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Black Arrow Cyber Threat Briefing 24 May 2024

Black Arrow Cyber Threat Intelligence Briefing 24 May 2024:

-Human Error and AI Tops Cyber Threats as 70% of CISOs Worry About Risk

-Threat Research Highlights Growing Mobile Security Risks

-The State of Cyber Security: AI and Geopolitics Mean a Bigger Threat Than Ever

-Family Offices Become Prime Targets for Cyber Hacks and Ransomware

-Ransomware Fallout - 94% Experience Downtime, 40% Face Work Stoppage

-Employee Discontent - Insider Threat No. 1

-Report Reveals 341% Rise in Advanced Phishing Attacks

-Ransomware and GenAI Raise Security Challenges, Driving Cyber Investment

-New Rules Prompt 93% of Organisations to Rethink Cyber Security Plans

-HR and IT Related Phishing Scams Still Most Popular According to KnowBe4’s Latest Phishing Report

-80% of Exposures from Misconfigurations, as 15 Vendors Account for 62% of Global Attack Surface

-UK to Propose Mandatory Reporting for Ransomware Attacks and Licensing Regime for all Payments

-UK’s Legal Sector Needs to Improve its Cyber Security, Says Experts

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

Human Error and AI Tops Cyber Threats as 70% of CISOs Worry About Risk

According to a survey of 1,600 CISOs, 70% worry about the risk of a material cyber attack over the next 12 months. Additionally, nearly 31% believe an attack is very likely, compared to 25% in 2023.  Amongst the largest concerns were human error, with 75% of CISOs identifying it as their most significant cyber vulnerability, up from 60% in 2023. Furthermore, 80% anticipate that human risk and employee negligence in particular will be major cyber security issues in the next two years.  Additionally, artificial intelligence was identified as an emerging concern for 54% of CISOs.

Sources: [The Register] [Infosecurity Magazine] [Cryptopolitan]

The State of Cyber Security: AI and Geopolitics Mean a Bigger Threat Than Ever

A recent report by Check Point reveals that global organisations faced an average of 1,158 weekly cyber attacks in 2023, an increase from 2022. In the UK, 50% of businesses experienced cyber attacks in the past year, with medium and large-sized businesses more affected at 70% and 74%, respectively. A ClubCISO survey found 62% of CISOs believe organisations are ill-equipped for AI-driven attacks, yet 77% haven't increased cyber security spending.

Additionally, a British Foreign Policy Group (BFPG) article highlights cyber threats from geopolitical tensions, with a recent attack on the Ministry of Defence exposing HR and payroll data. The National Cyber Security Centre attributes such attacks to state-affiliated actors like China and Russia. Despite efforts to establish international cyber norms, enforcement remains challenging. Businesses must recognise that cyber security is now deeply intertwined with geopolitics, affecting strategic partnerships and procurement.

Sources: [Verdict] [BFPG]

Threat Research Highlights Growing Mobile Security Risks

A recent report by a cloud security vendor focusing on the mobile threat landscape found that in the first quarter of 2024, the number of phishing, malicious, denylisted and offensive links delivered to their customers’ mobile devices tripled compared to Q1 2023. The report, which bases its data on 220 million devices, 325 million apps and billions of web items, found that the most common misconfiguration in mobiles was out of date operating systems (37%). When it came to the prevalence of attacks, 75% of organisations reported experiencing mobile phishing attempts targeting their employees.

This comes as a representative from the US Cybersecurity and Infrastructure Security Agency told the Federal Communications Commission earlier this year that there had been “numerous incidents of successful, unauthorised attempts” to steal location data, monitor voice and text messages, and deliver spyware.

