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Black Arrow Cyber Threat Briefing 14 July 2023

Black Arrow Cyber Threat Briefing 14 July 2023:

-Cyber Attacks Are a War We'll Never Win, but We Can Defend Ourselves

-Helping Boards Understand Cyber Risks

-Enterprise Risk Management Should Inform Cyber Risk Strategies

-Law Firms at High Risk of Attack as Ransomware Groups Begin to Focus Attention

-20% of Malware Attacks Bypass Antivirus Protection

-Ransomware Payments and Extortion Spiked Compared to 2022

-AI, Trust, and Data Security are Key Issues for Finance Firms and Their Customers

-Caution: Microsoft Warns of Office Zero-Day Attacks with No Patch Available

-Scam Page Volumes Surge 304% Annually

-Financial Industry Faces Soaring Ransomware Threat

-The Need for Risk-Based Vulnerability Management to Combat Threats

-Government Agencies Breached in Microsoft 365 Email Attacks

-Concerns Raised as Report Questions UK’s “Completely Inadequate” Defence to Threats from China

-Hackers Backed by North Korea have Stolen Billions of Dollars Over the Last Five Years

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

  • Cyber Attacks Are a War We'll Never Win, But We Can Defend Ourselves

The cyber threat landscape is constantly evolving, with hackers becoming more creative in their exploitation of businesses and personal data. As the frequency and sophistication of cyber attacks increase, it's clear that the cyber security war is an endless series of battles that demand constant innovation and vigilance. Recognising the necessity of having built-in security, organisations should integrate security measures into their systems and foster a culture of security awareness.

Acknowledging that breaches are an inevitable risk, an orchestrated team response, well-practiced recovery plan, and effective communication strategy are key to managing crises. Organisations must also invest in proactive security measures, including emerging technologies to spot intrusions early. Ultimately, cyber security isn't just a technical concern, it's a cultural and organisational imperative, requiring the incorporation of security measures into every aspect of an organisation's operations and philosophy.

https://www.darkreading.com/attacks-breaches/cyberattacks-are-a-war-we-ll-never-win-but-we-can-defend-ourselves

  • Helping Boards Understand Cyber Risks

A difference in perspective is a fundamental reason board members and the cyber security team are not always aligned. Board members typically have a much broader view of the organisation’s goals, strategies, and overall risk landscape, where CISOs are responsible for assessing and mitigating cyber security risk.

It’s often a result of the board lacking cyber security expertise among its members, the complexity with understanding the topic and CISOs who focus too heavily on technical language during their discussions with the board which can cause a differing perspective. For organisations to be most effective in their approach to cyber security, they should hire CISOs or vCISOs who wear more than one hat and are able to understand cyber in context to the business. In addition, having cyber expertise on the board will pay dividends; this can be achieved by direct hiring or upskilling of board members.

Black Arrow supports clients as their vCISO or Non-Executive Director (NED) with specialist experience in cyber security risk management in a business context.

https://www.helpnetsecurity.com/2023/07/11/david-christensen-plansource-board-ciso-communication/

  • Enterprise Risk Management Should Inform Cyber Risk Strategies

While executives and boards once viewed cyber security as a primarily technical concern, many now recognise it as a major business issue. A single serious data breach could result in debilitating operational disruptions, financial losses, reputational damage, and regulatory penalties.

Cyber security focuses on protecting digital assets from threats, while enterprise risk management adopts a wider approach, mitigating diverse risks across several domains beyond the digital sphere. Rather than existing in siloes, enterprise risk management and cyber risk management strategies should complement and inform each other. By integrating cyber security into their risk management frameworks, organisations can more efficiently and effectively protect their most valuable digital assets.

https://www.techtarget.com/searchsecurity/tip/Enterprise-risk-management-should-inform-cyber-risk-strategies

  • Law Firms at High Risk of Attack as Ransomware Groups Begin to Focus Attention

Three of the largest US law firms have been newly hit by the Cl0p cyber syndicate as part of dozens of ransomware attacks across industries that so far have affected more than 16 million people. All three law firms feature on Cl0p’s leak site, which lists organisations who Cl0p have breached.

This comes as the UK National Cyber Security (NCSC) noted in a report the threat to the legal sector. Law firms are a particularly attractive target for the depth of sensitive personal information they hold from individuals and companies, plus the dual threat of publishing it publicly should a ransom demand go unmet. In Australia, law firm HWL Ebsworth confirmed several documents relating to its work with several Victorian Government departments and agencies had been released by cyber criminals to the dark web following a data breach announced in April 2023.

The extortion of law firms allows extra opportunities for an attacker, including exploiting opportunities for insider trading, gaining the upper hand in negotiations and litigation, or subverting the course of justice. Based on the above, it is no wonder the Solicitors Regulation Authority (SRA) in the UK found that 75% of the law firms they visited has been a victim of a cyber attack.

https://www.msspalert.com/cybersecurity-breaches-and-attacks/ransomware/cl0p-hackers-hit-three-of-the-biggest-u-s-law-firms-in-large-ransomware-attack/

https://www.helpnetsecurity.com/2023/07/10/law-firm-cyberattack/

  • 20% of Malware Attacks Bypass Antivirus Protection

In the first half of 2023, researchers found that 20% of all recaptured malware logs had an antivirus program installed at the time of successful malware execution. Not only did these solutions not prevent the attack, they also lack the automated ability to protect against any stolen data that can be used in the aftermath.

The researchers found that the common entry points for malware are permitting employees to sync browser data between personal and professional devices (57%), struggling with shadow IT due to employees' unauthorised use of applications and systems (54%), and allowing unmanaged personal or shared devices to access business applications (36%).

Such practices expose organisations to subsequent attacks, like ransomware, resulting from stolen access credentials. Malware detection and quick action on exposures are critical; however, many organisations struggle with response and recovery with many firms failing to have robust incident response plans.

https://www.helpnetsecurity.com/2023/07/13/malware-infections-responses/

  • Ransomware Payments and Extortion Spiked Compared to 2022

A recent report from Chainalysis found that ransomware activity is on track to break previous records, having extorted at least $449.1 million through June. For all of 2022, that number didn’t even reach $500 million. Similarly, a separate report using research statistics from Action Fraud UK, the UK’s national reporting centre for fraud, found cyber extortion cases surged 39% annually.

It’s no wonder both are on the rise, as the commonly used method of encrypting data behind a ransom is being combined with threatening to leak data; this gives bad actors two opportunities to gain payment. With this, the worry about the availability of your data now extends to the confidentiality and integrity of it.

https://www.infosecurity-magazine.com/news/cyber-extortion-cases-surge-39/

https://www.bleepingcomputer.com/news/security/ransomware-payments-on-record-breaking-trajectory-for-2023/

  • AI, Trust, and Data Security are Key Issues for Finance Firms and Their Customers

Business leaders have been warned to expect more instability and uncertainly following on from the unpredictable nature of events during the past few years, from COVID-19 to business restructurings, the Russian invasion of Ukraine and the rise of generative artificial intelligence (AI). A recent report found that customers feel they lack appropriate guidance from their financial providers during times of economic uncertainty; the lack of satisfactory experience and a desire for a better digital experience is causing 25% of customers to switch banks.

The report also found that 23% of customers do not trust AI and 56% are neutral. This deficit in trust can swing in either direction based on how Financial Services Institutions (FSIs) use and deliver AI-powered services. While the benefits of AI are unclear, an increased awareness of personal data security has made trust between providers and customers more crucial than ever. In fact, 78% of customers say they would switch financial service providers if they felt their data was mishandled.

https://www.zdnet.com/article/ai-trust-and-data-security-are-key-issues-for-finance-firms-and-their-customers/

  • Caution: Microsoft Warns of Office Zero-Day Attacks with No Patch Available

Russian spies and cyber criminals are actively exploiting still-unpatched security flaws in Microsoft Windows and Office products, according to an urgent warning from Microsoft. While Microsoft recently released patches for 130 vulnerabilities, including 9 criticals, 6 which are actively being exploited (see our advisory here), a series of remote code execution vulnerabilities were not addressed, and attackers have been actively exploiting them because the patches are not yet available.

An attacker could create a specially crafted Microsoft Office document that enables them to perform remote code execution in the context of the victim. All an attacker would have to do is to convince the victim to open the malicious file. Microsoft have stated that a security update may be released out of cycle to address these flaws.

https://www.securityweek.com/microsoft-warns-of-office-zero-day-attacks-no-patch-available/

  • Scam Page Volumes Surge 304% Annually

Security researchers have recorded a 62% year-on-year increase in phishing websites and a 304% surge in scam pages in 2022. The Digital Risk Trends 2023 report classifies phishing as a threat resulting in the theft of personal information and a scam as any attempt to trick a victim into voluntarily handing over money or sensitive information.

It found that the average number of instances in which a brand’s image and logo was appropriated for use in scam campaigns increased 162% YoY, rising to 211% in APAC. Scams are also becoming more automated, as the ever-increasing number of new tools available to would-be cyber criminals has lowered the barrier of entry. We expect to see AI also play a greater role in scams in the future.

https://www.infosecurity-magazine.com/news/scam-page-volumes-surge-304/

  • Financial Industry Faces Soaring Ransomware Threat

The financial industry has been facing a surge in ransomware attacks over the past few years, said cyber security provider SOCRadar in a threat analysis post. This trend started in the first half of 2021, when Trend Micro saw a staggering 1,318% increase in ransomware attacks targeting banks and financial institutions compared to the same period in 2020. Sophos also found that over half (55%) of financial service firms fell victim to at least one ransomware attack in 2021, a 62% increase from 2020.

https://www.infosecurity-magazine.com/news/financial-industry-faces-soaring/

  • The Need for Risk-Based Vulnerability Management to Combat Threats

Cyber attacks are increasing as the number of vulnerabilities found in software has increased by over 50% in the last 5 years. This is a result of unpatched and poorly configured systems as 75% of organisations believe they are vulnerable to a cyber attack due to unpatched software. As vulnerabilities continue to rise and security evolves, it is becoming increasingly apparent that conventional vulnerability management programs are inadequate for managing the expanding attack surface. In comparison, a risk-based strategy enables organisations to assess the level of risk posed by vulnerabilities. This approach allows teams to prioritise vulnerabilities based on their assessed risk levels and remediate those with higher risks, minimising potential attacks in a way that is continuous, and automated.

By enhancing your vulnerability risk management process, you will be able to proactively address potential issues before they escalate and maintain a proactive stance in managing vulnerabilities and cloud security. Through the incorporation of automated threat intelligence risk monitoring, you will be able to identify significant risks before they become exploitable.

https://www.bleepingcomputer.com/news/security/the-need-for-risk-based-vulnerability-management-to-combat-threats/

  • Government Agencies Breached in Microsoft 365 Email Attacks

Microsoft disclosed an attack against customer email accounts that affected US government agencies and led to stolen data. While questions remain about the attacks, Microsoft provided some details in two blog posts on Tuesday, including attribution to a China-based threat actor it tracks as Storm-0558. The month long intrusion began on 15 May and was first reported to Microsoft by a federal civilian executive branch (FCEB) agency in June.

