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Black Arrow Cyber Threat Briefing 03 May 2024

Black Arrow Cyber Threat Intelligence Briefing 03 May 2024:

-Most Attacks Impacting SMB’s Target Older, Unpatched Vulnerabilities

-91% of Ransomware Victims Paid At least One Ransom in the Past Year, as 1 in 5 Ransomware Attacks Triggers Lawsuit

-BEC and Fund Transfer Fraud Top Insurance Claims

-Correlating Cyber Investments with Business Outcomes

-Vulnerability Exploitation up 180%, 68% of Breaches involved Humans and Supply Chain Weak Link

-MOVEit & Change Healthcare Attacks Designated as Cyber Catastrophe Loss Events by Insurer

-Securing Your Organisation’s Supply Chain: Reducing the Risks of Third Parties

-Why Remote Desktop Tools are Facing an Onslaught of Cyber Threats

-95% of Organisations Revamped Cyber Security Strategies in the Last Year: Make Sure Yours is Right

-Human Factor a Significant Risk for Small and Medium-Sized Businesses.

-Microsoft CEO Says it is Putting Security Above All Else in Major Refocus

-Ending the Culture of Silence in Cyber Security; Three Ways to Empower Teams

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

Most Attacks Impacting SMB’s Target Older, Unpatched Vulnerabilities

Attackers continue to aggressively target small and mid-size businesses using specific high-profile vulnerabilities dating back a decade or more, network telemetry shows. Findings have shown that this is due to these vulnerabilities featuring in a wide range of products. Due to their prevalence, they can often become missed by organisations conducting patch management and therefore leave the organisation open.

For this reason it is critical that all organisations, including smaller organisations, have internal as well as external vulnerability scanning. You might believe your systems are patched up to date but there is no way to confirm without scanning , or to know which patches might have been missed.

Sources: [Infosecurity Magazine]

91% of Ransomware Victims Paid At least One Ransom in the Past Year, as 1 in 5 Ransomware Attacks Triggers Lawsuit

Ransomware attacks saw a significant surge in 2023, following a dip in 2022. The number of victims increased by 66% from 2022 to 2023, with 91% of those affected paying at least one ransom. 58% of organisations have been targeted six times or more.

The Sophos State of Ransomware 2023 report highlighted ransom payments rose by 500%; nearly two-thirds exceeded $1m or more, with an average payment of $2m. Furthermore, 30% of the demands were for over $5m.

In the US, 18% of incidents led to litigation, with 123 lawsuits filed in 2023 and 355 over five years. Data breaches, affecting 283.3 million records, primarily triggered these lawsuits, especially in healthcare and finance sectors. The resolution rate is 59%, with the highest settlement at $8.7m. Regulatory fines added nearly $10m to the financial impact. These figures underscore the significant financial implications of ransomware attacks and the urgent need for robust cyber security measures.

Sources: [ZD Net] [Infosecurity Magazine] [Security Magazine] [PrNewsWire] [Infosecurity Magazine]

BEC and Fund Transfer Fraud Top Insurance Claims

Cyber Insurer Coalition's 2024 Cyber Claims Report highlights a significant trend in cyber security threats, identifying email-based fraud as the predominant cause of insurance claims in 2023, accounting for 53% of all claims. Business email compromise (BEC) and funds transfer fraud (FTF) topped the list, contributing to 28% of claims and increasing claim amounts by 24% to an average loss exceeding $278,000. In contrast, ransomware, while less frequent at 19% of claims, also saw a rise in both frequency and severity, with average losses climbing to over $263,000. The report also notes a 13% year-on-year surge in overall claims, with substantial losses tied to compromised network security devices and a notable vulnerability in organisations using exposed remote desktop protocols.

Source: [Infosecurity Magazine]

Correlating Cyber Investments with Business Outcomes

The US Securities and Exchange Commission (SEC) has implemented stringent new rules compelling organisations to report significant cyber incidents within four days and to annually disclose details concerning their cyber security risk management, strategy, and governance. These mandates are seen as giving “more teeth to the idea that cyber security is a business problem” and “bringing an element of cyber security to the boardroom” according to cyber security solutions provider SecurityGate. Highlighted in the "Cybersecurity Insights" podcast, experts argue for simplifying cyber security strategies, advocating sustained resource allocation over reactive measures, and emphasising the importance of training over expensive solutions. These steps are deemed crucial for enhancing organisational resilience and security in a landscape where cyber threats are increasingly sophisticated and pervasive.

Source: [InfoRisk Today] 

Verizon: Vulnerability Exploitation up 180%, 68% of Breaches involved Humans and Supply Chain Weak Link

Verizon has released the findings of its 17th Annual Data Breach Investigations Report, which showed security incidents doubled year over year in 2023 to a record high 30,458 security events and 10,626 confirmed breaches. Some of the key takeaways from the 100-page report include zero-day attacks on unpatched systems and devices rising 180% in 2023, most breaches (68%) involving a non-malicious human element and the median time for users to fall for phishing emails falling just south of 60 seconds. In its first inclusion as a separate metric, supply chain attacks were found to contribute to 15% of all attacks.

Sources: [MSSP Alert] [Verizon]

MOVEit & Change Healthcare Attacks Designated as Cyber Catastrophe Loss Events by Insurer

Verisk’s Property Claim Services (PCS) has recently identified the MOVEit and Change Healthcare cyber attacks as significant Cyber Catastrophe Loss Events. These designations are part of PCS’s Global Cyber solution, which tracks cyber incidents and their potential impact on the insurance market. The designation indicates that each attack is anticipated to result in insurance industry losses exceeding USD 250 million.

The MOVEit attack, linked to the Russian-affiliated group Cl0p, compromised over 2,700 organisations globally, affecting up to 90 million individuals. The Change Healthcare attack, attributed to the ALPHV/Blackcat gang, notably disrupted UnitedHealth Group’s operations, with projected costs and lost revenue totalling up to USD 1.6 billion. These designations highlight the escalating scale and financial impact of cyber incidents on global markets.

Source: [Reinsurance News]

Securing Your Organisation’s Supply Chain: Reducing the Risks of Third Parties

Nearly every organisation is part of a supply chain, where a significant amount of data is transferred. When data leaves your infrastructure, its security depends on the third party. The risks of a cyber incident increases as the supply chain increases.

Organisations need to mitigate the risks that their third party brings. This requires an understanding of the supply chain actors, and performing cyber security assessments of the most critical ones. The objective is to ensure that your organisation is satisfied with the third party’s security controls, or to work together to remediate any gaps.

Source: [Help Net Security]

Why Remote Desktop Tools are Facing an Onslaught of Cyber Threats

In the era of hybrid work, remote desktop tools have become crucial yet vulnerable points within corporate networks, attracting significant cyber criminal attention. A study by Barracuda Networks underscores the challenges of securing these tools. Virtual Network Computing (VNC) is particularly susceptible; it is targeted in 98% of these types of attacks due to its use of multiple, sometimes unsecured ports. VNC attacks predominantly exploit weak password practices, notably through brute force methods. Conversely, Remote Desktop Protocol (RDP) accounts for about 1.6% of these attacks but is favoured for more extensive network breaches, often involving ransomware or crypto mining. The study highlights a pressing need for robust endpoint management and heightened security measures to mitigate these threats.

Source: [ITPro]

95% of Organisations Revamped Cyber Security Strategies in the Last Year: Make Sure Yours is Right

A recent report found that 95% of companies have altered their cyber security strategies in the last twelve months. This was driven by keeping pace with the shifting regulatory landscape (98%), the need to meet customer expectations for data protection and privacy (89%), and the rise of AI-driven threats and solutions (65%). Almost half (44%) of non-security executives do not understand the regulatory requirements their organisation must adhere to.

When it came to reporting, the study found that security teams aren’t reporting on key operational metrics that define whether their security investments and strategy changes have a measurable impact. It is evident that there is a disconnect between security and non-security professionals when it comes to the business strategy.

Sources: [Business Wire] [Security Magazine]

Human Factor a Significant Risk for Small and Medium-Sized Businesses.

