=RSS56d97e7

“Expert” Hackers Used 11 0-Days To Infect Windows, iOS, And Android Users

Using novel exploitation and obfuscation techniques, a mastery of a wide range of vulnerability types, and a complex delivery infrastructure, the group exploited four zero-days in February 2020. The hackers’ ability to chain together multiple exploits that compromised fully patched Windows and Android devices led members of Google’s Project Zero and Threat Analysis Group to call the group “highly sophisticated.”

https://arstechnica.com/information-technology/2021/03/expert-hackers-used-11-zerodays-to-infect-windows-ios-and-android-users/

Cyber Attacks: Is The ‘Big One’ Coming Soon?

2020 was the year that the COVID-19 crisis also brought a cyber pandemic. Late last year, the security industry’s top experts from global cyber security company leadership predicted even worse cyber security outcomes for 2021 compared to what we saw in 2020. In December, we learned about how SolarWinds’ Orion vulnerability was compromised, causing one of the worst data breaches in history that is still evolving for about 18,000 organisations.

https://www.govtech.com/blogs/lohrmann-on-cybersecurity/cyber-attacks-is-the-big-one-coming-soon.html

Threats

Ransomware

Phishing

Malware

IOT

Vulnerabilities

Data Breaches

Organised Crime & Criminal Actors

OT, ICS, IIoT and SCADA

Nation-State Actors

Denial of Service

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.

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