Microsoft said attackers gained access to approximately 25 organisations, including government agencies. While Microsoft has mitigated the attack vector, the US Government Cybersecurity and Infrastructure Security Agency (CISA) was first to initially detect the suspicious activity. The government agency published an advisory that included an attack timeline, technical details and mitigation recommendations. CISA said an FCEB agency discovered suspicious activity in its Microsoft 365 (M365) environment sometime last month.

https://www.techtarget.com/searchsecurity/news/366544735/Microsoft-Government-agencies-breached-in-email-attacks

  • Concerns Raised as Report Questions UK’s “Completely Inadequate” Defence to Threats from China

Britain’s spy watchdog has slammed the UK Government for a “completely inadequate” response to Chinese espionage and interference which risked an “existential threat to liberal democratic systems”. In a bombshell 207 page report, Parliament’s Intelligence and Security Committee issued a series of alarming warnings about how British universities, the nuclear sector, Government and organisations alike were being targeted by China.

https://www.standard.co.uk/news/politics/britain-risk-china-intelligence-security-committee-report-government-b1094118.html

  • Hackers Backed by North Korea have Stolen Billions of Dollars Over the Last Five Years

Hackers have developed a list of sophisticated tricks that allow them to weasel their way into the networks of possible targets, including organisations. Sometimes a North Korean hacker would pose as a recruitment officer to get an employee’s attention. The cyber criminal would then share an infected file with the unsuspecting company employee. This was the case of the famous 2021’s Axie Infinity hack that allowed the North Koreans to steal more than $600 million after one of the game developers was offered a fake job by the hackers.

https://www.pandasecurity.com/en/mediacenter/security/north-korea-stolen-crypto/



Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

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

Fraud, Scams & Financial Crime

Insurance

Dark Web

Supply Chain and Third Parties

Cloud/SaaS

Hybrid/Remote Working

Attack Surface Management

Identity and Access Management

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Travel

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


Vulnerability Management

Vulnerabilities

OT/ICS 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 Cyber Threat Briefing 30 December 2022

Black Arrow Cyber Threat Briefing 30 December 2022:

-Cyber Attacks Set to Become ‘Uninsurable’, Says Zurich Chief

-Your Business Should Compensate for Modern Ransomware Capabilities Right Now

-Reported Phishing Attacks Have Quintupled

-Ransomware, DDoS See Major Upsurge Led by Upstart Hacker Group

-Videoconferencing Worries Grow, With SMBs in Cyber Attack Crosshairs

-Will the Crypto Crash Impact Cyber Security in 2023? Maybe.

-The Worst Hacks of 2022

-Geopolitical Tensions Expected to Further Impact Cyber Security in 2023

-Fraudsters’ Working Patterns Have Changed in Recent Years

-Hacktivism is Back and Messier Than Ever

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

  • Cyber Attacks Set to Become ‘Uninsurable’, Says Zurich Chief

The chief executive of one of Europe’s biggest insurance companies has warned that cyber attacks, rather than natural catastrophes, will become “uninsurable” as the disruption from hacks continues to grow.

Insurance executives have been increasingly vocal in recent years about systemic risks, such as pandemics and climate change, that test the sector’s ability to provide coverage. For the second year in a row, natural catastrophe-related claims are expected to top $100bn. 

But Mario Greco, chief executive at insurer Zurich, told the Financial Times that cyber was the risk to watch. “What will become uninsurable is going to be cyber,” he said. “What if someone takes control of vital parts of our infrastructure, the consequences of that?” Recent attacks that have disrupted hospitals, shut down pipelines and targeted government departments have all fed concern about this expanding risk among industry executives. Focusing on the privacy risk to individuals was missing the bigger picture, Greco added: “First off, there must be a perception that this is not just data . . . this is about civilisation. These people can severely disrupt our lives.” 

Spiralling cyber losses in recent years have prompted emergency measures by the sector’s underwriters to limit their exposure. As well as pushing up prices, some insurers have responded by tweaking policies so clients retain more losses. There are exemptions written into policies for certain types of attacks. In 2019, Zurich initially denied a $100mn claim from food company Mondelez, arising from the NotPetya attack, on the basis that the policy excluded a “warlike action”. The two sides later settled. In September, Lloyd’s of London defended a move to limit systemic risk from cyber attacks by requesting that insurance policies written in the market have an exemption for state-backed attacks.

https://www.ft.com/content/63ea94fa-c6fc-449f-b2b8-ea29cc83637d

Your Business Should Compensate for Modern Ransomware Capabilities Right Now

The “if, not when” mentality surrounding ransomware may be the biggest modern threat to business longevity. Companies of all sizes and across all industries are increasingly common targets for ransomware attacks, and we know that 94% of organisations experienced a cyber security incident last year alone. Yet, many enterprises continue to operate with decades-old security protocols that are unequipped to combat modern ransomware. Leaders have prioritised improving physical security measures in light of the pandemic — so why haven’t ransomware protections improved?

Maybe it’s the mistaken notion that ransomware attacks are declining. In reality, Q1 of 2022 saw a 200% YoY increase in ransomware incidents. Meanwhile, the rise in Ransomware as a Service (RaaS) offerings suggests that cyber threats have become a commodity for bad actors.

The RaaS market presents a new and troubling trend for business leaders and IT professionals. With RaaS — a subscription ransomware model that allows affiliates to deploy malware for a fee — the barrier to entry for hackers is lower than ever. The relatively unskilled nature of RaaS hackers may explain why the average ransomware downtime has plummeted to just 3.85 days (compared to an average attack duration of over two months in 2019).

While the decrease in attack duration is promising, the rise of RaaS still suggests an inconvenient truth for business leaders: All organisations are at risk. And in time, all organisations will become a target, which is why it’s time for IT and business leaders to implement tough cyber security protocols.

https://venturebeat.com/security/your-business-should-compensate-for-modern-ransomware-capabilities-right-now/

  • Reported Phishing Attacks Have Quintupled

In the third quarter of 2022, the international Anti-Phishing Working Group (APWG) consortium observed 1,270,883 total phishing attacks; the worst quarter for phishing that APWG has ever observed. The total for August 2022 was 430,141 phishing sites, the highest monthly total ever reported to APWG.

Over recent years, reported phishing attacks submitted to APWG have more than quintupled since the first quarter of 2020, when APWG observed 230,554 attacks. The rise in Q3 2022 was attributable, in part, to increasing numbers of attacks reported against several specific targeted brands. These target companies and their customers suffered from large numbers of attacks from persistent phishers.

Threat researchers at the cyber security solution provider Fortra noted a 488 percent increase in response-based email attacks in Q3 2022 compared to the prior quarter. While every subtype of these attacks increased compared to Q2, the largest increase was in Advance Fee Fraud schemes, which rose by a staggering 1,074 percent.

In the third quarter of 2022, APWG founding member OpSec Security found that phishing attacks against the financial sector, which includes banks, remained the largest set of attacks, accounting for 23.2 percent of all phishing. Attacks against webmail and software-as-a-service (SaaS) providers remained prevalent as well. Phishing against social media services fell to 11 percent of the total, down from 15.3 percent.

Phishing against cryptocurrency targets — such as cryptocurrency exchanges and wallet providers — fell from 4.5 percent of all phishing attacks in Q2 2022 to 2 percent in Q3. This mirrored the fall in value of many cryptocurrencies since mid-year.

https://www.helpnetsecurity.com/2022/12/28/reported-phishing-attacks-quintupled/

  • Ransomware, DDoS See Major Upsurge Led by Upstart Hacker Group

Cyber threat actors Cuba and Royal are driving a 41% boom in ransomware and other attacks hitting industry and consumer goods and services.

According to the Global Threat Intelligence team of information assurance firm NCC Group, November saw a 41% increase in ransomware attacks from 188 incidents to 265. In its most recent Monthly Threat Pulse, the group reported that the month was the most active for ransomware attacks since April this year.

Key takeaways from the study:

  • Ransomware attacks rose by 41% in November.

  • Threat group Royal (16%) was the most active, replacing LockBit as the worst offender for the first time since September 2021.

  • Industrials (32%) and consumer cyclicals (44%) remain the top two most targeted sectors, but technology experienced a large 75% increase over the last month.

  • Regional data remains consistent with last month — North America (45%), Europe (25%) and Asia (14%)

  • DDoS attacks continue to increase.

Recent examples in the services sector include the Play ransomware group’s claimed attack of the German H-Hotels chain, resulting in communications outages. This attack reportedly uses a vulnerability in Microsoft Exchange called ProxyNotShell, which as the name implies, has similarities to the ProxyShell zero-day vulnerability revealed in 2021.

Also, back on the scene is the TrueBot malware downloader (a.k.a., the silence.downloader), which is showing up in an increasing number of devices. TrueBot Windows malware, designed by a Russian-speaking hacking group identified as Silence, has resurfaced bearing Ransom.Clop, which first appeared in 2019. Clop ransomware encrypts systems and exfiltrates data with the threat that if no ransom is forthcoming, the data will show up on a leak site.

https://www.techrepublic.com/article/ransomware-ddos-major-upsurge-led-upstart-hacker-group/

  • Videoconferencing Worries Grow, With SMBs in Cyber Attack Crosshairs

Securing videoconferencing solutions is just one of many IT security challenges small businesses are facing, often with limited financial and human resources.

It's no secret that the acceleration of work-from-home and distributed workforce trends — infamously spurred on by the pandemic — has occurred in tandem with the rise of video communications and collaboration platforms, led by Zoom, Microsoft, and Cisco.

But given that videoconferencing now plays a critical role in how businesses interact with their employees, customers, clients, vendors, and others, these platforms carry significant potential security risks, researchers say.

Organisations use videoconferencing to discuss M&A, legal, military, healthcare, intellectual property and other topics, and even corporate strategies. A loss of that data could be catastrophic for a company, its employees, its clients, and its customers.

However, a recent report on videoconferencing security showed that 93% of IT professionals surveyed acknowledged security vulnerabilities and gaping risks in their videoconferencing solutions.

Among the most relevant risks is the lack of controlled access to conversations that could result in disruption, sabotage, compromise, or exposure of sensitive information, while use of nonsecure, outdated, or unpatched videoconferencing applications can expose security flaws.

The risks include the potential for interruptions, unauthorised access, and perhaps most concerning, the opportunity for a bad actor to acquire sensitive information.

https://www.darkreading.com/application-security/videoconferencing-worries-grow-with-smbs-in-cyberattack-crosshairs

  • Will the Crypto Crash Impact Cyber Security in 2023? Maybe.

With the implosion of the FTX exchange putting a punctuation mark on the cryptocurrency crash of 2022, one of the natural questions for those in the cyber security world is, how will this rapid decline of cryptocurrency valuations change the cyber crime economy?

Throughout the most recent crypto boom, and even before then, cyber criminals have used and abused cryptocurrency to build up their empires. The cryptocurrency market provides the extortionary medium for ransomware; it's a hotbed of scams against consumers to steal their wallets and accounts. Traditionally, it's provided a ton of anonymous cover for money laundering on the back end of a range of cyber criminal enterprises.

Even so, according to cyber security experts and intelligence analysts, while there certainly have been some shifts in trends and tactics that they believe are loosely tied to the crypto crash, the jury's still out on long-term impacts.