A survey of business and IT security in small and medium-sized businesses (SMBs) conducted by LastPass found that roughly one in five business leaders admits to circumventing security policies, as do one in 10 IT security leaders. The survey found that password management is critically important to cyber security, with nearly half (47%) reporting recent breaches due to compromised passwords.

Sources: [Beta News] [Business Wire]

Microsoft CEO Says it is Putting Security Above All Else in Major Refocus

Following a series of high-profile attacks in recent months and a report by the US Cyber Safety Review Board (CSRB), Microsoft’s CEO has revealed it will now focus its efforts on an increase in the commitment to security. Investigating a summer 2023 attack, Microsoft was deemed to have made a series of “avoidable errors”, including the failure to detect several compromises, the CSRB said.

Sources: [TechRadar]

Ending the Culture of Silence in Cyber Security; Three Ways to Empower Teams

A recent discussion on workplace errors highlights the significant repercussions of cyber breaches compared to typical office mistakes. In the UK, nearly a third of businesses face cyber attacks weekly, with each breach costing approximately £4,000. However, a concerning trend is that 41% of these breaches are not reported to internal leadership, often due to fears among staff about the consequences of admitting faults. A three-pronged approach has been suggested to foster a blame-free culture: providing tailored and evolving cyber training, establishing safe zones for admitting mistakes, and implementing robust recovery plans. This approach not only prepares employees to handle potential breaches more effectively but also encourages them to report incidents promptly, reducing the overall impact and aiding quicker recovery. Such strategies are essential for maintaining resilience against increasingly sophisticated cyber threats.

Source: [Minute Hack]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC

Other Social Engineering

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

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

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

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

Vulnerability Management

Vulnerabilities

Tools and Controls

Other News

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 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.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 18th August 2023

Black Arrow Cyber Threat Intelligence Briefing 18 August 2023:

-Ransomware Group Targeting MSPs Worldwide in New Campaign

-As Ransomware Surges, A lack of Resources Makes SMBs Most Vulnerable

-Business Email Compromise Attack Costs Far Exceeding Ransomware Losses

-Email Phishing Remains the Main Entry for Cyber Criminals; People with Six Personality Traits are More Susceptible

-Gartner Study Finds Generative AI to be a Top Emerging Risk for Organisations

-LinkedIn Suffers Significant Wave of Account Hacks

-High Net-Worth Families are at Risk of Cyber Crime

-Cyber Attack Rule Raises Insurance Risks for Corporate Officers

-PSNI and UK Voter Breaches Show Data Security Should be Taken More Seriously

-The Imperative of Cyber Preparedness: The Power of Tabletop Exercises

-Why Are Phones a Cyber Security Weak Spot?

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

Ransomware Group Targeting MSPs Worldwide in New Campaign

Russia-based cyber attackers called Play are evolving, with the ransomware group now using remote monitoring and management (RMM) tools at outsourced IT providers or managed service providers (MSPs) to gain access and hit downstream customers. A significant number of eventual targets are medium sized business. The group is also utilising intermittent encryption, where files are only partly encrypted, to avoid detection.

The attacks highlight the need for organisations to be aware of where they are in the supply chain and how they can be targeted through their supplier. It is not enough for an organisation to focus on its own security in isolation; organisations also need to have a way of effectively assessing their supply chain risk which includes their MSP.

Source [Dark Reading]

As Ransomware Surges, A lack of Resources Makes SMBs Most Vulnerable

Ransomware attacks continue to increase, with 1500 victims confirmed this year. It is likely this figure will continue to rise. In parallel, criminals are evolving and with that comes a rise in triple extortion; attackers are not just encrypting and exfiltrating an organisation’s data, but also using this data to blackmail employees and target third parties, hitting the supply chain.

Unfortunately for SMBs, they do not have the resources to keep up with such attacks, making them the most vulnerable. A report found that organisations that had 51 to 200 employees were the most targeted, followed by organisations with 11 to 50 employees. When it came to the types of organisations, the Financial Services sector placed first.

This should not mean SMBs should just accept this and wait to be attacked; on the contrary, their increased vulnerability means that SMBs need to effectively prioritise and allocate resources, and if necessary getting in specialist external help, to ensure their protections are the best that resources allow.

Sources [WWD] [InfoSecurity Magazine] [CRN]

Business Email Compromise Attack Costs Far Exceeding Ransomware Losses

Cloudflare's 2023 Phishing Threats Report recorded a 17% spike in business email compromise (BEC) related financial losses between December 2021 and 2022, noting that threat actors are increasingly leaning on this attack method to target organisations. Additionally, across 2022 nearly three-quarters (71%) of respondents to the study said they experienced an attempted or successful BEC attack. The Cloudflare report found that the financial impact of BEC led to organisations suffering losses in excess of $2.7 billion, whereas ransomware caused losses of $34.3 million during the same period.

Source [ITPro]

Email Phishing Remains the Main Entry for Cyber Criminals; People with Six Personality Traits are More Susceptible

According to a report, phishing attacks were found to be the initial attack vector for nine in ten cyber attacks. The report found that the focus of a cyber criminal tended to be two objectives: achieving authenticity and getting victims to click. Worryingly, 89% of unwanted messages were found to have bypassed authentication checks, leaving people and procedures as the last line of defence in an organisation.

A separate study found that having the following traits made a user more susceptible to phishing: extroverted, agreeable, people-pleasing, quick to trust, fearful or respectful of authority, and poor self-control.

With employees playing such an important role in preventing phishing, organisations need to ensure that employees are aware of what to look for in a phishing email with regular training to account for evolving tactics. This training should be carried out by experts with experience of conducting phishing simulations, accompanied with the ability to educate users on how they can protect themselves from falling victim.

Sources [Tech Radar] [Makeuseof]

Gartner Study Finds Generative AI to be a Top Emerging Risk for Organisations

In a recent survey, Gartner found that generative AI models such as ChatGPT were the second greatest emerging risk, with concerns around data privacy. This has led to organisations looking to ban such AI, with a separate report by Blackberry finding that ChatGPT faced banning from 75% of organisations.

Banning AI in the organisation is a short-term solution. The benefits of AI are clear and its usefulness in an organisation is significant, with reports finding 75% of IT leaders in favour. Organisations should instead look at how they can govern the usage of AI in their organisation, to reduce the risk of AI-related incidents and improve the effectiveness of work.

Sources [Security Magazine] [Analytics Insight] [IT Security Guru] [Decrypt]

LinkedIn Suffers Significant Wave of Account Hacks

LinkedIn users are reporting losing access to their accounts, with some being pressured into paying a ransom to get back in or else face permanent account deletion. LinkedIn is no stranger to being a target of cyber criminals; last year, the platform was deemed the most abused brand in phishing attempts likely due to its recognisability and widespread use in the corporate world. This extended as far as threat actors using fake LinkedIn profiles.

With the number of accounts being compromised, users need to be vigilant in their use of LinkedIn and be on the lookout for suspicious messages. Black Arrow recommends that users ensure they are using strong and unique passwords, combined with multi-factor authentication (MFA) to protect themselves.

Source [Dark Reading]

High Net-Worth Families are at Risk of Cyber Crime

A report found that high net-worth families have prioritised cyber security with a notable 77% of respondents stating they had a cyber security plan; however, 55% said their plan “could be better”.

A cyber security plan is not optional anymore. High net-worth families are at increased risk, with criminals cottoning on to the amount of information that is out there and the financial gain that can be made if that information is used effectively. Social media is just one of the things increasing the risk of cyber crime; unbeknownst to some families, their social media may be providing criminals a treasure trove of insight into a family’s wealth, real-time location and habits. Such information can be used by a cyber criminal to employ attacks.

Source [Campdenfb]

Cyber Attack Rule Raises Insurance Risks for Corporate Officers

The US Securities and Exchange Commission (SEC) recently issued rules that formally outlined directors’ responsibilities in cyber security governance for the first time, laying the groundwork for potential enforcement actions. The recently issued rules bring potential regulatory probes and shareholder legal class action alleging senior executives failed to supervise their businesses’ cyber security practices.