Sources: [Economist] [Business Wire]

Family Offices Become Prime Targets for Cyber Hacks and Ransomware

A recent Dentons survey reveals that nearly 80% of family offices perceive a dramatic increase in cyber attack threats, with a quarter experiencing an attack in 2023, up from 17% in 2020. Despite their wealth, family offices often lack the staff and technology to manage these risks effectively. Less than a third report well-developed cyber risk management processes, and only 29% believe their cyber training programs are sufficient. This gap between awareness and action highlights the need for family offices to prioritise comprehensive cyber security measures, including better training, updated policies, and secure communication practices.

Source: [CNBC]

Ransomware Fallout: 94% Experience Downtime, 40% Face Work Stoppage

According to a report by cyber security provider Arctic Wolf, within the last 12 months 48% of organisations identified evidence of a successful breach within their environment and 70% of organisations were the targets of attempted Business Email Compromise (BEC) attacks, with 29% of these targets becoming victims of one or more successful BEC occurrences.

In its survey, the company says “45% of the organizations we spoke with admitted to being the victim of a ransomware attack within the last 12 months”,  an increase from the prior year. Of those impacted by ransomware, 86% of attacks including successful data exfiltration and 94% of those impacted by a ransom event experienced a significant downtime and delays. 40% of victims stated they experienced a period of total work stoppage due to ransomware.

Source: [Help Net Security]

Employee Discontent: Insider Threat No. 1

Chief Information Security Officers (CISOs) must integrate human factors into insider risk management (IRM), not just rely on detection technologies. IRM must consider factors such as those raised by recent research where only half of US workers are very satisfied with their jobs, and 28% feel their employers don't care about them. CISOs themselves are affected by job satisfaction; the 2024 IANS/Artico report shows three out of four CISOs are ready to leave their roles. DTEX Systems found 77% of malicious insiders concealed their activities, emphasising the importance of human engagement and feedback in mitigating risks.

Source: [CSO]

Report Reveals 341% Rise in Advanced Phishing Attacks

A recent report has revealed malicious emails increased by 341% over the past 6 months. This included a 217% increase in credential harvesting phishing attacks and a 29% increase in Business Email Compromise (BEC) attacks. The report highlighted the impact of artificial intelligence, noting that since the launch of ChatGPT in November 2022, there has been a 4,151% surge in malicious phishing messages.

Source: [Security Magazine] [ Infosecurity Magazine]

Ransomware and GenAI Raise Security Challenges, Driving Cyber Investment

A recent study by Infosecurity Europe reveals that nearly 40% of cyber security leaders are increasing investments to combat the growing threats of ransomware and AI-generated attacks. A separate survey found 94% of organisations have or plan to implement generative AI use policies, and a third strictly forbid AI tech in their environment. This data highlights the ongoing effort to balance AI benefits with security risks, indicating that there isn’t a one-size-fits-all strategy for formalising AI adoption and usage policies.

Source: [Security Boulevard] [Infosecurity Magazine]

New Rules Prompt 93% of Organisations to Rethink Cyber Security Plans

A recent report reveals that 93% of organisations have re-evaluated their cyber security strategies due to new regulations, with 58% reconsidering their entire approach. The survey, which included 500 cyber security decision-makers from the US and UK, found that 92% reported increased security budgets, with 36% seeing rises of 20-49% and 23% experiencing over 50% increases. Despite this, only 40% feel confident in their resources to comply with regulations, and just one-third believe they can meet all requirements, highlighting significant gaps in preparedness.

Source: [security magazine]

HR and IT Related Phishing Scams Still Most Popular According to KnowBe4’s Latest Phishing Report

A recent KnowBe4 report reveals that HR-related phishing emails account for 42% of top-clicked phishing attempts, followed by IT-related emails at 30%. These phishing tactics exploit employees' trust and evoke immediate responses by mimicking legitimate business communications about dress code changes, tax updates, and training notifications. The report also highlights that nearly a third of users are vulnerable to phishing, emphasising the need for robust security awareness training. A well-trained workforce is essential in defending against increasingly sophisticated phishing attacks that leverage AI and emotional manipulation.