Regardless of crypto values, cyber criminals this year have definitely become more sophisticated in how they use cryptocurrencies to monetise their attacks including the use by some ransomware groups taking advantage of yield farming within decentralised finance (DeFi), as an example.

The concept of yield farming is the same as lending money, with a contract in place that clearly shows how much interest will need to be paid. The advantage for ransomware groups is that the 'interest' will be legitimate proceeds, so there will be no need to launder or hide it.

Threat actors are increasingly turning toward 'stablecoins,' which are usually tied to fiat currencies or gold to stem their volatility. In many ways, the downturn in crypto values has increased the risk appetite of cyber criminals and is spurring them into more investment fraud and cryptocurrency scams.

https://www.darkreading.com/threat-intelligence/crypto-crash-impact-cybersecurity-2023-maybe

  • The Worst Hacks of 2022

The year was marked by sinister new twists on cyber security classics, including phishing, breaches, and ransomware attacks.

With the pandemic evolving into an amorphous new phase and political polarisation on the rise around the world, 2022 was an uneasy and often perplexing year in digital security. And while hackers frequently leaned on old chestnuts like phishing and ransomware attacks, they still found vicious new variations to subvert defences.

Technology magazine Wired looked back on the year's worst breaches, leaks, ransomware attacks, state-sponsored hacking campaigns, and digital takeovers. If the first years of the 2020s are any indication, the digital security field in 2023 will be more bizarre and unpredictable than ever. Stay alert, and stay safe out there.

Russia Hacking Ukraine

For years, Russia has pummelled Ukraine with brutal digital attacks causing blackouts, stealing and destroying data, meddling in elections, and releasing destructive malware to ravage the country's networks. Since invading Ukraine in February, though, times have changed for some of Russia's most prominent and most dangerous military hackers. Shrewd long-term campaigns and grimly ingenious hacks have largely given way to a stricter and more regimented clip of quick intrusions into Ukrainian institutions, reconnaissance, and widespread destruction on the network—and then repeated access over and over again, whether through a new breach or by maintaining the old access.

Twilio and the 0ktapus Phishing Spree

Over the summer, a group of researchers dubbed 0ktapus went on a massive phishing bender, compromising nearly 10,000 accounts within more than 130 organisations. The majority of the victim institutions were US-based, but there were dozens in other countries as well.

Ransomware Still Hitting the Most Vulnerable Targets

In recent years, countries around the world and the cyber security industry have increasingly focused on countering ransomware attacks. While there has been some progress on deterrence, ransomware gangs were still on a rampage in 2022 and continued to target vulnerable and vital social institutions, including health care providers and schools. The Russian-speaking group Vice Society, for example, has long specialised in targeting both categories, and it focused its attacks on the education sector this year.

The Lapsus$ Rampage Continues

The digital extortion gang Lapsus$ was on an intense hacking spree at the beginning of 2022, stealing source code and other sensitive information from companies like Nvidia, Samsung, Ubisoft, and Microsoft and then leaking samples as part of apparent extortion attempts. Lapsus$ has a sinister talent for phishing, and in March, it compromised a contractor with access to the ubiquitous authentication service Okta.

LastPass

The beleaguered password manager giant LastPass, which has repeatedly dealt with data breaches and security incidents over the years, said at the end of December that a breach of its cloud storage in August led to a further incident in which hackers targeted a LastPass employee to compromise credentials and cloud storage keys.

Vanuatu

At the beginning of November, Vanuatu, an island nation in the Pacific, was hit by a cyber attack that took down virtually all of the government's digital networks. Agencies had to move to conducting their work on paper because emergency systems, medical records, vehicle registrations, driver's license databases, and tax systems were all down.

Honourable Mention: Twitter-Related Bedlam

Twitter has been in chaos mode for months following Elon Musk's acquisition of the company earlier this year. Amidst the tumult, reports surfaced in July and then again in November of a trove of 5.4 million Twitter users' data that has been circulating on criminal forums since at least July, if not earlier. The data was stolen by exploiting a vulnerability in a Twitter application programming interface, or API.

https://www.wired.com/story/worst-hacks-2022/

  • Geopolitical Tensions Expected to Further Impact Cyber Security in 2023

Geopolitics will continue to have an impact on cyber security and the security posture of organisations long into 2023.

The impact of global conflicts on cyber security was thrust into the spotlight when Russia made moves to invade Ukraine in February 2022. Ukraine’s Western allies were quick to recognise that with this came the threat of Russian-backed cyber-attacks against critical national infrastructure (CNI), especially in retaliation to hefty sanctions. While this may not have materialised in the way many expected, geopolitics is still front of mind for many cyber security experts looking to 2023.

Russia has always been among a handful of states recognised for their cyber prowess and being the source of many cyber criminal gangs. As previously mentioned, we have failed to see a significant cyber-attack, at least one comparable to the Colonial Pipeline incident, in 2022. However the cyber security services provider, e2e-assure, warned: “We have underestimated Russia’s cyber capability. There is a wide view that Russian cyber activity leading up to and during their invasion of Ukraine indicated that they aren’t the cyber power we once thought. Patterns and evidence will emerge in 2023 that shows this wasn’t the case, instead Russia was directing its cyber efforts elsewhere, with non-military goals (financial and political).”

NordVPN, the virtual private network (VPN) provider, warns that the cyber-war is only just starting: “With China’s leader securing his third term and Russia’s war in Ukraine, many experts predict an increase in state-sponsored cyber-attacks. China may increase cyber-attacks on Taiwan, Hong Kong, and other countries opposing the regime. Meanwhile, Russia is predicted to sponsor attacks on countries supporting Ukraine.”

We are used to seeing cyber-attacks that encrypt data and ask for ransom, but it is likely in this era of nation-state sponsored attacks we could experience attacks for the sake of disruption.

https://www.infosecurity-magazine.com/news/geopolitical-tensions-impact/

  • Fraudsters’ Working Patterns Have Changed in Recent Years

Less sophisticated fraud — in which doctored identity documents are readily spotted — has jumped 37% in 2022, according to the identify verfication provider Onfido. Fraudsters can scale these attacks on an organisation’s systems around the clock.

It is estimated that the current global financial cost of fraud is $5.38 trillion (£4.37 trillion), which is 6.4% of the world’s GDP. With most fraud now happening online (80% of reported fraud is cyber-enabled), Onfido’s Identity Fraud Report uncovers patterns of fraudster behaviour, attack techniques, and emerging tactics.

Over the last four years, fraudsters’ working patterns have dramatically changed. In 2019, attacks mirrored a typical working week, peaking Monday to Friday and dropping off during the weekends. Yet over the last three years, fraudulent activity started to shift so that levels of fraud span every day of the week.

In 2022, fraud levels were consistent across 24 hours, seven days a week. With technology, fraudsters are more connected across the globe and are able to traverse regions and time zones, and can easily take advantage of businesses’ closed hours when staff are likely offline. This hyperconnectivity means there are no more ‘business hours’ for fraudsters and sophisticated fraud rings — they will scam and defraud 24/7.

“As criminals look to take advantage of digitisation processes, they’re able to commit financial crimes with increasing efficiency and sophistication, to the extent that financial crime and cyber crime are now invariably linked,” said Interpol. “A significant amount of financial fraud takes place through digital technologies, and the pandemic has only hastened the emergence of digital money laundering tools and other cyber-enabled financial crimes.”

https://www.helpnetsecurity.com/2022/12/29/less-sophisticated-fraud/

  • Hacktivism is Back and Messier Than Ever

Throughout 2022, geopolitics has given rise to a new wave of politically motivated attacks with an undercurrent of state-sponsored meddling.

During its brutal war in Ukraine, Russian troops have burnt cities to the ground, raped and tortured civilians, and committed scores of potential war crimes. On November 23, lawmakers across Europe overwhelmingly labelled Russia a “state sponsor” of terrorism and called for ties with the country to be reduced further. The response to the declaration was instant. The European Parliament’s website was knocked offline by a DDoS attack.

The unsophisticated attack—which involves flooding a website with traffic to make it inaccessible—disrupted the Parliament’s website offline for several hours. Pro-Russian hacktivist group Killnet claimed responsibility for the attack. The hacktivist group has targeted hundreds of organisations around the world this year, having some limited small-scale successes knocking websites offline for short periods of time. It’s been one player in a bigger hacktivism surge.

Following years of sporadic hacktivist activity, 2022 has seen the re-emergence of hacktivism on a large scale. Russia’s full-scale invasion of Ukraine spawned scores of hacktivist groups on both sides of the conflict, while in Iran and Israel, so-called hacktivist groups are launching increasingly destructive attacks. This new wave of hacktivism, which varies between groups and countries, comes with new tactics and approaches and, increasingly, is blurring lines between hacktivism and government-sponsored attacks.

https://www.wired.com/story/hacktivism-russia-ukraine-ddos/


Threats

Ransomware, Extortion and Destructive Attacks

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Fraud, Scams & Financial Crime

Insurance

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Identity and Access Management

Encryption

API

Passwords, Credential Stuffing & Brute Force Attacks

Biometrics

Social Media

Malvertising

Privacy

Regulations, Fines and Legislation

Governance, Risk and Compliance

Secure Disposal

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Artificial Intelligence

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
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 09 December 2022

Black Arrow Cyber Threat Briefing 09 December 2022:

-Economic Uncertainty Will Greatly Impact the Spread of Cyber Crime

-Cyber Security Resilience Emerges as Top Priority as 62% of Companies Say Security Incidents Impacted Business Operations

-Cyber Security Should Focus on Managing Risk

-Fear of Cyber Attacks Drives SMBs to Spend More on Software

-Business Email Compromise (BEC) Fraud Attacks Expand Beyond Email and Toward Mobile Devices

-Ransomware Professionalisation Grows as Ransomware-as-a-Service (RaaS) Takes Hold

-Automated Dark Web Markets Sell Corporate Email Accounts For $2

-Cloud Hosting Provider Rackspace Warns of Phishing Risks Following Ransomware Attack

-Security Concerns Scupper Deals for Two-Thirds of Firms

-Microsoft Encourages 'Strong Cyber Hygiene' in Light of Increasing Russian Cyber Attacks

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

  • Economic Uncertainty Will Greatly Impact the Spread of Cyber Crime

Norton released its top cyber trends to watch in 2023, emphasising that the economy will have the greatest impact on the spread of cyber crime next year. Experts predict the pressures associated with economic uncertainty and rising costs will create the perfect environment for scammers to take advantage of people when they are more vulnerable.

It’s expected that cyber criminals will trick victims into surrendering personal information, emptying their bank accounts, or spending money for products, services or “lottery winnings” that never arrive. “We anticipate scammers will continue to prey on the vulnerability of people as economic pressures rise in 2023,” said Norton.

“Cyber criminals love to exploit seasonal opportunities, and consumers are facing a perfect storm of rising prices in the middle of the busiest shopping season of the year when scammers are particularly active. Scams are always harder to detect during the holiday season because consumers expect deep discounts and may believe prices that would normally seem too good to be true. This year, inflation and other unfavourable macroeconomic factors are likely to make people particularly eager to find good deals and they may therefore be at greater risk than in previous years. Taking a few proactive steps today could help you to be safer all year long.”

https://www.helpnetsecurity.com/2022/12/06/economic-uncertainty-cybercrime/

  • Cyber Security Resilience Emerges as Top Priority, as 62% of Companies Say Security Incidents Impacted Business Operations

Cyber security resilience is a top priority for companies as they look to defend against a rapidly evolving threat landscape, according to the latest edition of Cisco's annual Security Outcomes Report.