Although the practice is not yet universal, a growing number of director and officer (D&O) policies are being drafted with cyber related exclusions. Meanwhile, most cyber insurance policies exempt SEC enforcement actions and investor claims, but some cover allegations against a company’s executives over their cyber security roles.

Whilst this is only in the US at the moment, other developed nations are likely to follow suit.

Source [Bloomberg Law]

PSNI and UK Voter Breaches Show Data Security Should be Taken More Seriously

The Police Service of Northern Ireland (PSNI) and the UK Electoral Commission both suffered cyber incidents on the same day. Whilst both incidents were different in how they happened, the result was the same: sensitive information had been leaked. In the case of the PSNI, the data was leaked through a response to a freedom of information (FOI) request, in which an Excel sheet was accidentally included by the PSNI. The Electoral Commission incident resulted from a cyber attack.

The incidents are a wake-up call for organisations. If you have not already done so, you need to put things in place to help protect your data from ending up online. The PSNI incident in particular highlights the need to ensure that data does not leave the organisation by accident.

Source [The Guardian]

The Imperative of Cyber Preparedness: The Power of Tabletop Exercises

Cyber security has become an inescapable concern for organisations across industries. With cyber threats ranging from data breaches to ransomware attacks, it is paramount that companies remain vigilant and prepared.

A key way to be prepared is through a tabletop exercise that simulates a hypothetical cyber security incident and helps organisations to practice and evaluate their response. One example scenario can be responding to a ransomware attack blocking access to the organisation's computers for a ransom. These exercises serve as a practical, engaging, and low-risk way for teams to identify vulnerabilities in current plans, improve coordination, and evaluate the decision-making process during a crisis and this is something that we do with our clients on a regular basis.

Source [JDSupra]

Why Are Phones a Cyber Security Weak Spot?

Mobile phones are more interconnected than ever, with their usage extending to the workplace. Despite this, they often enter the corporate environment with a lack of protection and oversight. When laptops are in the corporate environment they are often secured through methods such as encryption and often the organisation has a clear oversight of the applications and activity on the laptop. Mobile phones on the other hand, are often left unmonitored, despite the fact they can and often do carry sensitive information.

Mobile phones also carry additional risks; for a start, they are easier to lose, due to their size difference and the fact they are often out more. In addition, they may have more entry points. Internet of things (IoT) devices, such as smart appliances, are often controlled by phones, making them another entry point for an attacker.

Source [Tech Shout]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC – Business Email Compromise

Artificial Intelligence

2FA/MFA

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Containers

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

Cyber Bullying, Cyber Stalking and Sextortion

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Misinformation, Disinformation and Propaganda

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

Russia

China

Iran

North Korea

Misc/Other/Unknown

Vulnerability Management

Vulnerabilities

Tools and Controls

Sector Specific

Industry specific threat intelligence reports are available.

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

·       Automotive

·       Construction

·       Critical National Infrastructure (CNI)

·       Defence & Space

·       Education & Academia

·       Energy & Utilities

·       Estate Agencies

·       Financial Services

·       FinTech

·       Food & Agriculture

·       Gaming & Gambling

·       Government & Public Sector (including Law Enforcement)

·       Health/Medical/Pharma

·       Hotels & Hospitality

·       Insurance

·       Legal

·       Manufacturing

·       Maritime

·       Oil, Gas & Mining

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

·       Retail & eCommerce

·       Small and Medium Sized Businesses (SMBs)

·       Startups

·       Telecoms

·       Third Sector & Charities

·       Transport & Aviation

·       Web3

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

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

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

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

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 21 April 2023

Black Arrow Cyber Threat Briefing 21 April 2023:

-March 2023 Broke Ransomware Attack Records with a 91% Increase from the Previous Month

-Organisations Overwhelmed with Cyber Security Alerts, Threats and Attack Surfaces

-One in Three Businesses Faced Cyber Attacks Last Year

-Why Your Anti-Fraud, Identity & Cybersecurity Efforts Should Be Merged

-Tight Budgets and Burnout Push Enterprises to Outsource Cyber Security

-Complex 8 Character Passwords Can Be Cracked in as Little as 5 Minutes

-83% of Organizations Paid Up in Ransomware Attacks

-Security is a Revenue Booster, Not a Cost Centre

-EX-CEO Gets Prison Sentence for Bad Security

-Warning From UK Cyber Agency for a New ‘Class’ of Russian Hackers

-KnowBe4 Q1 Phishing Report Reveals IT and Online Services Emails Drive Dangerous Attack Trend

-Outsourcing Group Capita Admits Customer Data May Have Been Breached During Cyber-Attack

-Outdated Cyber Security Practices Leave Door Open for Criminals

-Quantifying cyber risk vital for business survival

-Recycled Network Devices Exposing Corporate Secrets

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

  • March 2023 Broke Ransomware Attack Records with a 91% Increase from the Previous Month

March 2023 was the most prolific month recorded by cyber security analysts in recent years, measuring 459 attacks, an increase of 91% from the previous month and 62% compared to March 2022. According to NCC Group, which compiled the report based on statistics derived from its observations, the reason last month broke all ransomware attack records was CVE-2023-0669. This is a vulnerability in Fortra's GoAnywhere MFT secure file transfer tool that the Clop ransomware gang exploited as a zero-day to steal data from 130 companies within ten days.

Regarding the location of last month's victims, almost half of all attacks (221) breached entities in North America. Europe followed with 126 episodes, and Asia came third with 59 ransomware attacks.

The recorded activity spike in March 2023 highlights the importance of applying security updates as soon as possible, mitigating potentially unknown security gaps like zero days by implementing additional measures and monitoring network traffic and logs for suspicious activity.

https://www.bleepingcomputer.com/news/security/march-2023-broke-ransomware-attack-records-with-459-incidents/

  • Organisations Overwhelmed with Cyber Security Alerts, Threats and Attack Surfaces

Many organisations are struggling to manage key security projects while being overwhelmed with volumes of alerts, increasing cyber threats and growing attack surfaces, a new report has said. Compounding that problem is a tendency by an organisation’s top brass to miss hidden risks associated with digital transformation projects and compliance regulations, leading to a false sense of confidence in their awareness of these vulnerabilities.

The study comprised IT professionals from the manufacturing, government, healthcare, financial services, retail and telecommunications industries. Five of the biggest challenges they face include:

  • Keeping up with threat intelligence (70%)

  • Allocating cyber security resources and budget (47%)

  • Visibility into all assets connected to the network (44%)

  • Compliance and regulation (39%)

  • Convergence of IT and OT (32%)

The report also focused on breaches within organisations, finding that 64% had suffered a breach or ransomware attack in the last five years; 43% said it had been caused by employee phishing.

https://www.msspalert.com/cybersecurity-news/organizations-overwhelmed-with-cybersecurity-alerts-threats-and-attack-surfaces-armis-study-shows/

  • One in Three Businesses Faced Cyber Attacks Last Year

Nearly a third of businesses and a quarter of charities have said they were the subject of cyber attacks or breaches last year, new data has shown. Figures collected for the UK Government by polling company Ipsos show a similar proportion of larger and medium-sized companies and high-income charities faced attacks or breaches last year as in 2021.

Overall, 32% of businesses said they had been subject to attacks or breaches over a 12-month period, with 24% of charities saying the same. Meanwhile, about one in ten businesses (11%) and 8% of charities said they had been the victims of cyber crime – which is defined more narrowly – over the 12-month period. This rose to a quarter (26%) of medium-sized businesses, 37% of large businesses and 25% of high-income charities. The UK Government estimated there had been 2.4 million instances of cyber crime against UK businesses, costing an average of £15,300 per victim.

https://www.aol.co.uk/news/one-three-businesses-faced-cyber-105751822.html

  • Why Your Anti-Fraud, Identity & Cyber Security Efforts Should Be Merged

Across early-stage startups and mature public companies alike, organisations are increasingly moving to a convergence of fraud prevention, identity and access management (IdAM), and cyber security. To improve an organisation's overall security posture, business, IT, and fraud leaders must realise that their areas shouldn't be treated as separate line items. Ultimately, these three disciplines serve the same purpose — protecting the business — and they must converge. This is a simple statement, but complex in practice, due mainly to the array of people, strategies, and tooling that today's organisations have built.