Source: [IT Security Guru]

80% of Exposures from Misconfigurations, as 15 Vendors Account for 62% of Global Attack Surface

A recent XM Cyber report highlights a significant gap in cyber security focus with identity and credential misconfigurations accounting for 80% of security exposures. The study, based on hundreds of thousands of attack path assessments, found that 62% of the global attack surface is concentrated in just 15 vendors. Furthermore, 41% of organisations had at least one compromised device, and 11% experienced ransomware incidents. The report underscores the need for a shift from patching all vulnerabilities to addressing high-impact exposures, especially those around identity management and critical asset protection.

Sources: [Security Magazine] [The Hacker News]

UK to Propose Mandatory Reporting for Ransomware Attacks and Licensing Regime for all Payments

A forthcoming proposal in Britain aims to overhaul the response to ransomware by mandating victims to report incidents and obtain a license before making extortion payments. This initiative, part of a public consultation, includes a ban on ransom payments for critical national infrastructure to deter attacks. The National Cyber Security Centre has highlighted concerns over underreporting, with a 2023 increase in ransomware-related data breaches. The plan’s success hinges on replacing the delayed Action Fraud reporting platform. This proposal marks a significant step in global ransomware policy, with Britain leading international efforts against cyber criminals.

Source: [The Record Media]

UK’s Legal Sector Needs to Improve its Cyber Security, Says Experts

One in ten UK data breaches in 2023 occurred in the legal sector, highlighting that UK law firms are attractive targets for cyber criminals. A recent analysis of the UK’s Information Commissioner's Office (ICO) data found that the legal sector is one of the worst performing sectors for data breaches, with nearly 86 per cent of the incidents within the legal sector involving breaches of personal identifiable information, including instances also affecting sensitive economic and financial data.

Sources [CITY AM]

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

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Identity and Access Management

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Training, Education and Awareness

Regulations, Fines and Legislation

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

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

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 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.

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 6 October 2023

Black Arrow Cyber Threat Intelligence Briefing 06 October 2023:

-Many Cyber Attacks Begin by Breaking Human Trust

-BYOD Should Stand for Bring Your Own Disaster, According to Microsoft Ransomware Data

-SME Cyber Security Knowledge Gap Widens

-UK Security Budgets Under Strain as Cyber Incidents Soar

-Cyber Leaders’ Confidence in Their Organisation’s Defences Plummets, But Costs Mount

-FBI Warns of Dual Ransomware as Data Destruction Dwell Times Hit Low of 24 Hours

-Tech-Savvy Young Workers Might Be the Biggest Cyber Liability to Your Business

-Half of Cyber Security Professionals Report Increase in Cyber Attacks, with 60% of Attacks Going Unreported

-Global Cyber Survey Finds 50% Rise in Cyber Insurance Premiums

-Evolving Conversations: Cyber Security as a Business Risk

-Threats in Cloud Top the List of Executive Cyber Concerns

-Over Half of Phishing Emails Now Use Obfuscation Tactics to Avoid Detection

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

Many Cyber Attacks Begin by Breaking Human Trust

One of the most visible cyber attacks in recent months has reminded us that we all play a role in security, and people remain a favourite route for attackers. In the recent attack on MGM Resorts, an employee unwittingly helped the attacker to access the organisation’s systems and information. The attack highlights the power of social engineering as an attack vector, and that any size of business can fall victim.

One of the ways organisations can help to protect themselves is to provide social engineering training to employees. This builds resilience by helping employees to understand, recognise and avoid becoming a victim, recognising that cyber security involves more than just technology.

Despite some improvements in awareness programs, organisations face hurdles including budget constraints, limited training time and understaffing. Training should be continuous and target major risk areas such as phishing, vishing and password management, while fostering a proactive security culture.

Black Arrow supports organisations of all sizes in designing and delivering proportionate user education and awareness programmes, including in-person and online training as well as simulated phishing campaigns. Our programmes ensure employee engagement and build a cyber security culture to protect the organisation.