Resilience has emerged as a top priority as a staggering 62 percent of organisations surveyed said they had experienced a security event that impacted business in the past two years. The leading types of incidents were network or data breaches (51.5 percent), network or system outages (51.1 percent), ransomware events (46.7 percent) and distributed denial of service attacks (46.4 percent).

These incidents resulted in severe repercussions for the companies that experienced them, along with the ecosystem of organisations they do business with. The leading impacts cited include IT and communications interruption (62.6 percent), supply chain disruption (43 percent), impaired internal operations (41.4 percent) and lasting brand damage (39.7 percent).

With stakes this high, it is no surprise that 96 percent of executives surveyed for the report said that security resilience is high priority for them. The findings further highlight that the main objectives of security resilience for security leaders and their teams are to prevent incidents, and mitigate losses when they occur.

Technology is transforming businesses at a scale and speed never seen before. While this is creating new opportunities, it also brings with it challenges, especially on the security front. To be able to tackle these effectively, companies need the ability to anticipate, identify, and withstand cyber threats, and if breached be able to rapidly recover from one. That is what building resilience is all about.

Security, after all, is a risk business. As companies don't secure everything, everywhere, security resilience allows them to focus their security resources on the pieces of the business that add the most value to an organisation, and ensure that value is protected.

https://www.darkreading.com/vulnerabilities-threats/cybersecurity-resilience-emerges-as-top-priority-as-62-of-companies-say-security-incidents-impacted-business-operations

  • Cyber Security Should Focus on Managing Risk

Preventing all data breaches is an unrealistic goal. Instead, focus on finding and minimising the greatest risks.

There is a common misconception that all problems have clear, straightforward solutions — as long as you look hard enough. While this is a bold and ambitious goal, it's misguided when applied to cyber security. Organisations cannot prevent data breaches or cyberattacks altogether, and avoiding a breach or cyber incident is nearly impossible in the modern era. Organisations can, however, take steps to reduce an attack's negative impacts.

Eradicating risk is an impractical goal because you cannot "solve" something that constantly changes. To understand the risks you need to think like an attacker.

Threat actors are, first and foremost, opportunistic. They will always look for the easiest targets to maximise their financial gain. So intimately understanding an organisation's level of risk is the first step to managing and reducing it — and making yourself less of a target.

In line with Verizon’s "Data Breach Investigations Report" (DBIR) the four critical ways that threat actors most frequently use to compromise organisations large and small are credential compromise, phishing, vulnerability exploitation, and botnets, and these are the areas organisations should look reduce risks.

https://www.darkreading.com/edge-articles/cybersecurity-should-focus-on-managing-risk

  • Fear of Cyber Attacks Drives SMBs to Spend More on Software

Despite fears of a looming recession, small and medium sized businesses (SMBs) are spending more on software in 2023, according to Capterra’s 2023 SMB Software Buying Trends Survey. 75% of US SMBs estimate they’ll spend more on software in 2023 compared to 2022.

Alongside increased software budgets, Capterra’s survey of over 500 SMBs reveals four other major trends in software buying behaviours and challenges that will impact businesses in 2023:

  • Fearful of cyber attacks, US businesses rate security as a top motivator for software purchases

  • Implementation concerns are SMBs’ biggest purchase barrier

  • Most SMB software purchases are solely handled by IT, disregarding other important stakeholders

  • Customer reviews sway purchase decisions, and verified reviews are critical

Despite the expected increase in software investments, many US SMBs regret their technology purchases. 61% of US SMBs say they have buyer’s remorse over a technology purchase in the past 12-18 months. Inadequate support services (39%) and higher-than-anticipated costs (34%) are the top reasons behind such regrets.

https://www.helpnetsecurity.com/2022/12/07/smbs-software-spending-2023/

  • Business Email Compromise (BEC) Fraud Attacks Expand Beyond Email and Toward Mobile Devices

Business email compromise (BEC) scams have been increasingly targeting mobile devices, particularly with SMS-focused attacks. According to a new advisory by cyber security specialists at Trustwave, the trend indicates a broader shift towards phishing scams via text messages.

“Phishing scams are prevalent in the SMS threat landscape, and now, BEC attacks are also going mobile,” reads the report. Trustwave further added that scammers typically obtain mobile numbers from data breaches, social media and data brokers, among other methods. After that, attackers ask victims for a wire transfer, send a copy of an aging report or change a payroll account, luring them into paying for something that should be reimbursed later (but never will).

BEC attacks will always be here so long as they remain profitable. Their continued profitability proves that employee cyber security behaviour is neglected and mismanaged by the compliance-based approach to security awareness.

Security culture needs a reformation that begins with transforming the human layer into an asset which, when empowered by the right training and platform, augments the protect-detect-respond pillars of the [National Institute of Standards and Technology] NIST framework.

Trustwave’s findings were also confirmed in SlashNext’s State of Phishing 2022 report, which recently highlighted a 50% increase in attacks on mobile devices, with scams and credential theft at the top of the list of payloads. The document also suggested 83% of organisations reported that mobile device threats had been growing more quickly than other device threats.

https://www.infosecurity-magazine.com/news/bec-attacks-expand-toward-mobile/

  • Ransomware Professionalisation Grows as Ransomware-as-a-Service (RaaS) Takes Hold

Ransomware groups are getting their acts together, growing in sophistication and business acumen while monetising ransomware beyond encryption, including double and triple extortion, as the market for ransomware-as-a-service (RaaS) matures.

In first half of 2022, LockBit, Conti, Alphv, Black Basta, and Vice Society were among the most prolific ransomware gangs, focusing their attack on US-based organisations, according to a LookingGlass report on the topic.

The report confirmed and attributed 1,133 ransomware attacks in the first six months of the year and attributed 207 data leaks across all active threat actor groups throughout the same period. Of the more than 1,300 incidents, the bulk came from the top 15 most active ransomware groups, led by LockBit, Conti, and Alphv.

Ransomware gangs have primarily targeted two sectors during the analysis period: manufacturing and industrial products, followed by engineering and construction and healthcare and life sciences, with the consumer and retail industry rounding out the top five.

The report highlighted the rise of sophisticated software and networks as a principal contributor to the professionalisation of ransomware, with malicious actors now offering RaaS, bug bounties, sales teams, and even customer support.

“This new, more professional ransomware structure can only mean that the problem will continue to grow in the months ahead," the report noted. "We anticipate the adoption of more traditional business practices as the underground economy continues to remain robust”.

https://www.darkreading.com/threat-intelligence/ransomware-professionalization-grows-as-raas-takes-hold

  • Automated Dark Web Markets Sell Corporate Email Accounts For $2

Cyber crime marketplaces are increasingly selling stolen corporate email addresses for as low as $2 to fill a growing demand by hackers who use them for business email compromise and phishing attacks or initial access to networks.

Analysts at Israeli cyber-intelligence firm KELA have closely followed this trend, reporting at least 225,000 email accounts for sale on underground markets.

The largest webmail shops are Xleet and Lufix, claiming to offer access to over 100k breached corporate email accounts, with prices ranging between $2 and $30, if not more, for highly-desirable organisations.

Typically, these accounts were stolen via password cracking (brute-forcing) or credential stuffing, had their credentials stolen through phishing, or were bought from other cyber criminals.

Hackers use their access to corporate email accounts in targeted attacks like business email compromise (BEC), social engineering, spear-phishing, and deeper network infiltration.

https://www.bleepingcomputer.com/news/security/automated-dark-web-markets-sell-corporate-email-accounts-for-2/

  • Cloud Hosting Provider Rackspace Warns of Phishing Risks Following Ransomware Attack

Cloud computing provider Rackspace warned customers on Thursday of increased risks of phishing attacks following a ransomware attack affecting its hosted Microsoft Exchange environment.

While the company is still investigating the incident and is working on bringing affected systems back online, it says that cyber criminals might also take advantage and exploit this incident for their own purposes.

"If you do receive a message from an individual you do not recognise, do not reply. Please login to your control panel and create a ticket, including details about the message you received," Rackspace said. "We understand that contact such as this may be alarming, but we currently have no evidence to suggest that you are at increased risk as a result of this direct contact."

Rackspace added that customers could easily spot scammers attempting to steal their sensitive information since:

  • Emails from Rackspace will be sent from @rackspace.com emails (although attackers might still use a spoofed email address and redirect their targets to a landing phishing page)

  • Rackspace support will not ask for login credentials or personal information (e.g., social security number, driver's license) during phone calls

Even though the company is yet to reveal if it has any evidence that the attackers have stolen data from its systems during the breach, customers were advised to remain vigilant and monitor their credit reports and banking account statements for suspicious activity.

Some customers are also reporting an increase in phishing emails impersonating Rackspace since the ransomware attack. Those affected by the Rackspace ransomware attack and outage should not open any suspicious email attachments or click any suspicious links.

https://www.bleepingcomputer.com/news/security/rackspace-warns-of-phishing-risks-following-ransomware-attack/

  • Security Concerns Scupper Deals for Two-Thirds of Firms

Two-thirds (67%) of global organisations have admitted to losing out on acquiring potential customers due to concerns about their security posture, according to LogRhythm.

The security vendor polled 1175 security professionals and executives across five continents to compile its latest report, The State of the Security Team 2022. It found that security due diligence among customers and partners is increasingly rigorous.

Some 91% of respondents said that their security strategy must now align with customers’ security policies and standards, while 85% claimed their company must provide proof that they meet partners’ security requirements.

There was more worrying news from the report: 70% of respondents reported an increase in workplace stress for security teams, with nearly a third (30%) citing a “significant” increase. Among the key stress factors highlighted in the study were growing attack sophistication, greater responsibilities and increasing attack frequency.

Two-fifths (41%) claimed that better integrated solutions would help to relieve these pressures, while a similar number (42%) pointed to the need for more experienced security professionals. The latter would seem unlikely, given the coming recession’s likely impact on budgets, and persistent industry skills shortages. The gap is now 3.4 million globally, including 56,800 in the UK, a massive 73% year-on-year increase, according to ISC2.

https://www.infosecurity-magazine.com/news/security-concerns-scupper-deals/

  • Microsoft Encourages 'Strong Cyber Hygiene' in Light of Increasing Russian Cyber Attacks

Microsoft is gearing up for a slew of Russian cyber attacks this winter, and warns others to stay vigilant. Between missiles, drones, and cyber attacks the onslaught against Ukraine has been a brutal one, and reportedly only set to get worse in the coming months.

"Moscow has intensified its multi-pronged hybrid technology approach to pressure the sources of Kyiv’s military and political support," says Microsoft in a recent blog post. "Recent attacks in Poland suggest that Russian state-sponsored cyber attacks may increasingly be used outside Ukraine in an effort to undermine foreign-based supply chains."

In late October, Russian forces were pushed from formerly occupied territory, retaliating with missile, drone, and cyber strikes that left much of Kyiv in need of simple running water.