The convergence of these three functions comes at a seminal moment, as global threats are heightened due to several factors: geopolitical tensions like the war on Ukraine, the economic downturn, and a never-ending barrage of sophisticated attacks on businesses and consumers. At the same time, companies are facing slowing revenues, rising inflation, and increased pressure from investors, causing layoffs and budget reductions in the name of optimisation. Cutting back in the wrong areas, however, increases risk.

https://www.darkreading.com/vulnerabilities-threats/why-your-anti-fraud-identity-cybersecurity-efforts-should-be-merged

  • Tight Budgets and Burnout Push Enterprises to Outsource Cyber Security

With cyber security teams struggling to manage the remediation process and monitor for vulnerabilities, organisations are at a higher risk for security breaches, according to cyber security penetration test provider Cobalt. As enterprises prioritise efficiencies, security leaders increasingly turn to third-party vendors to alleviate the pressures of consistent testing and to fill in talent gaps.

Cobalt’s recent report found:

  • Budget cuts and layoffs plague security teams: 63% of US cyber security professionals had their department’s budget cut in 2023.

  • Cyber security professionals deprioritise responsibilities to stay afloat: 79% of US cyber security professionals admit to deprioritising responsibilities leading to a backlog of unaddressed vulnerabilities.

  • Inaccurate security configurations cause vulnerabilities: 40% of US respondents found the most security vulnerabilities were related to server security misconfigurations.

https://www.helpnetsecurity.com/2023/04/19/cybersecurity-professionals-responsibilities/

  • Complex 8 Character Passwords Can Be Cracked in as Little as 5 Minutes

Recently, security vendor Hive released their findings on the time it takes to brute force a password in 2023. This year’s study included the emergence of AI tools. The vendor found that a complex 8 character password could be cracked in as little as 5 minutes. This number rose to 226 years when 12 characters were used and 1 million years when 14 characters were used. A complex password involves the use of numbers, upper and lower case letters and symbols.

Last year, the study found the same 8 and 12 character passwords would have taken 39 minutes and 3,000 years, showing the significant drop in the time it takes to brute force a password. The study highlights the importance for organisations to be aware of their password security and the need for consistent review and updates to the policy.

https://www.hivesystems.io/blog/are-your-passwords-in-the-green

  • 83% of Organisations Paid Up in Ransomware Attacks

A report this week found that 83% of victim organisations paid a ransom at least once. The report found that while entities like the FBI and CISA argue against paying ransoms, many organisations decide to eat the upfront cost of paying a ransom, costing an average of $925,162, rather than enduring the further operational disruption and data loss.

Organisations are giving ransomware attackers leverage over their data by failing to address vulnerabilities created by unpatched software, unmanaged devices and shadow IT. For instance, 77% of IT decision makers argue that outdated cyber security practices have contributed to at least half of security incidents. Over time, these unaddressed vulnerabilities multiply, giving threat actors more potential entry points to exploit and greater leverage to force companies into paying up.

https://venturebeat.com/security/83-of-organizations-paid-up-in-ransomware-attacks/

  • Security is a Revenue Booster, Not a Cost Centre

Security has historically been seen as a cost centre, which has led to it being given as little money as possible. Many CISOs, CSOs, and CROs fed into that image by primarily talking in terms of disaster avoidance, such as data breaches hurting the enterprise and ransomware potentially shutting it down. But what if security presented itself instead as a way to boost revenue and increase market share? That could easily shift those financial discussions into something much more comfortable.

For example, Apple touted its investments into the secure enclave to claim that it offers users better privacy. Specifically, the company argued that it couldn't reveal information to federal authorities because the enclave was just that secure. Apple turned that into a powerful competitive argument against rival Android creator Google, which makes much of its revenue by monetising users' data.

In another scenario, bank regulations require financial institutions to reimburse customers who are victimised by fraudsters, but they carve out an exception for wire fraud. Imagine if a bank realises that covering all fraud — even though it is not required to do so — could be a powerful differentiator that would boost its market share by supporting customers better than competitors do.

https://www.darkreading.com/edge-articles/security-is-a-revenue-booster-not-a-cost-center

  • Ex-CEO Gets Prison Sentence for Bad Security

A clinic was recently subject to a cyber attack and even though the clinic was itself the victim, the ex-CEO of the clinic faced criminal charges, too. It would appear that the CEO was aware of the clinic’s failure to employ data security precautions and was aware of this for up to two years before the attack took place.

Worse still, the CEO allegedly knew about the problems because the clinic suffered breaches in 2018 and 2019, and failed to report them; presumably hoping that no traceable cyber crimes would arise as a result, and thus that the company would never get caught out. However, modern breach disclosure and data protection regulations, such as GDPR in Europe, make it clear that data breaches can’t simply be “swept under the carpet” any more, and must be promptly disclosed for the greater good of all.

The former CEO has now been convicted and given a prison sentence, reminding business leaders that merely promising to look after other people’s personal data is not enough. Paying lip service alone to cyber security is insufficient, to the point that you can end up being treated as both a cyber crime victim and a perpetrator at the same time.

https://nakedsecurity.sophos.com/2023/04/18/ex-ceo-of-breached-pyschotherapy-clinic-gets-prison-sentence-for-bad-data-security/

  • Warning From UK Cyber Agency for a New ‘Class’ of Russian Hackers

There is a new ‘class’ of Russian hackers, the UK cyber-agency NCSC warns. Due to an increased danger of attacks by state-aligned Russian hackers, the NCSC is encouraging all businesses to put the recommended protection measures into place. The NCSC alert states, “during the past 18 months, a new kind of Russian hacker has developed.” These state-aligned organisations frequently support Russia’s incursion and are driven more by ideology than money. These hacktivist organisations typically concentrate their harmful online activity on launching DDoS (distributed denial of service) assaults against vital infrastructure, including airports, the legislature, and official websites. The NCSC has released a special guide with a list of steps businesses should take when facing serious cyber threats. System patching, access control confirmation, functional defences, logging, and monitoring, reviewing backups, incident plans, and third-party access management are important steps.

https://informationsecuritybuzz.com/warning-uk-cyberagency-russian-hackers/

  • KnowBe4 Q1 Phishing Report Reveals IT and Online Services Emails Drive Dangerous Attack Trend

KnowBe4 announced the results of its Q1 2023 top-clicked phishing report, and the results included the top email subjects clicked on in phishing tests.

The report found that phishing tactics are changing with the increasing trend of cyber criminals using email subjects related to IT and online services such as password change requirements, Zoom meeting invitations, security alerts and more. These are effective because they would impact an end users’ daily workday and subsequent tasks to be completed.

71% of the most effective phishing lures related to HR (including leave, dress code, expenses, pay and performance) or tax, and these types of emails continue to be very effective.

Emails that are disguised as coming from an internal source such as the IT department or HR are especially dangerous because they appear to come from a more trusted, familiar place where an employee would not necessarily question it or be as sceptical. Building up an organisation’s human firewall by fostering a strong security culture is essential to outsmart bad actors.

https://www.itsecurityguru.org/2023/04/19/knowbe4-q1-phishing-report-reveals-it-and-online-services-emails-drive-dangerous-attack-trend/

  • Outsourcing Group Capita Admits Customer Data May Have Been Breached During Cyber Attack

Capita, which runs crucial services for the UK NHS, Government, Military and Financial Services, has for the first time admitted that hackers accessed potential customer, staff and supplier data during a cyber attack last month. The company said its investigation into the attack – which caused major IT outages for clients – found that hackers infiltrated its systems around 22 March, meaning they had around nine days before Capita “interrupted” the breach on 31 March.