Sources: [GovTech] [Bloomberg] [Security Week]

BYOD Should Stand for Bring Your Own Disaster, According to Microsoft Ransomware Data

Microsoft research says that 80-90 percent of ransomware attacks over the past year originated from unmanaged devices. Many organisations welcome a bring your own device (BYOD) policy, yet are not managing these devices effectively.

Without appropriate management of BYOD devices, organisations are allowing a number of unknown devices onto the corporate scene; these devices can be unpatched, unregulated and can lack adequate security measures, without the organisation even being aware.

Source: [The Register]

SME Cyber Security Knowledge Gap Widens

Recent findings underscore a growing concern: a significant cyber security knowledge gap among small and medium size enterprises (SMEs). The report found that 22% of employees are concerned their actions could contribute to a cyber attack or data breach. Alarmingly, more than three-quarters of senior executives are unable to identify cyber threats or distinguish phishing emails from legitimate ones.

Despite the clear risks, three out of four SMEs do not provide any form of cyber security training to their staff. This reveals a concerning disconnect: while the majority of business owners do not perceive their staff as potential cyber security risks, many employees themselves acknowledge that they could inadvertently cause such issues.

Adding to the concern, 60% of SMEs have no plans to increase their security budget in the coming year. Two-thirds of these businesses do not view cyber security as a priority. In fact, only one in five SMEs are even considering investing in cyber insurance. This widening knowledge gap in SME cyber security is indeed troubling and calls for immediate attention.

Sources: [Insurance Journal] [Dealer Support] [IT Security Guru]

UK Security Budgets Under Strain as Cyber Incidents Soar

A recent report found that UK businesses have suffered a 25% increase in cyber incidents in the last year, against a backdrop of budgetary constraints on implementing cyber security strategies. The report found that, despite spending more than £40,000 a year on cyber security protection, more than a quarter of organisations think their cyber security budget is inadequate to fully protect them from growing threats. This is as UK businesses have experienced, on average, 30 cyber incidents over the last 12 months, a 25% increase compared to last year.

The report identified that a lack of key skills remains one of the main concerns in tackling rising cyber threats. So much so that 30% of cyber staff admit to currently facing burnout. This pressure also means that less than half of companies are confident in their ability to handle the biggest threats facing organisations, including phishing (56%) and malware (55%).

Sources: [Silicon] [Verdict] [CSO Online]

Cyber Leaders’ Confidence in Their Organisation’s Defences Plummets, But Costs Mount

A recent EY survey of cyber security leaders reported that just 1 in 5 found their organisation’s approach to cyber defences to  effective and just 36% are satisfied with the levels of best practices by teams outside the IT department. The report also found that despite higher levels of spending, the organisation’s cyber security detection and response appeared slow; 76% of respondents took six months or longer to detect and respond to an incident.

Source: [EY]

FBI Warns of Dual Ransomware as Data Destruction Dwell Times Hit Low of 24 Hours

The FBI has flagged dual ransomware attacks, where attackers will attack a company twice within a few hours, as an emerging trend. This comes as an increasing number of ransomware actors are deploying their ransomware within 24 hours of initial access, and in 10% of cases, within just a few hours. Comparing this to last year, where the median time was four and a half days, organisations have significantly less time to enact their response, if they have one.

Sources: [Tech Monitor] [The Cord] [Information Security] [Beta News] [Cision] [The Record] [Malware Bytes]

Tech-Savvy Young Workers Might Be the Biggest Cyber Liability to Your Business

A new report from Ivanti into hidden threats finds that one in three employees believe their actions do not impact their organisation's security. The research shows that Millennial and Gen Z office workers are more likely to have unsafe cyber security habits when compared to Gen X and older (those above 40 years of age). The report also finds that men and leaders are more comfortable contacting a security employee with a question or concern, with leaders at an organisation the most likely to reach out with a question at 72%.