The Russian group known to Microsoft as IRIDIUM (aka Sandworm) is thought to be working with the Russian intelligence service, the GRU, in coordinated efforts to inflict suffering on the people of Ukraine. The group has been at large for almost a decade, as Microsoft notes, "Following Russia’s annexation of Crimea in 2014, IRIDIUM launched a series of wintertime operations against Ukrainian electricity providers, cutting power to hundreds of thousands of citizens in 2015 and 2016."

https://www.pcgamer.com/microsoft-encourages-strong-cyber-hygiene-in-light-of-increasing-russian-cyberattacks/


Threats

Ransomware, Extortion and Destructive Attacks

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

Malware

Mobile

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

Deepfakes

AML/CFT/Sanctions

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Denial of Service DoS/DDoS

Cloud/SaaS

Hybrid/Remote Working

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Training, Education and Awareness

Parental Controls and Child Safety

Regulations, Fines and Legislation

Governance, Risk and Compliance

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

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


Nation State Actors

Nation State Actors – Russia

Nation State Actors – China

Nation State Actors – North Korea

Nation State Actors – Iran


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 30 September 2022

Black Arrow Cyber Threat Briefing 30 September 2022:

-UK Organisations, Ukraine's Allies Warned of Potential "Massive" Cyber Attacks By Russia

-Cyber Criminals See Allure in BEC Attacks Over Ransomware

-Most Hackers Need 5 Hours or Less to Break Into Enterprise Environments

-Global Firms Deal with 51 Security Incidents Each Day

-Phishing Attacks Crushed Records Last Quarter, Driven by Mobile

-Why Paying the Ransom is Still the Most Common Response to a Ransomware Attack?

-Ransomware Attacks Continue Increasing: 20% of All Reported Attacks Occurred in the Last 12 Months

-More Than Half of Security Pros Say Risks Higher in Cloud Than On Premise

-How To Outsmart Increasingly Complex Cyber Attacks

-Top Issues Driving Cyber Security: Growing Number of Cyber Criminals, Variety of Attacks

-Cyber Threats Top Business Leaders' Biggest Concerns

-Fired Admin Cripples Former Employer's Network Using Old Credentials

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

  • UK Organisations, Ukraine's Allies Warned of Potential "Massive" Cyber Attacks By Russia

The head of the UK National Cyber Security Centre (NCSC) Lindy Cameron has given an update on Russia’s cyber activity amid its war with Ukraine. Her speech at Chatham House last week came just a few days after Ukraine’s military intelligence agency issued a warning that Russia was “preparing massive cyber attacks on the critical infrastructure of Ukraine and its allies.” This coincides with a new Forrester report that reveals the extent to which the cyber impact of the Russia-Ukraine conflict has expanded beyond the conflict zone with malware attacks propagating into European entities.

Addressing Russian cyber activity this year, Cameron stated that, while we have not seen the “cyber-Armageddon” some predicted, there has been a “very significant conflict in cyber space – probably the most sustained and intensive cyber campaign on record – with the Russian State launching a series of major cyber attacks in support of their illegal invasion in February.”

Russian cyber forces from their intelligence and military branches have been busy launching a huge number of attacks in support of immediate military objectives.

Since the start of the year, the NCSC has been advising UK organisations to take a more proactive approach to cyber security in light of the situation in Ukraine. “There may be organisations that are beginning to think ‘is this still necessary?’ as in the UK we haven’t experienced a major incident related to the war in Ukraine. My answer is an emphatic yes,” Cameron said.

In response to significant recent battlefield set-backs, Putin has been reacting in unpredictable ways, and so we shouldn’t assume that just because the conflict has played out in one way to date, it will continue to go the same way, Cameron added. “There is still a real possibility that Russia could change its approach in the cyber domain and take more risks – which could cause more significant impacts in the UK.” UK organisations and their network defenders should therefore be prepared for this period of elevated alert with a focus on building long-term resilience, which is a “marathon not a sprint,” she said.

https://www.csoonline.com/article/3674871/ncsc-chief-warns-uk-organizations-ukraine-s-allies-of-possible-massive-cyberattacks-by-russia.html#tk.rss_news

  • Cyber Criminals See Allure in BEC Attacks Over Ransomware

While published trends in ransomware attacks have been contradictory — with some firms tracking more incidents and other fewer — business email compromise (BEC) attacks continue to have proven success against organisations.

BEC cases, as a share of all incident-response cases, more than doubled in the second quarter of the year, to 34% from 17% in the first quarter of 2022. That's according to Arctic Wolf's "1H 2022 Incident Response Insights" report, published on 29 September, which found that specific industries — including financial, insurance, business services, and law firms, as well as government agencies — experienced more than double their previous number of cases, the company said.

Overall, the number of BEC attacks encountered per email box has grown by 84% in the first half of 2022, according to data from cyber security firm Abnormal Security.

Meanwhile, so far this year, threat reports released by organisations have revealed contradictory trends for ransomware. Arctic Wolf and the Identity Theft Resource Center (ITRC) have seen drops in the number of successful ransomware attacks, while business customers seem to be encountering ransomware less often, according to security firm Trellix. At the same time, network security firm WatchGuard had a contrary take, noting that its detection of ransomware attacks skyrocketed 80% in the first quarter of 2022, compared with all of last year.

The surging state of BEC landscape is unsurprising because BEC attacks offer cyber criminals advantages over ransomware. Specifically, BEC gains do not rely on the value of cryptocurrency, and attacks are often more successful at escaping notice while in progress. Threat actors are unfortunately very opportunistic.

For that reason, BEC — which uses social engineering and internal systems to steal funds from businesses — continues to be a stronger source of revenue for cyber criminals. In 2021, BEC attacks accounted for 35%, or $2.4 billion, of the $6.9 billion in potential losses tracked by the FBI's Internet Crime Complaint Center (IC3), while ransomware remained a small fraction (0.7%) of the total.

https://www.darkreading.com/threat-intelligence/cybercriminals-see-allure-bec-attacks-ransomware

  • Most Hackers Need 5 Hours or Less to Break Into Enterprise Environments

A new survey of 300 ethical hackers provides insight into not only the most common means of initial access, but how a complete end-to-end attack happens.

Around 40% of ethical hackers recently surveyed by the SANS Institute said they can break into most environments they test, if not all. Nearly 60% said they need five hours or less to break into a corporate environment once they identify a weakness.

The SANS ethical hacking survey, done in partnership with security firm Bishop Fox, is the first of its kind and collected responses from over 300 ethical hackers working in different roles inside organisations, with different levels of experience and specialisations in different areas of information security. The survey revealed that on average, hackers would need five hours for each step of an attack chain: reconnaissance, exploitation, privilege escalation and data exfiltration, with an end-to-end attack taking less than 24 hours.

The survey highlights the need for organisations to improve their mean time-to-detect and mean-time-to-contain, especially when considering that ethical hackers are restricted in the techniques they're allowed to use during penetration testing or red team engagements. Using black hat techniques, like criminals do, would significantly improve the success rate and speed of attack.

When asked how much time they typically need to identify a weakness in an environment, 57% of the polled hackers indicated ten or fewer hours: 16% responded six to ten hours, 25% three to five hours, 11% one to two hours and 5% less than an hour.

https://www.csoonline.com/article/3675535/most-hackers-need-5-hours-or-less-to-break-into-enterprise-environments.html#tk.rss_news

  • Global Firms Deal with 51 Security Incidents Each Day

Security operations (SecOps) teams are struggling to respond to dozens of cyber security incidents every single day, according to a new report from Trellix.

The security vendor polled 9000 security decision makers from organisations with 500+ employees across 15 markets to compile its latest study, ‘XDR: Redefining the future of cyber security’.

It found that the average SecOps team has to manage 51 incidents per day, with 36% of respondents claiming they deal with 50 to 200 daily incidents. Around half (46%) agreed that they are “inundated by a never-ending stream of cyber-attacks.”

Part of the problem is the siloed nature of security and detection and response systems, the study claimed. Some 60% of respondents argued that poorly integrated products mean teams can’t work efficiently, while a third (34%) admitted they have blind spots. It’s perhaps no surprise, therefore, that 60% admitted they can’t keep pace with the rapid evolution of security threats.

This could be having a major impact on the bottom line. The vast majority (84%) of security decision makers that Trellix spoke to estimated that their organisation lost up to 10% of revenue from security breaches in the past year.

Medium size businesses ($50–$100m in revenue) lost an average of 8% in revenue, versus 5% for large businesses with a turnover of $10bn–$25bn. That could mean hundreds of millions of dollars are being thrown away each year due to inadequate SecOps.

https://www.infosecurity-magazine.com/news/global-firms-51-security-incidents/

  • Phishing Attacks Crushed Records Last Quarter, Driven by Mobile

Last quarter saw a record-shattering number of observed phishing attacks, fuelled in large part by attempts to target users on their mobile devices.

The latest Anti-Phishing Working Group (APWG) "Phishing Activity Trends Report" for the second quarter of 2022 found 1,097,811 observed phishing attacks, the most the group has ever measured in its history.

The financial sector remained the top target for phishing lures (27.6%), along with other bombarded sectors, including webmail and software-as-a-service providers, social media sites, and cryptocurrency.

But much of the rise in phishing volume is due to a new threat actor focus on mobile devices, specifically vishing (voice phishing) and smishing (SMS phishing) attacks, the report noted.

https://www.darkreading.com/attacks-breaches/phishing-attacks-crushed-records-last-quarter

  • Why Paying the Ransom is Still the Most Common Response to a Ransomware Attack

According to new data from Databarracks, 44% of the organisations who experienced a ransomware assault paid the demanded ransom. 22% made use of ransomware decryption software, while 34% restored data from backups.

The Databarracks 2022 Data Health Check produced the results. The annual report has been collecting data on ransomware, cyber, backup, disaster recovery, and business continuity from more than 400 UK IT decision-makers since 2008.

From the victim’s standpoint, it’s logical why you may pay a ransom. You are unable to handle orders or provide customer support, and losses mount swiftly. Downtime expenses can easily surpass the ransom.

Organisations may believe that paying the ransom will solve the issue more quickly, allowing them to resume operations as usual. This strategy is faulty for a number of causes.

First of all, there is no assurance that your data will be returned. Second, once criminals know an organisation is an easy target, they frequently attack it again. Finally, it conveys the incorrect message. By paying, you are assisting the crooks by demonstrating that their strategies are effective.

https://informationsecuritybuzz.com/study-research/why-paying-the-ransom-is-still-the-most-common-response-to-a-ransomware-attack/

  • Ransomware Attacks Continue Increasing: 20% of All Reported Attacks Occurred in the Last 12 Months

Nearly a quarter of businesses have suffered a ransomware attack, with a fifth occurring in the past 12 months, according to a latest annual report from cyber security specialist Hornetsecurity.

The 2022 Ransomware Report, which surveyed over 2,000 IT leaders, revealed that 24% have been victims of a ransomware attack, with one in five (20%) attacks happening in the last year.

Cyber attacks are happening more frequently. Last year's ransomware survey revealed one in five (21%) companies experienced an attack; this year it rose by three percent to 24%.

Attacks on businesses are increasing, and there is a shocking lack of awareness and preparation by IT pros. The survey shows that many in the IT community have a false sense of security as bad actors develop new techniques.