While Capita has admitted that data was breached during the incident, it raises the possibility that public sector information was accessed by hackers. Capita, which employs more than 50,000 people in Britain, is one of the government’s most important suppliers and holds £6.5bn-worth of public sector contracts. Capita stopped short of disclosing how many customers were potentially affected by the breach, and is still notifying anyone whose data might be at risk.

https://www.theguardian.com/business/2023/apr/20/capita-admits-customer-data-may-have-been-breached-during-cyber-attack

  • Outdated Cyber Security Practices Leave Door Open for Criminals

A recent report found that as organisations increasingly find themselves under attack, they are drowning in cyber security debt – unaddressed security vulnerabilities like unpatched software, unmanaged devices, shadow IT, and insecure network protocols that act as access points for bad actors. The report found a worrying 98% of respondents are running one or more insecure network protocols and 47% had critical devices exposed to the internet. Despite these concerning figures, fewer than one-third said they have immediate plans to address any of the outdated security practices that put their organisations at risk.

https://www.helpnetsecurity.com/2023/04/20/outdated-cybersecurity-practices/

  • Quantifying Cyber Risk Vital for Business Survival

Organisations are starting to wake up to the fact that the impact of ransomware and other cyber attacks cause long term issues. The financial implications are far reaching and creating barriers for companies to continue operations after these attacks. As such, quantifying cyber risk is business-specific, and organisations must assess what type of loss they may face, which includes revenue, remediation, legal settlement, or otherwise.

https://www.helpnetsecurity.com/2023/04/19/cyber-attacks-financial-impact/

  • Recycled Network Devices Exposing Corporate Secrets

Over half of corporate network devices sold second-hand still contain sensitive company data, according to a new study. The study involved the purchase of recycled routers, finding that 56% contained one or more credentials as well as enough information to identify the previous owner.

Some of the analysed data included customer data, credentials, connection details for applications and authentication keys. In some cases, the data allowed for the location of remote offices and operators, which could be used in subsequent exploitation efforts.

In a number of cases the researchers were able to determine with high confidence — based on the data still present on the devices — who their previous owner was. The list included a multinational tech company and a telecoms firm, both with more than 10,000 employees and over $1 billion in revenue.

The study informed organisations who had owned the routers. Unfortunately, when contacted, some of the organisations failed to respond or acknowledge the findings.

https://www.infosecurity-magazine.com/news/recycled-network-exposing/

Threats

Ransomware, Extortion and Destructive Attacks

Phishing & Email Based Attacks

BEC – Business Email Compromise

2FA/MFA

Malware

Mobile

Botnets

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

AML/CFT/Sanctions

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Attack Surface Management

Shadow IT

Identity and Access Management

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Regulations, Fines and Legislation

Governance, Risk and Compliance

Secure Disposal

Backup and Recovery

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Artificial Intelligence

Misinformation, Disinformation and Propaganda

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

Nation State Actors

 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 03 February 2023

Black Arrow Cyber Threat Briefing 03 February 2023:

-Business Leaders Need a Hands-on Approach to Stop Cyber Crime, Says Spy Chief

-Rising ‘Firebrick Ostrich’ BEC Group Launches Industrial Scale Cyber Attacks

-The Corporate World is Losing its Grip on Cyber Risk

-Microsoft Reveals Over 100 Threat Actors are Deploying Ransomware in Attacks

-Greater Incident Complexity, a Shift in How Threat Actors Use Stolen Data Will Drive the Cyber Threat Landscape in 2023

-The Threat from Within: 71% of Business Leaders Surveyed Think Next Cyber Security Breach Will come from the Inside

-98% of Organisations Have a Supply Chain Relationship That Has Been Breached

-New Survey Reveals 40% of Companies Experienced a Data Leak in the Past Year

-Russian Hackers Launch Cyber Attack on Germany in Leopard Tank Retaliation

-Financial Services Targeted in 28% of UK Cyber Attacks Last Year

-Phishing Attacks are Getting Scarily Sophisticated. Here’s what to Watch Out For

-City of London on High Alert After Ransomware Attack

-Ransomware Conversations: Why the CFO is Pivotal to Discussing and Preparing for Risk

-JD Sports Warns of 10 Million Customers Put at Risk in Cyber Attack

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

  • Business Leaders Need a Hands-on Approach to Stop Cyber Crime, Says Spy Chief

Business leaders must not see cyber crime as “just a technical issue” that can be left up to IT departments, said Lindy Cameron, chief executive of the National Cyber Security Centre (NCSC).  Ms Cameron later commented that “In the world of cyber security, the new year has brought with it some sadly familiar themes - a continuation of cyber incidents affecting organisations large and small as well as the British public”.

Along with this, came the urge for business leaders to step up their efforts in combating cyber crime by taking an active interest and educating themselves on the subject.  When commenting upon board members’ level of understanding, Ms Cameron said “I’d also encourage board members to develop a basic understanding of cyber security, which can help when seeking assurances from IT teams about the resilience of an organisation - in a similar way that leaders have a certain level of understanding of finance to assess financial health”.

https://www.telegraph.co.uk/news/2023/01/28/business-leaders-need-hands-on-approach-stop-cyber-crime-says/

  • Rising ‘Firebrick Ostrich’ BEC Group Launches Industrial Scale Cyber Attacks

Business email compromise (BEC) has become one of the most popular methods of financially motivated hacking. And over the past year, one group in particular has demonstrated just how quick, easy, and lucrative it really is.

"Firebrick Ostrich" is a threat actor that's been performing BEC at a near-industrial scale. Since April 2021, the group has carried out more than 350 BEC campaigns, impersonating 151 organisations and utilising 212 malicious domains in the process. This volume of attacks is made possible by the group's wholesale gunslinging approach. Firebrick Ostrich doesn't discriminate much when it comes to targets, or gather exceptional intelligence in order to craft the perfect phishing bait. It throws darts at a wall because, evidently, when it comes to BEC at scale, that's enough.

BEC is attractive to bad actors due to the lower barriers to entry than malware, less risk, faster scaling opportunities, and way more profit potential to higher echelons than other methods of attack. These factors may explain why such attacks are absolutely the emerging trend, potentially even leaving even ransomware in the dust. There are literally hundreds, if not thousands, of these groups out there.

https://www.darkreading.com/remote-workforce/rising-firebrick-ostrich-bec-group-launches-industrial-scale-cyberattacks

  • The Corporate World is Losing its Grip on Cyber Risk

Lloyd's of London’s insurance market prides itself on being able to put a price on anything, from Tina Turner’s legs or Bruce Springsteen’s vocal cords, to the risk that a bounty hunter might claim the reward from Cutty Sark Whisky in the 1970s for capturing the Loch Ness monster.

But from the end of March, there will be something it won’t price: systemic cyber risk, or the type of major, catastrophic disruption caused by state-backed cyber warfare. In one sense, this isn’t surprising. Insurance policies typically exclude acts of war. Russia’s NotPetya attack on Ukraine in 2017 showed how state-backed cyber assaults can surpass traditional definitions of armed conflict and overspill their sovereign target to hit global businesses. It caused an estimated $10bn in damages and years of wrangling between companies like pharma group Merck and snack maker Mondelez and their insurers.

But the move is prompting broader questions about the growing pains in this corner of the insurance world. “Cyber insurance isn’t working anywhere at the moment as a public good for society,” says Ciaran Martin, former head of the UK National Cyber Security Centre. “It has a huge role to play in improving defences in a market-based economy and it has been a huge disappointment in that sense so far.”

The Lloyd’s move is designed, say insurers, to clarify rather than restrict coverage. Whether it succeeds is another matter: this is a murky world, where cyber crime groups operate with impunity in certain jurisdictions.

https://www.ft.com/content/78bfdf29-1e20-4c12-a348-06e98d5ae906

  • Microsoft Reveals Over 100 Threat Actors are Deploying Ransomware in Attacks

Microsoft revealed this week that its security teams are tracking over 100 threat actors deploying ransomware during attacks. In all, the company says it monitors over 50 unique ransomware families, with some of the most prominent ransomware payloads in recent campaigns including Lockbit, BlackCat (aka ALPHV), Play, Vice Society, Black Basta, and Royal.