The report also highlighted that phishing scams were found to be greatly underreported by those aged 40 and under, with 23% saying that they did not report the last phishing attempt they received, the most the most likely reason for this being “I didn’t think it was important”. In contrast, of the older demographic only 12% failed to report. Cyber security has only recently become the leading concern among C-suites and executives; however, security leaders need to enable all employees to play defence against threat actors and proactively build an open and welcoming security culture.

Sources: [Techradar] [Beta News] [HelpNet Security]

Half of Cyber Security Professionals Report Increase in Cyber Attacks, with 60% of Attacks Going Unreported

Over half (52%) of cyber security professionals are experiencing an increase in cyber attacks compared to a year ago, according to new research. Further findings revealed that only 40% of organisations conducted a cyber risk assessment annually. By conducting risk assessments, organisations are able to identify their vulnerabilities and address them, before an attacker gets the chance to exploit them.

Further, in a recent survey conducted by ISACA, which collated insights from over 2,000 security leaders globally, a significant 62% of respondents say that organisations are under-reporting cyber crime incidents. The report also revealed 59% indicate their cyber security teams are undermanned, and the challenge of retaining skilled cyber security professionals remains, with 56% experiencing retention issues.

Sources: [MSSP Alert] [Security Brief] [InfoSecurity Magazine ]

Global Cyber Survey Finds 50% Rise in Cyber Insurance Premiums

According to a recent survey, budgets for cyber security have grown 70% in the last five years and whilst these have risen, so have cyber insurance premiums (50%), due to the increase in ransomware attacks.

Insurance firms have not been able to sustain losses they were incurring without passing on these costs to their customers. At the same time, obtaining cyber insurance is getting exponentially harder, with more and more stringent controls and measures being mandated by insurance companies before underwriting to minimise their exposure.

Black Arrow supports business leaders in organisations of all sizes to demonstrate governance of their cyber security, by owning their cyber security strategy and leveraging their existing internal and external resources to build resilience against a cyber security incident.

Source: [Global Reinsurance]

Evolving Conversations: Cyber Security as a Business Risk

According to a report, only 53% of board members report having regular interactions with their cyber security experts, leaving nearly half without a strong and distinct Chief Information Security Officer (CISO) perspective in the decision making process.

By including CISOs or virtual CISOS (vCISOS) in board processes, the board can better understand the cyber implications of decisions, after all, you wouldn’t make a board-level financial decision without involving the CFO.

Source: [HelpNet Security]

Threats in Cloud Top the List of Executive Cyber Concerns

A recent report published by PwC has found that cloud-related threats are the top concern for organisations that have adopted the technology. These security concerns intensify for organisations with multiple clouds or hybrid infrastructures, with the report finding more than half of respondents citing cloud security as their most pressing concern.

The report highlighted that despite the focus on cloud security, nearly every organisation had risk management lapses. Nearly a third of respondents had yet to address disaster recovery and backup with their cloud service provider, and more than two in five pointed to in-house cloud skills gaps as a lingering risk factor.

Black Arrow works with organisations of all sizes and sectors to design and prepare for managing a cyber security incident; this can include an Incident Response Plan and an educational tabletop exercise for the leadership team that highlights the proportionate controls to help the organisation prevent and mitigate an incident.

Source: [CIO Dive]

Over Half of Phishing Emails Now Use Obfuscation Tactics to Avoid Detection

Recent research shows that hackers are increasingly using sophisticated tactics to get their phishing emails past companies’ cyber security defences. One key finding of the report is the percentage of phishing emails that use obfuscation techniques to avoid detection jumped by 24.4% in 2023. More than half of malicious emails, or 55.2%, now use such tactics. The report found that the most widely used obfuscation technique is HTML smuggling. This is the practice of hiding malicious raw code in a seemingly legitimate HTML page; the code only turns into malware after clearing the cyber security filtering.

The use of chatbots or large language models have lowered the barrier for entry to cyber crime, making it possible to create well-written phishing campaigns and generate malware that less capable coders could not produce alone. The reports found that tools designed to detect AI-generated phishing emails work unreliability or don’t work at all in 71.4% of cases.