The 2022 Ransomware Report highlighted a lack of knowledge on the security available to businesses. A quarter (25%) of IT professionals either don't know or don't think that Microsoft 365 data can be impacted by a ransomware attack.

Just as worryingly, 40% of IT professionals that use Microsoft 365 in their organisation admitted they do not have a recovery plan in case their Microsoft 365 data was compromised by a ransomware attack.

Microsoft 365 is vulnerable to phishing attacks and ransomware attacks, but with the help of third-party tools, IT admins can back up their Microsoft 365 data securely and protect themselves from such attacks.

Industry responses showed the widespread lack of preparedness from IT professionals and businesses. There has been an increase in businesses not having a disaster recovery plan in place if they do succumb to the heightened threat of a cyber attack.

In 2021, 16% of respondents reported having no disaster recovery plan in place. In 2022, this grew to 19%, despite the rise in attacks.

https://www.darkreading.com/attacks-breaches/ransomware-attacks-continue-increasing-20-of-all-reported-attacks-occurred-in-the-last-12-months---new-survey

  • More Than Half of Security Pros Say Risks Higher in Cloud Than On Premise

A recent survey from machine identity solutions provider Venafi aimed to explore the complexity of cloud environments and the resulting impact on cyber security.

Venafi surveyed 1,101 security decision makers (SDMs) in firms with more than 1,000 employees and found that eighty-one percent of companies have experienced a cloud security incident in the last year. Forty-five percent have suffered at least four security incidents in the same period. More than half of security decision makers believe that security risks are higher in the cloud than on-premise.

Twenty-four percent of the firms have more than 10,000 employees. Ninety-two percent of the SDMs are at manager level or above, with 49% at c-suite level or higher.

Most of the firms surveyed believe the underlying issue is the increasing complexity of their cloud deployments. Since these companies already host 41% of their applications in the cloud, and expect to increase this to 57% over the next 18 months, the problem is only likely to worsen in the future.

The ripest target of attack in the cloud is identity management, especially machine identities. Each of these cloud services, containers, Kubernetes clusters and microservices needs an authenticated machine identity – such as a TLS certificate – to communicate securely. If any of these identities is compromised or misconfigured, it dramatically increases security and operational risks.

Respondents reported that the most common cloud incidents are security incidents during runtime (34%), unauthorised access (33%), misconfigurations (32%), vulnerabilities that have not been remediated (24%), and failed audits (19%).

Their primary operational concerns are hijacking of accounts, services or traffic (35%), malware or ransomware (31%), privacy/data access issues such as those from GDPR (31%), unauthorised access (28%), and nation state attacks (26%).

https://www.securityweek.com/more-half-security-pros-say-risks-higher-cloud-premise

  • How To Outsmart Increasingly Complex Cyber Attacks

Threat detection is harder today than it was two years ago. Next year will be harder than this year. Why? It’s a compounding effect from skills shortages and threat varieties that’s making it more challenging for any one product to handle key security wins. And cyber security is a constantly evolving sector with 2022 a devastating year for cyber security. Both hackers and security experts are always in a battle to outsmart each other.

Even for businesses with good IT departments, data protection can too quickly become an afterthought. Today’s threat landscape is growing, not just in the frequency of attacks (and the number of high-profile breaches recorded in the media) but so is the complexity of any given threat. A recent piece of research found that in 93 percent of cases, an external attacker can breach an organisation’s network perimeter and gain access to local network resources. Following increasing levels of cyber-attacks, it’s a case of “not if I will be hit by a ransomware attack,” but “when…” Organisations need to do something to mitigate the risk and protect their businesses, and they need to do it now. 

Planning and executing a better defence to outsmart attackers and win more security battles doesn’t have to feel like a military operation – but it does require the right service coverage to remove blind spots and reduce emerging risks before they escalate. 

https://informationsecuritybuzz.com/articles/how-to-outsmart-increasingly-complex-cyber-attacks/

  • Top Issues Driving Cyber Security: Growing Number of Cyber Criminals, Variety of Attacks

Fortifying cyber security defences remains a work in progress for many organisations, who acknowledge their shortcomings but have yet to commit the necessary resources to the effort, according to new research from CompTIA.

While a majority of respondents in each of seven geographic regions feels that their company’s cyber security is satisfactory, CompTIA’s “State of Cybersecurity” shows that a much smaller number rank the situation as “completely satisfactory.” Nearly everyone feels that there is room for improvement.

“Companies are aware of the threats they face and the potential consequences of an attack or breach,” said Seth Robinson, VP of industry research, CompTIA. “But they may be underestimating their exposure and how much they need to invest in cyber security. Risk mitigation is the key, the filter through which everything should be viewed.”

Two of the top three issues driving cyber security considerations are the growing volume of cyber criminals, cited by 48% of respondents, and the growing variety of cyber attacks (45%). Additionally, ransomware and phishing have quickly become major areas of concern as digital operations have increased and human error has proven more costly.

“Digital transformation driven by cloud and mobile adoption requires a new strategic approach to cyber security, but this poses significant challenges, both tactically and financially,” Robinson said. “As IT operations and strategy have grown more complex, so has the management of cyber security.”

As cyber security is more tightly integrated with business objectives, zero trust is the overarching policy that should be guiding modern efforts, though its adoption will not take place overnight because it requires a drastically different way of thinking and acting. The report suggests there is small progress in recognising a holistic zero trust approach, but better progress in adopting some elements that are part of an overarching zero trust policy.

https://www.helpnetsecurity.com/2022/09/30/top-issues-driving-cybersecurity/

  • Cyber Threats Top Business Leaders' Biggest Concerns

Cyber threats are the number one concern for business decision makers, beating worries over economic uncertainty, rising energy costs and hiring, according to insurance provider Travelers. The firm polled over 1200 business leaders to compile its 2022 Travelers Risk Index report.

This is the third time in four years that cyber has emerged as the top concern, with more than half (57%) of respondents believing a future cyber-attack on their organisation is inevitable. A quarter (26%) said their company had already been a breach victim, the seventh successive year this figure has risen.

The top two cyber-related concerns were suffering a security breach (57%), and a system glitch causing computers to crash (55%). Becoming a cyber-extortion victim rose from eighth position to third this year.

However, despite general concern about cyber-threats, business decision-makers may also be guilty of overconfidence in their organisation’s security posture.

Nearly all respondents (93%) said they’re confident their company has implemented best practices to prevent or mitigate a cyber event. Yet most have not deployed endpoint detection and response tools (64%), they haven’t conducted a vendor cyber-assessment (59%), and don’t have an incident response plan (53%). Further, while 90% said they’re familiar with multi-factor authentication (MFA), only 52% had implemented it for remote access. This increasingly matters, not only to mitigate cyber-risk but also to reduce insurance premium costs and increase coverage.

Cyber attacks can shut down a company for a long period of time or even put it out of business, and it’s imperative that companies have a plan in place to mitigate any associated operational and financial disruptions.

Effective measures that have proven to reduce the risk of becoming a cyber victim are available, but based on these survey results, not enough companies are taking action. It’s never too late, and these steps can help businesses avoid a devastating cyber-event.

https://www.infosecurity-magazine.com/news/cyberthreats-top-business-big/

  • Fired Admin Cripples Former Employer's Network Using Old Credentials

After being laid off, an IT system administrator disrupted the operations of his former employer, a high-profile financial company in Hawaii, hoping to get his job back.

Casey K Umetsu, aged 40, worked as a network admin for the company between 2017 and 2019, when his employer terminated his contract. The US Department of Justice says in a press release that the defendant pled guilty to accessing his former employer's website and making configuration changes to redirect web and email traffic to external computers.

To prolong the business disruption for several more days, Umetsu performed additional actions that essentially locked out the firm's IT team from the website administration panel. In the end, the victimised company learned who was responsible for the sabotage after reporting the cyber security incident to the FBI.

Umetsu is awaiting sentence for his wrongdoings on January 19, 2023. He faces a maximum of 10 years of prison time and a fine of up to $250,000.

While Umetsu's actions are condemnable, the company's security practices cannot be overlooked since Umetsu used credentials that should have been invalidated the moment he got fired.

https://www.bleepingcomputer.com/news/security/fired-admin-cripples-former-employers-network-using-old-credentials/


Threats

Ransomware and Extortion

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

Malware

Mobile

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

Deepfakes

Software Supply Chain

Denial of Service DoS/DDoS

Cloud/SaaS

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Training, Education and Awareness

Parental Controls and Child Safety

Regulations, Fines and Legislation

Models, Frameworks and Standards

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.

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Black Arrow Cyber Threat Briefing 23 September 2022

Black Arrow Cyber Threat Briefing 23 September 2022:

-Cyber Insurers Clamp Down on Clients' Self-Attestation of Security Controls

-Survey Shows CISOs Losing Confidence in Ability to Stop Ransomware Attacks

-MFA Fatigue: Hackers’ New Favourite Tactic In High-Profile Breaches

-Credential Stuffing Accounts For One-third Of Global Login Attempts, Okta Finds

-Ransomware Operators Might Be Dropping File Encryption In Favour Of Corrupting Files

-Revolut Hack Exposes Data Of 50,000 Users, Fuels New Phishing Wave

-Researchers Say Insider Threats Play A Larger Role In Security Incidents

-SMBs vs. Large Enterprises: Not All Compromises Are Created Equal

-Cyber Attack Costs for Businesses up by 80%

-Morgan Stanley Fined $35m By SEC For Data Security Lapse, Sold Devices Full of Customer PII

-Eyeglass Reflections Can Leak Information During Video Calls

-Uber Says It Was Likely Hacked by Teenage Hacker Gang LAPSUS$

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber experts to provide senior and middle management with an easy to digest round up of the most notable threats, vulnerabilities, and cyber related news from the last week.

Top Cyber Stories of the Last Week

  • Cyber Insurers Clamp Down on Clients' Self-Attestation of Security Controls

After one company suffered a breach that could have been headed off by the MFA it claimed to have, insurers are looking to confirm claimed cyber security measures.

A voided lawsuit from a cyber insurance carrier claiming its customer misled it on its insurance application could potentially pave the way to change how underwriters evaluate self-attestation claims on insurance applications.

The case — Travelers Property Casualty Company of America v. International Control Services Inc. (ICS) — hinged on ICS claiming it had multifactor authentication (MFA) in place when the electronics manufacturer applied for a policy. In May the company experienced a ransomware attack. Forensics investigators determined there was no MFA in place, so Travelers asserted it should not be liable for the claim. The case was filed in the US District Court for the Central District of Illinois on July 6 and at the end of August, the litigants agreed to void the contract, ending ICS's efforts to have its insurer cover its losses.

This case was unusual in that Travelers maintained the misrepresentation "materially affected the acceptance of the risk and/or the hazard assumed by Travelers" in the court filing. Taking a client to court is a departure from other similar cases where an insurance company simply denied the claim.

Sean O'Brien of Yale Law School notes that security should be proactive, stopping possible breaches before they occur rather than simply responding to each successful attack. The insurance industry is likely to become more and more pernickety as cyber security claims rise, defending their bottom line and avoiding reimbursement wherever possible. This has always been the role of insurance adjusters, of course, and their business is in many ways adversarial to your organisation's interests after the dust settles from a cyber attack.