Microsoft said that defence strategies should focus less on payloads themselves but more on the chain of activities that lead to their deployment, since ransomware gangs are still targeting servers and devices not yet patched against common or recently addressed vulnerabilities.

Furthermore, while new ransomware families launch all the time, most threat actors utilise the same tactics when breaching and spreading through networks, making the effort of detecting such behaviour even more helpful in thwarting their attacks.

Attackers are increasingly relying on tactics beyond phishing to conduct their attacks, with threat actors for example capitalising on recently patched Exchange Server vulnerabilities to hack vulnerable servers and deploy Cuba and Play ransomware.

https://www.bleepingcomputer.com/news/security/microsoft-over-100-threat-actors-deploy-ransomware-in-attacks/

  • Ransomware Conversations: Why the CFO is Pivotal to Discussing and Preparing for Risk

With the amount of cyber attacks in all industries, organisations are beginning to grasp the significance of cyber risk and how it is integral to protecting and maintaining an efficient business. In fact, the first half of 2022 alone saw 236.1 million cases of ransomware.

Whilst the expectation for responsibility has typically fallen on Chief Information Security Officers (CISOs), Chief Financial Officers (CFOs) are just as vital in managing cyber risk, which is now inherently also business risk.  The CFO plays an important part in determining whether cyber security incidents will become material and affect the business more seriously. Their insight is critical across many areas which include ransomware, cyber insurance, regulatory compliance and budget management.

https://www.itsecurityguru.org/2023/02/02/ransomware-conversations-why-the-cfo-is-pivotal-to-discussing-and-preparing-for-risk

  • Greater Incident Complexity, a Shift in How Threat Actors Use Stolen Data Will Drive the Cyber Threat Landscape in 2023

Insurance provider Beazley released their Cyber Services Snapshot Report which claims the cyber security landscape will be influenced by greater complexity and the way threat actors use stolen data. The report also found that as a category, fraudulent instruction experienced a growth as a cause of loss in 2022, up 13% year-over year. 

In response to vulnerabilities such as fraudulent instructions, the report suggests organisations must get smarter about educating users to spot things such as spoofed emails or domain names. The report also cautions organisations to watch for social engineering, spear phishing, bypassing of multi-factor authentication (MFA), targeting of managed service providers (MSP) and the compromise of cloud environments as areas of vulnerability.

https://www.darkreading.com/attacks-breaches/greater-incident-complexity-a-shift-in-the-way-threat-actors-use-stolen-data-and-a-rise-in-us-class-actions-will-drive-the-cyber-threat-landscape-in-2023-according-to-beazley-report

  • The Threat from Within: 71% of Business Leaders Surveyed Think Next Cyber Security Breach Will Come from the Inside

A survey conducted by IT provider EisnerAmper found that 71% of business executives worry about accidental internal staff error as one of the top threats facing their organisation and 23% of these worried about malicious intent by an employee. In comparison, 75% of business executives had concerns about external hackers. The survey also asked about current safety measures, with 51% responding that they were “somewhat prepared”. Despite this, only 50% of respondents reported conducting regular cyber security training. 

https://www.darkreading.com/vulnerabilities-threats/the-threat-from-within-71-of-business-leaders-surveyed-think-next-cybersecurity-breach-will-come-from-the-inside

  • 98% of Organisations Have a Supply Chain Relationship That Has Been Breached

A report from SecurityScorecard found that 98% of organisations have a relationship with at least one third party that has experienced a breach in the last two years, while more than 50% have an indirect relationship with more than 200 fourth parties that have been breached. Of course, this is keeping in mind that not all organisations disclose or even know they have been breached.

https://www.securityweek.com/98-of-firms-have-a-supply-chain-relationship-that-has-been-breached-analysis/

  • New Survey Reveals 40% of Companies Experienced a Data Leak in the Past Year

Software provider SysKit has published a report on the effects of digital transformation on IT administrators and the current governance landscape. The report found that 40% of organisations experienced a data leak in the previous year. A data leak can have severe consequences on an organisation's efficiency and the impact can lead to large fines, downtime, and loss of business-critical certifications and customers.

In addition, the Survey found that the biggest challenge for IT administrators was a lack of understanding from superiors, huge workloads and misalignment of IT and business strategies.

https://www.darkreading.com/attacks-breaches/new-survey-reveals-40-of-companies-experienced-a-data-leak-in-the-past-year

  • Russian Hackers Launch Cyber Attack on Germany in Leopard Tank Retaliation

The websites of key German administrations, including companies and airports, have been targeted by cyber attacks, the German Federal Office for Information Security (BSI) stated.

The BSI commented they had been informed of DDoS (distributed denial of service) attacks “currently in progress against targets in Germany". This was followed by the statement that “Individual targets in the financial sector” and federal government sites were also attacked, with some websites becoming temporarily unavailable.  It is believed that this is due to the approved deployment of Leopard 2 tanks to Ukraine, with Russian hacker site Killnet taking credit.

https://www.euronews.com/2023/01/26/russian-hackers-launch-cyberattack-on-germany-in-leopard-retaliation

  • Financial Services Targeted in 28% of UK Cyber Attacks Last Year

Based on data from security provider Imperva, security researchers have identified that over a quarter (28%) of all cyber attacks in the UK hit the financial services and insurance (FSI) industry in the last 12 months. The data also found that Application Programme Interface (API) attacks, malicious automated software and distributed denial of service (DDoS) attacks were the most challenging for the industry. In addition, the data found that roughly 40% of all account takeover attempts were targeted at the FSI industry.

https://www.infosecurity-magazine.com/news/quarter-cyber-attacks-uk-financial/

  • Phishing Attacks are Getting Scarily Sophisticated. Here’s What to Watch Out For

Hackers are going to great lengths, including mimicking real people and creating and updating fake social media profiles, to trick victims into clicking phishing links and handing over usernames and passwords. The National Cyber Security Centre (NCSC) warns that these phishing attacks are targeting a range of sectors.

The NCSC has also released mitigation advice to help organisations and individuals protect themselves online. The mitigation advice included the use of strong passwords, separate to other accounts; enabling multi-factor authentication (MFA); and applying the latest security updates.

https://www.zdnet.com/article/phishing-attacks-are-getting-scarily-sophisticated-heres-what-to-watch-out-for/

  • City of London on High Alert After Ransomware Attack

A suspected ransomware attack on a key supplier of trading software to the City of London this week appears to have disrupted activity in the derivatives market. The company impacted, Ion Cleared Derivatives, is investigating. It is reported that 42 clients were impacted by the attack.

https://www.infosecurity-magazine.com/news/city-of-london-high-alert/

  • JD Sports Warns of 10 Million Customers Put at Risk in Cyber Attack

Sportswear retailer JD Sports said it was the victim of a cyber attack that exposed the data of 10 million customers, in the latest spate of hacks on UK companies.