Source: [Silicon Angle]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

BYOD

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

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Hybrid/Remote Working

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Biometrics

Social Media

Malvertising

Training, Education and Awareness

Parental Controls and Child Safety

Regulations, Fines and Legislation

Models, Frameworks and Standards

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Misinformation, Disinformation and Propaganda

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

Misc Nation State, Cyber Warfare and Cyber Espionage

Russia

China

Iran

North Korea

Vulnerability Management

Vulnerabilities

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

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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 11 August 2023

Black Arrow Cyber Threat Intelligence Briefing 11 August 2023:

-75% of Organisations Worldwide Set to Ban ChatGPT and Generative AI Apps on Work Devices

-How an Eight-Character Password Could be Cracked in Just a Few Minutes

-Ransomware Victims Surge 143% as Threat Actors Pivot to Zero-Day Exploits

-How Executives’ Personal Devices Threaten Business Security

-77% of Financial Firms Saw an Increase in Cyber Attack Frequency

-Protecting Against Sophisticated Cyber Attacks Requires Layered Defences

-Managing Human Cyber Risks Matters Now More Than Ever

-Hackers are Targeting Top Executives’ Microsoft 365 Accounts to Steal Work Logins

-UK Shaken by Major Data Breaches

-Threat of Cyber Attacks to UK National Security Upgraded: Compared to Chemical Weapons or Nuclear Attack

-Mac Users are Facing More Dangerous Security Threats Than Ever Before

-Cyber Attack to Cost Outsourcing Firm Capita up to £25m

-Government and Public Services Face 40% More Cyber Attacks and Struggle to Protect Due to Lack of Resources

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

75% of Organisations Worldwide Set to Ban ChatGPT and Generative AI Apps on Work Devices

Newly released research found that 75% of organisations worldwide are currently implementing or considering bans on ChatGPT and other generative Artificial Intelligence (AI) applications within the workplace, with 61% stating that it will be a long term or permanent solution. Despite this, the majority recognised the opportunity such applications bring to the workplace, with 55% believing it would increase efficiency. All in all, 81% remained in favour of AI, highlighting that whilst organisations see the benefit, they are not ready to take the plunge for fear of being caught flat-footed.

Many organisations may simply not have the expertise-in house or confidence to employ AI effectively. These organisations lack an effective AI management plan, which governs the usage of AI in the corporate environment, rather than banning it outright. By having a clear-set AI plan, organisations can use AI to improve their efficiency, whilst maintaining cyber resilience. An increasing number of organisations have approached us at Black Arrow to discuss how to embrace AI securely; contact us to see how we can help you.

Source: [Dark Reading]

How an Eight-Character Password Could be Cracked in Just a Few Minutes

Strong and complex passwords are necessary to protect online accounts and data from cyber criminals. Complex passwords typically use lowercase and uppercase characters, numbers, and special characters. But complexity by itself can still open your password to cracking if it doesn’t contain enough characters, according to research by security firm Hive Systems. The report found that a complex password of eight characters can be cracked in only five minutes, and other weaker or shorter passwords are cracked instantly. However, passwords that have a greater number of characters are less vulnerable: for example an 18 character password, even if only lowercase letters, would take 481,000 years for a computer to crack.

Since creating and remembering multiple complex and lengthy passwords on your own is impossible, a password manager is your best bet. By using a password manager for yourself or within your organisation, you can generate, store and apply strong passwords for websites and online accounts.

Source: [Techrepublic]

Ransomware Victims Surge 143% as Threat Actors Pivot to Zero-Day Exploits

The number of organisations that became victims of ransomware attacks surged 143% between the first quarter of 2022 and first quarter of this year, as attackers increasingly leveraged zero-day vulnerabilities to break into target networks.