That said, organisations should not expect a payout for poor cyber security policies and practices, he notes.

https://www.darkreading.com/edge/cyber-insurers-clamp-down-on-clients-self-attestation-of-security-controls

  • Survey Shows CISOs Losing Confidence in Ability to Stop Ransomware Attacks

Despite an 86% surge in budget resources to defend against ransomware, 90% of organisations were impacted by attacks last year, a survey reveals.

An annual survey of CISOs from Canada, the UK, and US reveals that security teams are starting to lose hope that they can defend against the next ransomware attack. The survey was conducted by SpyCloud, and it showed that although budgets to protect against cyber attacks have swelled by 86%, a full 90% of organisations surveyed said they had been impacted by a ransomware over the past year.

More organisations have implemented 'Plan B' measures this year, from opening cryptocurrency accounts to purchasing ransomware insurance. These findings suggest that organisations realise threats are slipping through their defences and a ransomware attack is inevitable.

The survey did show some bright spots on the cyber security front — nearly three-quarters of those organisations surveyed are using multifactor authentication (MFA), with an increase from 44% to 73% year-over-year. The report added that respondents said they are focused on stopping credential-stealing malware, particularly on unmanaged network devices.

https://www.darkreading.com/application-security/survey-cisos-losing-confidence-stop-ransomware-attacks

  • MFA Fatigue: Hackers’ New Favourite Tactic in High-Profile Breaches

Hackers are more frequently using social engineering attacks to gain access to corporate credentials and breach large networks. One component of these attacks that is becoming more popular with the rise of multi-factor authentication is a technique called MFA Fatigue.

When breaching corporate networks, hackers commonly use stolen employee login credentials to access VPNs and the internal network. The reality is that obtaining corporate credentials is far from difficult for threat actors, who can use various methods, including phishing attacks, malware, leaked credentials from data breaches, or purchasing them on dark web marketplaces.

To counter this, enterprises have increasingly adopted multi-factor authentication to prevent users from logging into a network without first entering an additional form of verification. This additional information can be a one-time passcode, a prompt asking you to verify the login attempt, or the use of hardware security keys.

While threat actors can use numerous methods to bypass multi-factor authentication, most revolve around stealing cookies through malware or man-in-the-middle phishing attack frameworks. However, a social engineering technique called 'MFA Fatigue' is growing more popular with threat actors as it does not require malware or phishing infrastructure and has proven to be successful in attacks.

An MFA Fatigue attack is when a threat actor runs a script that attempts to log in with stolen credentials over and over, causing what feels like an endless stream of MFA push requests to be sent to the account's owner's mobile device. The goal is to keep this up, day and night, to break down the target's cyber security posture and inflict a sense of "fatigue" regarding these MFA prompts.

https://www.bleepingcomputer.com/news/security/mfa-fatigue-hackers-new-favorite-tactic-in-high-profile-breaches/

  • Credential Stuffing Accounts for One-third Of Global Login Attempts

Okta’s global State of Secure Identity Report has found that credential stuffing is the top threat against customer accounts, outpacing legitimate login traffic in some countries. The report presents trends, examples and observations unearthed from the billions of authentications on Okta’s Auth0 platform.

Credential stuffing is when attacks take advantage of the practice of password reuse. It begins with a stolen login or password pair, then threat actors use these credentials across other common sites, using automated tooling used to “stuff” credential pairs into login forms. When an account holder reuses the same (or similar) passwords on multiple sites, it creates a domino effect in which a single credential pair can be used to breach multiple applications.

Across all industries globally, Okta found there were almost 10 billion credential stuffing attempts in the first 90 days of 2022, which amounts to 34% of authentication traffic.

https://informationsecuritybuzz.com/study-research/credential-stuffing-accounts-for-one-third-of-global-login-attempts-okta-finds/

  • Ransomware Operators Might Be Dropping File Encryption in Favour of Corrupting Files

Corrupting files is faster, cheaper, and less likely to be stopped by endpoint protection tools than encrypting them.

A recent attack that involved a threat actor believed to be an affiliate of the BlackCat/ALPHV ransomware-as-a-service (RaaS) operation was found to use a data exfiltration tool dubbed Exmatter. Exmatter is a tool that allows attackers to scan the victim computer's drives for files with certain extensions and then upload them to an attacker-controlled server in a unique directory created for every victim. The tool supports several exfiltration methods including FTP, SFTP, and webDAV.

The way the Eraser function works is that it loads two random files from the list into memory and then copies a random chunk from the second file to the beginning of the first file overwriting its original contents. This doesn't technically erase the file but rather corrupts it. The researchers believe this feature is still being developed because the command that calls the Eraser function is not yet fully implemented and the function’s code still has some inefficiencies. Since the selected data chunk is random, it can sometimes be very small, which makes some files more recoverable than others.

Why destroy files by overwriting them with random data instead of deploying ransomware to encrypt them? At a first glance these seem like similar file manipulation operations. Encrypting a file involves overwriting it, one block at a time, with random-looking data (the ciphertext). However, there are ways to detect these encryption operations when done in great succession and many endpoint security programs can now detect when a process exhibits this behaviour and can stop it. Meanwhile, the kind of file overwriting that Exmatter does is much more subtle.

The act of using legitimate file data from the victim machine to corrupt other files may be a technique to avoid heuristic-based detection for ransomware and wipers, as copying file data from one file to another is much more plausibly benign functionality compared to sequentially overwriting files with random data or encrypting them.

Another reason is that encrypting files is a more intensive task that takes a longer time. It's also much harder and costly to implement file encryption programs, which ransomware essentially are, without bugs or flaws that researchers could exploit to reverse the encryption. There have been many cases over the years where researchers found weaknesses in ransomware encryption implementations and were able to release decryptors. This has happened to BlackMatter, the Ransomwware-as-a-Service (RaaS) operation with which the Exmatter tool has been originally associated.

With data exfiltration now the norm among threat actors, developing stable, secure, and fast ransomware to encrypt files is a redundant and costly endeavour compared to corrupting files and using the exfiltrated copies as the means of data recovery.

It remains to be seen if this is the start of a trend where ransomware affiliates switch to data destruction instead of encryption, ensuring the only copy is in their possession, or if it's just an isolated incident where BlackMatter/BlackCat affiliates want to avoid mistakes of the past. However, data theft and extortion attacks that involve destruction are not new and have been widespread in the cloud database space. Attackers have hit unprotected S3 buckets, MongoDB databases, Redis instances, and ElasticSearch indexes for years, deleting their contents and leaving behind ransom notes so it wouldn't be a surprise to see this move to on-premises systems as well.

https://www.csoonline.com/article/3674848/ransomware-operators-might-be-dropping-file-encryption-in-favor-of-corrupting-files.html#tk.rss_news

  • Revolut Hack Exposes Data Of 50,000 Users, Fuels New Phishing Wave

Revolut has suffered a cyber attack that gave an unauthorised third party access to personal information of tens of thousands of clients. The incident occurred over a week ago, on Sunday night, and has been described as "highly targeted."

Founded in 2015, Revolut is a financial technology company that has seen a rapid growth, now offering banking, money management, and investment services to customers all over the world. In a statement a company spokesperson said that an unauthorised party had access "for a short period of time" to details of only a 0.16% of its customers.

"We immediately identified and isolated the attack to effectively limit its impact and have contacted those customers affected. Customers who have not received an email have not been impacted" , Revolut said.

According to the breach disclosure to the State Data Protection Inspectorate in Lithuania, where Revolut has a banking license, 50,150 customers have been impacted. Based on the information from Revolut, the agency said that the number of affected customers in the European Economic Area is 20,687, and just 379 Lithuanian citizens are potentially impacted by this incident.

Details on how the threat actor gained access to the database have not been disclosed but it appears that the attacker relied on social engineering. The Lithuanian data protection agency notes that the likely exposed information includes:

  • Email addresses

  • Full names

  • Postal addresses

  • Phone numbers

  • Limited payment card data

  • Account data

However, in a message to an affected customer, Revolut says that the type of compromised personal data varies for different customers. Card details, PINs, or passwords were not accessed.

https://www.bleepingcomputer.com/news/security/revolut-hack-exposes-data-of-50-000-users-fuels-new-phishing-wave/

  • Researchers Say Insider Threats Play a Larger Role In Security Incidents

Insider threats are becoming an increasingly common part of the attack chain, with malicious insiders and unwitting assets playing critical roles in incidents over the past year, according to Cisco Talos research.

In a blog post, Cisco Talos researchers said organisations can mitigate these types of risks via education, user-access control, and ensuring proper processes and procedures are in place when and if employees leave the organisation.

There are a variety of reasons a user may choose to become a malicious insider, and unfortunately many of them are occurring today. The most obvious being financial distress, where a user has a lot of debt and selling the ability to infect their employer can be a tempting avenue. There have been examples of users trying to sell access into employer networks for more than a decade, having spotted them on dark web forums. The current climate, with the economy tilting toward recession, is ripe for this type of abuse.

The cyber crime underground remains a hot spot for insider threat recruitment efforts because of the relative anonymity, accessibility, and low barrier of entry it affords. Malicious actors use forums and instant messaging platforms to advertise their insider services or, vice versa, to recruit accomplices for specific schemes that require insider access or knowledge.

By far, the most popular motivation for insider threats is financial gain. There are plenty of examples of financially-motivated threat actors seeking employees at companies to provide data and access to sell in the underground or leverage against the organisation or its customers. There have also been instances where individuals turn to underground forums and instant messaging platforms claiming to be employees at notable organisations to sell company information.

https://www.scmagazine.com/analysis/insider-threat/researchers-say-insider-threats-play-a-larger-role-in-security-incidents

  • SMBs vs. Large Enterprises: Not All Compromises Are Created Equal

Attackers view smaller organisations as having fewer security protocols in place, therefore requiring less effort to compromise. Lumu has found that compromise is significantly different for small businesses than for medium-sized and large enterprises.

There is no silver bullet for organisations to protect themselves from compromise, but there are critical steps to take to understand your potential exposure and make sure that your cyber security protocols are aligned accordingly.

Compromise often stay undetected for long periods of time – 201 days on average with compromise detection and containment taking approximately 271 days. It’s critical for smaller businesses to know they are more susceptible and to get ahead of the curve with safeguards.

Results from the Lumu Ransomware Assessment show a few reasons why attacks continue to stay undetected for such long periods of time:

·       58% of organisations aren’t monitoring roaming devices, which is concerning with a workforce that has embraced remote working

·       72% of organisations either don’t or only partially monitor the use of network resources and traffic, which is problematic given that most compromises tend to originate from within the network

·       Crypto-mining doesn’t appear to be a concern for the majority of organisations as 76% either do not know or only partially know how to identify it; however, this is a commonly used technique for cyber criminals

Additionally, threat data unveils attack techniques used and how they vary based on the size of the organisation.