JD Sports explained that the attack involved unauthorised access to a system that contained “the name, billing address, delivery address, phone number, order details and the final four digits of payment cards”. The data related to customers’ orders made between November 2018 and October 2020, with outdoor gear companies Millets and Blacks also impacted. A full review with cyber security and external specialists is underway.

https://www.ft.com/content/afe00f2f-afcd-478f-9e4d-1cf9c943fa79

Threats

Ransomware, Extortion and Destructive Attacks

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

2FA/MFA

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

Impersonation Attacks

AML/CFT/Sanctions

Insurance

Dark Web

Supply Chain and Third Parties

Cloud/SaaS

Containers

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

Governance, Risk and Compliance

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Artificial Intelligence

Misinformation, Disinformation and Propaganda

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

Nation State Actors

Nation State Actors – Russia

Nation State Actors – China

Nation State Actors – North Korea

Nation State Actors – Iran

Nation State Actors – Misc

Vulnerability Management

Vulnerabilities

Tools and Controls

Other News

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 Cyber Threat Briefing 09 September 2022

Black Arrow Cyber Threat Briefing 09 September 2022

-Why It’s Mission-critical That All-sized Businesses Stay Cyber Secure

-Half of Firms Report Supply Chain Ransomware Compromise

-Vulnerability Exploits, Not Phishing, Are the Top Cyber Attack Vector for Initial Compromise

-Uber’s Ex-Security Chief Faces Landmark Trial Over Data Breach That Hit 57m Users

-Over 10% of Enterprise IT Assets Found Missing Endpoint Protection

-Some Employees Aren't Just Leaving Companies — They're Defrauding Them

-Ransomware Gangs Switching to New Intermittent Encryption Tactic

-How Posting Personal and Business Photos Can Be a Security Risk

-Your Vendors Are Likely Your Biggest Cyber Security Risk

-A Recent Chinese Hack Is a Wake-up Call for the Security of the World’s Software Supply Chain

-Massive Hotels Group IHG Struck by Cyber Attack Which Disrupts Booking Systems

-London's Biggest Bus Operator Hit by Cyber "Incident"

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

  • Why It’s Mission-Critical That All-Sized Businesses Stay Cyber Secure

A study analysing millions of emails across thousands of companies found that on average, employees of small businesses with less than 100 employees experience 350% more social engineering attacks than employees of larger enterprises. 57% of these are phishing attacks – the most prevalent social engineering attack of 2021.

Add to the mix that the global average cost of a data breach for businesses has skyrocketed. According to IBM Security’s annual Cost of a Data Breach Report, the average global cost is now a phenomenal $4.35 million.

Generally, larger corporations tend to have bigger security budgets, making them less of a target than smaller businesses with lesser budgets, and as such, more attractive to cyber criminals. This means that for small and medium-sized enterprises (SMEs) – with fewer resources and money – protection from cyber-attacks is now a matter of survival.

Ease of attack is not the only reason why criminals attack SMEs either. SMEs are often an entry point to target bigger organisations within the same supply chain. These larger corporations can either be crucial partners, suppliers, or customers, making SMEs prime targets.

But with efficient cyber security measures, every business regardless of size can keep themselves and their network safe.

https://informationsecuritybuzz.com/articles/why-its-mission-critical-that-all-sized-businesses-stay-cyber-secure/

  • Half of Firms Report Supply Chain Ransomware Compromise

Over half (52%) of global organisations know a partner that has been compromised by ransomware, yet few are doing anything to improve the security of their supply chain, according to Trend Micro.

The security vendor polled nearly 3,000 IT decision makers across 26 countries to produce its latest report, ‘Everything is connected: Uncovering the ransomware threat from global supply chains’.

It revealed that 90% of global IT leaders believe their partners and customers are making their own organisation a more attractive ransomware target.

That might be down in part to the fact that SMBs comprise a significant chunk of the supply chain for 52% of respondents. The security of SMBs is generally thought to be less effective than protection in larger, better resourced companies.

However, despite their concerns, less than half (47%) of respondents said they share knowledge about ransomware attacks with their suppliers, while a quarter (25%) claimed they don’t share potentially useful threat information with partners.

https://www.infosecurity-magazine.com/news/half-firms-supply-chain-ransomware/

  • Vulnerability Exploits, Not Phishing, Are the Top Cyber Attack Vector for Initial Compromise

Breaches involving phishing and credential compromise have received a lot of attention in recent years because of how frequently threat actors have employed the tactics in executing both targeted and opportunistic attacks. But that doesn't mean that enterprise organisations can afford to lessen their focus on vulnerability patching one bit.

A report from Kaspersky this week identified more initial intrusions last year resulting from exploitation of vulnerabilities in Internet-facing applications than breaches involving malicious emails and compromised accounts combined. And data that the company has collected through the second quarter of 2022 suggests the same trend might be playing out this year as well.

Kaspersky's analysis of its 2021 incident-response data showed that breaches involving vulnerability exploits surged from 31.5% of all incidents in 2020 to 53.6% in 2021. Over the same period, attacks associated with the use of compromised accounts to gain initial access declined from 31.6% in 2020 to 17.9% last year. Initial intrusions resulting from phishing emails decreased from 23.7% to 14.3% during the same period.

https://www.darkreading.com/vulnerabilities-threats/vulnerability-exploits-phishing-top-attack-vector-initial-compromise

  • Uber’s Ex-Security Chief Faces Landmark Trial Over Data Breach That Hit 57m Users

Uber’s former security officer, Joe Sullivan, is standing trial this week in what is believed to be the first case of an executive facing criminal charges in relation to a data breach.

The US district court in San Francisco will start hearing arguments on whether Sullivan, the former head of security at the ride-share giant, failed to properly disclose a 2016 data breach affecting 57 million Uber riders and drivers around the world.

At a time when reports of ransomware attacks have surged and cyber security insurance premiums have risen, the case could set an important precedent regarding the culpability of US security staffers and executives for the way the companies they work for handle cyber security incidents.

The breach first came to light in November 2017, when Uber’s chief executive, Dara Khosrowshahi, revealed that hackers had gained access to the driver’s licence numbers of 600,000 US Uber drivers as well as the names, email addresses and phone numbers of as many as 57 million Uber riders and drivers.

Public disclosures like Khosrowshahi’s are required by law in many US states, with most regulations mandating that the notification be made “in the most expedient time possible and without unreasonable delay”.

But Khosrowshahi’s announcement came with an admission: a whole year had passed since the information had been breached.

https://www.theguardian.com/technology/2022/sep/06/uber-joe-sullivan-trial-security-data-breach

  • Over 10% of Enterprise IT Assets Found With Missing Endpoint Protection

More than 10% of enterprise IT assets are missing endpoint protection and roughly 5% are not covered by enterprise patch management solutions.

The figures come from new research by Sevco Security, which the company has compiled in the State of the Cybersecurity Attack Surface report.

"Attackers are very adept at exploiting enterprise vulnerabilities. Security and IT teams already have their hands full mitigating the vulnerabilities that they know about, and our data confirms that this is just the tip of the iceberg," Sevco told Infosecurity Magazine.

The document analyses data aggregated from visibility into more than 500,000 IT assets, and underlines existential and underreported cyber security issues in relation to securing enterprises’ assets.

“The uncertainty of enterprise inventory – the elements that make up an organisation’s cyber security attack surface – upends the foundation of every major security framework and presents a challenge to security teams: it’s impossible to protect what you can’t see,” they said.

For instance, the data found that roughly 3% of all IT assets are “stale” in endpoint protection, while 1% are stale from the perspective of patch management coverage.

https://www.infosecurity-magazine.com/news/enterprise-assets-miss-endpoint/

  • Some Employees Aren't Just Leaving Companies — They're Defrauding Them

Since the Great Resignation in 2021, millions of employees have left their roles with current employers in search of better ones. According to Microsoft, 40% of employees reported they are considering leaving their current roles by the end of 2022. With many still working in remote or hybrid positions due to the pandemic, larger businesses have started implementing measures to gain a better understanding of employee morale and sentiment to prevent turnover.

While most employees leave companies on good terms, some may become extremely unhappy or disgruntled prior to their departure and are more likely to defraud the company either before leaving or on their way out the door. The unfortunate reality is that no business is immune to fraud, but luckily, there are several steps you can take to prevent it from happening.

According to the Cressey Fraud Triangle, fraudulent behaviour often occurs due to three contributing factors. These include pressure or motive to commit a fraud (usually a personal financial problem), perceived opportunity within the organisation to commit a fraud (poor oversight or internal controls), and rationalisation (the ability to justify the crime to make it seem acceptable).

Very often, a fraudster needs all three sides of the triangle to successfully commit a crime. Therefore, it is extremely important for organisations to do their best to create controls and understand the risk associated with each of these areas. For example, an employee may be disgruntled and also have personal financial issues. However, if internal controls are robust and the employee doesn't have access to financial instruments, valuable assets or software systems, their ability to defraud the company is extremely limited or will get identified immediately.

https://www.darkreading.com/vulnerabilities-threats/some-employees-aren-t-just-leaving-companies-they-re-defrauding-them

  • Ransomware Gangs Switching to New Intermittent Encryption Tactic

A growing number of ransomware groups are adopting a new tactic that helps them encrypt their victims' systems faster while reducing the chances of being detected and stopped.