In many of these attacks, threat actors did not bother to encrypt data belonging to victim organisations. Instead, they focused solely on stealing their sensitive data and extorting victims by threatening to sell or leak the data to others. The tactic left even those with otherwise robust backup and restoration processes backed into a corner; this highlights the need for organisations to be able to detect and ideally block anomalous exfiltration of data, and have effective and rehearsed incident response plans to address the concept of pure exfiltration, because having backups is not enough.

The costs of these types of controls continue to fall making them viable for even smaller businesses. Without tools like Managed Detection and Response (MDR) and Data Loss Prevention (DLP), attacks of this nature cannot be detected until it is too late to do anything to stop them.

Source: [Dark Reading]

How Executives’ Personal Devices Threaten Business Security

Individuals, including executives, are considered a major target for cyber attacks. Motivated attackers know the right individual people they want to go after to achieve their larger organisational goal, and they’ll use any means necessary to be successful.

A recent report found that most executives are using their personal devices for work, creating a “backdoor” for cyber criminals to access large organisations. 50% of executive respondents reported receiving work-related scams in their personal emails.

Personal device use can be effective for organisations, however they need to implement an effective bring-your-own-device (BYOD) procedure and provide employees, including executives, with frequent user awareness and education training. All users at all levels within an organisation need to understand the risks, and importantly the role they play in keeping the organisation secure.

Sources: [Help Net Security] [Security Affairs]

77% of Financial Firms Saw an Increase in Cyber Attack Frequency

According a recent report on the financial services sector, 77% of firms reported an increase in attack frequency, and 87% said attacks were more severe. These firms unanimously said they would look to outsource their cyber security programs to third-party providers to shore up their cyber defences. Among the respondents, firms need to protect hybrid work environments (62%), consolidate cyber security and managed IT services (41%) and tap industry-specific and regulatory expertise (33%).

Source: [SecurityMagazine]

Protecting Against Sophisticated Cyber Attacks Requires Layered Defences

Faced with an influx of sophisticated cyber threats, including usage of AI to further enhance the efficacy of social engineering attacks, and the growth of both malware-as-a-service (MaaS) and ransomware-as-a-service (RaaS), it is critical for organisations to invest in layered security defences.

Services like managed detection and response (MDR) are integral to monitoring, investigating and responding to threats in real time. But without a strong and comprehensive foundational cyber security posture, managed services alone cannot effectively mitigate threats. To ensure comprehensive defences against emerging threats, organisations must prioritise proactive measures that can stop attacks before they even start. As adversaries continue to refine their attack techniques, layered protection that covers every stage in the attack chain becomes imperative.

Source: [Forbes]

Managing Human Cyber Risks Matters Now More Than Ever

As artificial intelligence (AI) amplifies the sophistication and reach of phishing, vishing, and smishing attacks, understanding and managing human cyber risks has become increasingly vital, according to the SANS Institute. It makes sense as no matter the technological advancement, the human element has always been a point of entry for attackers.

A recent study found that mature security programs, marked by robust teams and leadership support, are characterised by having at least three full-time employees in their security awareness teams. In some cases, this isn’t feasible for an organisation and this is where outsourcing comes in. By outsourcing security awareness, organisations can ensure that they have access to security awareness experts, to keep their organisation educated. Here at Black Arrow we offer regular security and awareness training, bespoke to your organisation, for your employees and leadership team.

Source: [Help Net Security]

Hackers are Targeting Top Executives’ Microsoft 365 Accounts to Steal Work Logins

Cyber security provider Proofpoint reported that high-level execs at some of the world’s leading companies are repeatedly targeted with credential-stealing attacks. More alarmingly, according to Proofpoint, around one-third (35%) of the compromised users had multi-factor authentication (MFA) enabled.

The attacks come amid a rise in cases of EvilProxy, a phishing tool that allows attackers to steal even MFA-protected credentials. In the three months to June 2023, around 120,000 EvilProxy phishing emails were observed being sent to hundreds of targeted organisations globally, with many targeting Microsoft 365 user accounts in particular. Approximately 39% of the victims were C-level executives of which 17% were Chief Financial Officers, and 9% were Presidents and CEOs. Users must be trained effectively, to help mitigate the chance of them suffering a phishing attack. The C-suite is no exception.

Sources: [Help Net Security] [Security Affairs]

UK Shaken by Major Data Breaches

Recent major data breaches impacting crucial institutions like the UK Electoral Commission (which exposed the data of 40 million UK voters) and the Police Service of Northern Ireland, have brought attention to potential risks. Following a recent freedom of information request 10,000 police officers and staff details where published including details such as first name and surname, their rank or grade and the unit and where they are based. This breach occurred when a junior member of staff forgot to remove the master spreadsheet containing sensitive data when responding to the request.

Sources: [Telegraph] [Tech Crunch]

Threat of Cyber Attacks to UK National Security Upgraded: Compared to Chemical Weapons or Nuclear Attack

The UK government has raised the threat level posed by cyber attacks, now deeming the risk of cyber attacks to be more severe than that presented by small-scale chemical, biological, radiological, or nuclear (CBRN) attacks according to the latest National Risk Register (NRR) report for 2023. The report also highlighted artificial intelligence (AI) as a “chronic risk” – that is, one that poses “continuous challenges that erode our economy, community, way of life, and/or national security”.

Sources: [ITPro] [Infosecurity Magazine]

Mac Users are Facing More Dangerous Security Threats Than Ever Before

Apple’s MacBook Pro or iPhone devices are often perceived as safer, from a cyber security standpoint, compared to those from Microsoft or Google, mostly because of its “walled garden” approach. However, another key reason why hackers were not historically as interested in Apple was the smaller market share Apple held. That is no longer the case and as attacks are rising against Apple devices, this is something we expect to see continuing to accelerate.

In the last 10 years, Apple’s market share on desktop has increased from less than 7.5% to just over 20% today. Apple frequently patches actively exploited vulnerabilities, with overall 261 security vulnerabilities addressed so far this year. A recent report found that Mac users are targeted by three key threats: Trojans, Adware, and Potentially Unwanted Applications (PUA). Of the three, Trojans are the biggest single threat, making up more than half of all threat detections. Of all those detections, around half (52.7%) were for the EvilQuest encryption malicious software.

Source: [Techradar]

Cyber Attack to Cost Outsourcing Firm Capita up to £25m

Capita expects to take a financial hit of as much as £25m as a result of a cyber attack that began in March, pushing the outsourcing group to a pre-tax loss of almost £68m for the first half of the year. The group is still recovering from the attack by the Black Basta ransomware group, which hacked its Microsoft Office 365 software and accessed the personal data of staff working for the company and dozens of clients. Capita, which runs crucial services for local councils, the military, and the NHS, estimated that the financial costs associated with what it called the “cyber incident” would be between £20m and £25m. Previous estimates had put the cost at £15m to £20m.

The group said this new figure reflected the complexities of analysing the “exfiltrated” data, as well as costs of recovery and remediation and new investment to improve its cyber security. However, Capita said it was not currently able to estimate the level of any potential fine related to the incident and had not yet made any provision to cover any future costs. The company’s shares fell by more than 12% in morning trading on Friday after the release of its results, making it the biggest faller on the FTSE 250.

Source: [Guardian]

Government and Public Services Face 40% More Cyber Attacks and Struggle to Protect Due to Lack of Resources

A report published by BlackBerry noted a 40% rise in cyber attacks against public sector organisations and government institutions. One of the reasons is the limited resources and resistance that these government and public have; this makes it much easier for an attacker. An easy target is an attractive target.

Source: [Financial Express]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

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

Impersonation Attacks

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Containers

Identity and Access Management

Encryption

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Biometrics

Social Media

Malvertising

Training, Education and Awareness

Travel

Parental Controls and Child Safety

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

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

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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