This tactic is called intermittent encryption, and it consists of encrypting only parts of the targeted files' content, which would still render the data unrecoverable without using a valid decryption key.

For example, by skipping every other 16 bytes of a file, the encryption process takes almost half of the time required for full encryption but still locks the contents for good.

Additionally, because the encryption is milder, automated detection tools that rely on detecting signs of trouble in the form of intense file IO operations are more likely to fail.

SentinelLabs has posted a report examining a trend started by LockFile in mid-2021 and now adopted by the likes of Black Basta, ALPHV (BlackCat), PLAY, Agenda, and Qyick.

These groups actively promote the presence of intermittent encryption features in their ransomware family to entice affiliates to join the RaaS operation.

"Notably, Qyick features intermittent encryption, which is what the cool kids are using as you read this. Combined with the fact that is written in Go, the speed is unmatched," describes a Qyick advertisement on hacking forums.

https://www.bleepingcomputer.com/news/security/ransomware-gangs-switching-to-new-intermittent-encryption-tactic/

  • How Posting Personal and Business Photos Can Be a Security Risk

Image geotags, metadata, and location information can allow competitors, cyber criminals, and even nation-state threat actors to gain knowledge they can use against organisations.

Marketers in every industry enjoy evidencing their reach to their superiors and providing tangible examples of their width and breadth of influence via social networks, media, and other means of engagement. Photos of both customers and employees engaging at hosted social events, trade shows, conferences, and direct one-on-one encounters are often viewed as gold. Couple this with the individual employee’s or customer’s photos working their way onto social network platforms for others to see and admire, and the value of that gold increases, success being quantified by impressions, views and individual engagements.

The value of that gold doubles when not only does the company harvest data and call it a success, but their competitors also analyse such photos capturing a plethora of useful data points, including geotagged data, metadata of the photo, and identity of the individuals caught in the frame. They, too, call it a success. Yes, the digital engagement involving location data and or location hints within photos is a double-edged sword.

It isn’t just competitors who harvest the data. Criminal elements and nation-state intelligence and security elements do as well. Francis Bacon’s adage, “Knowledge itself is power,” applies. With location, time and place, and identity, competitors, criminals, and nation-states are given their initial tidbits of openly acquired information from which to begin to build their mosaic. 

https://www.csoonline.com/article/3672869/how-posting-personal-and-business-photos-can-be-a-security-risk.html#tk.rss_news

  • Your Vendors Are Likely Your Biggest Cyber Security Risk

As speed of business increases, more and more organisations are looking to either buy companies or outsource more services to gain market advantage. With organisations expanding their vendor base, there is a critical need for holistic third-party risk management (TPRM) and comprehensive cyber security measures to assess how much risk vendors pose.

While organisations assess and manage risk on a multitude of layers, none present bigger threats to business resiliency than third-party risk and a lack of robust cyber security controls. Breaches and service interruptions tied to these risk areas have brought down critical systems of major organisations. In 2021, 53% of CISOs surveyed by Black Kite reported being hit by at least one ransomware attack.

It bears repeating: Cyber security and third-party risk are the two biggest problems facing your long-term viability. Businesses need to be able to tackle these risk vectors individually to gain a complete view of their risk profile. A cross-functional process is essential to managing the overlap between these risk areas to better protect your organisation and increase workflow efficiency.

Ensuring that the cyber security practices of your vendors align with your organisation’s standards is critical to safeguarding your systems and data. In fact, it is just as important as how stable the business is or how well it delivers products and services.

https://www.helpnetsecurity.com/2022/09/05/vendors-cybersecurity-risk/

  • A Recent Chinese Hack Is a Wake-up Call for the Security of the World’s Software Supply Chain

It’s perhaps only a coincidence that there’s a famous Chinese saying ‘No one knows, not even the ghosts’ that neatly summarises a recent hack on MiMi, a Chinese messaging app. According to recent reports, a Chinese state-backed hacking group inserted malicious code into this messaging app, essentially pulling off the equivalent of the infamous SolarWinds hack. Users of MiMi were served a version of the app with malicious code added, thanks to attackers taking control of the servers that delivered the app. In short, this was a software supply chain attack in which the software delivery pipeline was compromised.

Observers could be forgiven for thinking that this is just another hack. Chinese hacking groups, and those of Western countries too, have developed a reputation over the past two decades for spying, surveillance, and sabotage. But this attack is different than typical hacking fare because the attackers rode in on the back of a trusted piece of software. This is a software supply chain attack, where the attackers tamper with either source code, the software build system, or the software publishing pipeline, all of which have become essential to the functioning of the world’s digital economy.

Software supply chain attacks have been rapidly growing in frequency. Twenty years ago, there might have been one or two a year. These days, depending on the methodology, there are either hundreds or thousands a year, and that’s only counting the reported attacks. And increasingly anybody who depends upon software (read: everybody) is or shortly will be a victim: the U.S. government, Microsoft, thousands of other companies and, apparently in this MiMi attack, individuals.

https://thediplomat.com/2022/09/a-recent-chinese-hack-is-a-wake-up-call-for-the-security-of-the-worlds-software-supply-chain/

  • Massive Hotels Group IHG Struck by Cyber Attack Which Disrupts Booking Systems

InterContinental Hotels Group (IHG), which owns brands such as InterContinental, Crowne Plaza, Holiday Inn, and many others, has had its IT systems breached by malicious hackers.

In a filing with the London Stock Exchange, the multinational hospitality company reported that "parts of the company's technology systems have been subject to unauthorised activity."

As a result, the company said, "IHG's booking channels and other applications have been significantly disrupted since [Monday], and this is ongoing."

The first indication that the company was experiencing problems appeared early on Monday morning UK time, when anyone who tried to book a hotel room via the company's website or app, or access their IHG One Rewards account was greeted by a maintenance message.

Although it has made no declaration regarding the nature of the security breach, in its filing with the London Stock Exchange, IHG mentioned they were "working to fully restore all systems". This would fit into the scenario of IHG having hit been hit with ransomware, which may not only have encrypted data - locking the company out of its systems and demanding a ransom be paid - but could have also caused even more problems.

https://www.bitdefender.com/blog/hotforsecurity/massive-hotels-group-ihg-struck-by-cyberattack-which-disrupts-booking-systems/

  • London's Biggest Bus Operator Hit by Cyber "Incident"

Travellers in London were braced for more delays last week after the city’s largest bus operator revealed it has been hit by a “cyber security incident,” according to reports.

Newcastle-based transportation group Go-Ahead shared a statement with the London Stock Exchange indicating “unauthorised activity” had been discovered on its network yesterday.

“Upon becoming aware of the incident, Go-Ahead immediately engaged external forensic specialists and has taken precautionary measures with its IT infrastructure whilst it continues to investigate the nature and extent of the incident and implement its incident response plans,” it stated. “Go-Ahead will continue to assess the potential impact of the incident but confirms that there is no impact on UK or International rail services which are operating normally.”

However, the same may not be true of its bus services. Sky News reported that bus and driver rosters may have been impacted by the attack, which could disrupt operations.

Go-Ahead operates multiple services in the South, South West, London, North West, East Anglia, East Yorkshire and its native North East. It is London’s largest bus company, operating over 2400 buses in the capital and employing more than 7000 staff.

https://www.infosecurity-magazine.com/news/londons-biggest-bus-operator-hit/

Threats

Ransomware and Extortion

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

Malware

Mobile

Internet of Things – IoT

Data Breaches/Leaks

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Fraud, Scams & Financial Crime

AML/CFT/Sanctions

Insurance

Supply Chain and Third Parties

Software Supply Chain

Denial of Service DoS/DDoS

Cloud/SaaS

Identity and Access Management

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Privacy

Parental Controls and Child Safety

Cyber Bullying and Cyber Stalking

Regulations, Fines and Legislation

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

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