Small businesses are primarily targeted by malware attacks (60%) and are also at greater risk of Malware, Command and Control, and Crypto-Mining. Medium-sized businesses and large enterprises don’t see as much malware and are more susceptible to Domain Generated Algorithms (DGA). This type of attack allows adversaries to dynamically identify a destination domain for command and control traffic rather than relying on a list of static IP addresses or domains.

https://www.helpnetsecurity.com/2022/09/22/smaller-organizations-security-protocols/

  • Cyber Attack Costs for Businesses up by 80%

In seven out of eight countries, cyber attacks are now seen as the biggest risk to business — outranking COVID-19, economic turmoil, skills shortages, and other issues. The "Hiscox Cyber Readiness Report 2022," which assesses how prepared businesses are to fight back against cyber incidents and breaches, polled more than 5,000 corporate cyber security professionals in the US, UK, Belgium, France, Germany, Ireland, Spain, and the Netherlands. These experts had some enlightening things to say.

According to the report, IT pros are more worried about cyber attacks (46%) than the pandemic (43%) or skills shortages (38%). And the data prove it. The survey indicates that in the past 12 months, US businesses weathered a 7% increase in cyber attacks. Approximately half of all US businesses (47%) suffered an attack in the past year.

Remote work has caused many smaller organisations to use cloud solutions instead of utilizing in-house IT services. However, with more cloud applications and APIs in use, the attack surface has broadened, too, making these organisations more vulnerable to cyber crime.

Although the proportion of staff working remotely almost halved in the past year — from 62% of the workforce in 2021 to 39% in 2022 — overall IT expenditures doubled, from $11.5 million in 2021 to $24.2 million this year. "Despite 61% of survey respondents now being back in the office, businesses are still experiencing a hangover from the pandemic," Hiscox said in a statement. "Remote working provided a year-long Christmas for cyber criminals, and we can see the results of their cyber-feast in the increased frequency and cost of attacks. As we move into a new era of hybrid working, we all have an increased responsibility to continue learning, and managing our own cyber security."

It may come as no surprise that as more organisations evolve and scale their digital business models, the median cost of an attack has surged — from $10,000 last year to $18,000 in 2022. The US is bearing the brunt of generally higher cyber attack costs, with 40% of attack victims incurring costs of $25,000 or higher. The most common vulnerability — i.e., the entry point for cyber criminals — was a cloud-based corporate server.

However, in terms of attack costs, the report reveals major regional disparities. While one organisation in the UK suffered total attack costs of $6.7 million, the hardest-hit firms in Germany, Ireland, and the Netherlands paid out more than $5 million. In turn, Belgium, France, Germany, and Spain all experienced stable or lower median costs.

https://www.darkreading.com/attacks-breaches/cyberattack-costs-for-us-businesses-up-by-80-

  • Morgan Stanley Fined $35m By SEC For Data Security Lapse, Sold Devices Full of Customer PII

American financial services giant Morgan Stanley agreed to pay the Securities and Exchange Commission (SEC) a $35m penalty on Tuesday over data security lapses.

According to the SEC's complaint, the firm would have allowed roughly 1000 unencrypted hard drives (HDDs) and about 8000 backup tapes from decommissioned data centres to be resold on auction sites without first being wiped.

The improper disposal of the devices reportedly started in 2016 and per the SEC complaint, was part of an "extensive failure" that exposed 15 million customers' data.

In fact, instead of destroying the hard drives or employing an internal IT team to erase them, Morgan Stanley would have contracted an unnamed third–party moving company with allegedly no experience in decommissioning storage media to take care of the hardware.

The moving company initially subcontracted an IT firm to wipe the drives, but their business relationship went sour, so the mover started selling the storage devices to another firm that auctioned them online without erasing them.

"This is an astonishing security mistake by one of the world's most prestigious banks, who would be expected to have well–established procedures in system life cycle management," Jordan Schroeder, managing CISO at Barrier Networks, told Infosecurity Magazine.

"Not only does the situation mean that the bank put customer data at risk, but it also demonstrates the organisation was not following an expected policy which explained the secure disposing of IT equipment."

https://www.infosecurity-magazine.com/news/morgan-stanley-pay-dollar35m-sec/

  • Eyeglass Reflections Can Leak Information During Video Calls

A group of academic researchers have devised a method of reconstructing text exposed via participants’ eyeglasses and other reflective objects during video conferences.

Zoom and other video conferencing tools, which have been widely adopted over the past couple of years as a result of the Covid-19 pandemic, may be used by attackers to leak information unintentionally reflected in objects such as eyeglasses, the researchers say.

Using mathematical modelling and human subjects experiments, this research explores the extent to which emerging webcams might leak recognizable textual and graphical information gleaming from eyeglass reflections captured by webcams.

Dubbed ‘webcam peeking attack’, a threat model devised by academics shows that it is possible to obtain an accuracy of over 75% when reconstructing and recognizing text with heights as small as 10 mm, captured by a 720p webcam.

According to the academics, attackers can also rely on webcam peeking to identify the websites that the victims are using. Moreover, they believe that 4k webcams will allow attackers to easily reconstruct most header texts on popular websites.

To mitigate the risk posed by webcam peeking attacks, the researchers propose both near- and long-term mitigations, including the use of software that can blur the eyeglass areas of the video stream. Some video conferencing solutions already offer blurring capabilities, albeit not fine-tuned.

https://www.securityweek.com/eyeglass-reflections-can-leak-information-during-video-calls

  • Uber Says It Was Likely Hacked by Teenage Hacker Gang LAPSUS$

Uber has published additional information about how it was hacked, claiming that it was targeted by LAPSUS$, a cyber criminal gang with a hefty track record that is thought to be composed largely of teenagers.

Last week, someone broke into Uber’s network and used the access to cause all sorts of chaos. The culprit, who claims to be 18 years old, managed to spam company staff with vulgar Slack messages, post a picture of a penis on the company’s internal websites, and leak images of Uber’s internal environment to the web. Now, the ride-share giant has released a statement providing details on its ordeal.

In its update, the company has clarified how it was hacked, largely confirming an account made by the hacker themself. Uber says that the hacker exploited the login credentials of a company contractor to initially gain access to the network. The hacker may have originally bought access to those credentials via the dark web, Uber says. The hacker then used them to make multiple login attempts to the contractor’s account. The login attempts prompted a slew of multi-factor authentication requests for the contractor, who ultimately authenticated one of them. The hacker has previously claimed that it conducted a social engineering scheme to convince the contractor to authenticate the login attempt.

Security experts have called this an “MFA fatigue” attack. This increasingly common intrusion tactic seeks to overwhelm a victim with authentication push requests until they validate the hacker’s illegitimate login attempt.

Most interestingly, Uber has also claimed that whoever was behind this hacking episode is affiliated with the cyber crime gang “LAPSUS$.” It’s not totally clear how Uber knows that.

https://gizmodo.com/uber-says-it-was-hacked-by-teenage-hacker-gang-lapsus-1849554679


Threats

Ransomware and Extortion

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

Malware

Mobile

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

Insurance

Supply Chain and Third Parties

Denial of Service DoS/DDoS

Cloud/SaaS

Encryption

API

Open Source

Privacy, Surveillance and Mass Monitoring

Parental Controls and Child Safety

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
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Black Arrow Cyber Threat Briefing 16 September 2022

Black Arrow Cyber Threat Briefing 16 September 2022

-CFOs’ Overconfidence in Cyber Security Can Cost Millions

-Cyber Security Outflanks Inflation, Talent, Logistics in Business Worries

-Attackers Can Compromise Most Cloud Data in Just 3 Steps

-Cyber Insurance Premiums Soar 80% As Claims Surge

-One In 10 Employees Leaks Sensitive Company Data Every 6 Months

-Business Application Compromise & the Evolving Art of Social Engineering

-SMBs Are Hardest-Hit By Ransomware

-65% Say Legacy Backup Solutions Aren’t Up To Ransomware Challenges

-Four-Fifths of Firms Hit by Critical Cloud Security Incident

-Homeworkers Putting Home and Business Cyber Safety at Risk

-Uber Hacked, Internal Systems Breached and Vulnerability Reports Stolen

-IHG hack: 'Vindictive' couple deleted hotel chain data for fun

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

  • CFOs’ Overconfidence in Cyber Security Can Cost Millions

Kroll announced its report entitled ‘Cyber Risk and CFOs: Over-Confidence is Costly’ which found chief financial officers (CFOs) to be woefully in the dark regarding cyber security, despite confidence in their company’s ability to respond to an incident.

The report, conducted by StudioID of Industry Dive, exposed three key themes among the 180 senior finance executives surveyed worldwide:

  1. Ignorance is bliss. Eighty-seven percent of CFOs are either very or extremely confident in their organisation’s cyber attack response. This is at odds with the level of visibility CFOs have into cyber risk issues, given only four out of 10 surveyed have regular briefings with their cyber teams.

  2. Wide-ranging damages. 71% of the represented organisations suffered more than $5 million in financial losses stemming from cyber incidents in the previous 18 months, and 61% had suffered at least three significant cyber incidents in that time. Eighty-two percent of the executives in the survey said their companies suffered a loss of 5% or more in their valuations following their largest cyber security incident in the previous 18 months.

  3. Increasing investment in cyber security. Forty-five percent of respondents plan to increase the percentage of their overall IT budget dedicated to information security by at least 10%.

According to Kroll: “We often see that CFOs are not aware enough of the financial risk presented by cyber threats until they face an incident. At that point, it’s clear that they need to be involved not only in the recovery, including permitting access to emergency funds and procuring third-party suppliers, but also in the strategy and investment around cyber both pre- and post-incident.”

“Ultimately, cyber attacks represent a financial risk to the business, and incidents can have a significant impact on value. It is, therefore, critical that this is included in wider business risk considerations. A CFO and CISO should work side-by-side, helping the business navigate the operational and financial risk of cyber.”

https://www.helpnetsecurity.com/2022/09/14/cfos-cybersecurity-confidence/

  • Cyber Security Outflanks Inflation, Talent, Logistics in Business Worries

Nearly six in 10 IT leaders in a new study view cyber security as their top business concern, ranking it higher than inflation, retaining talent and supply chain/logistics management.

Less than half of respondents (43%) believe their critical data and assets are protected from cyber threats despite increased cyber security investments by their organisations, greater board visibility and increased collaboration between the security team and the C-suite, Rackspace said in its new survey of 1,420 IT professionals worldwide.

The multi-cloud technology services specialist said that a “large majority” of the survey respondents report being either unprepared or only “somewhat prepared” to respond to major threats, such as identifying and mitigating threats and areas of concern (62%), recovering from cyber attacks (61%) or preventing lapses and breaches (63%).

Cloud native security is where organisations are most likely to rely on an outside partner, such as a managed security service provider, for expertise.

Here are more of the survey’s findings:

  • The top three cyber security challenges their organisation is facing: migrating and operating apps (45%); shortage of workers with cyber security skills (39%); lack of visibility of vulnerabilities across all infrastructure (38%).

  • 70% of survey respondents report that their cyber security budgets have increased over the past three years.

  • The leading recipients of new investment are cloud native security (59%); data security (50%), consultative security services (44%); and application security (41%).

  • Investments align closely with the areas where organisations perceive their greatest concentration of threats, led by network security (58%), closely followed by web application attacks (53%) and cloud architecture attacks (50%).

  • 70% of respondents said there has been an increase in board visibility for cyber security over the past five years, while 69% cite better collaboration between the security team and members of the C-suite.

  • Only 13% of respondents said there were significant communications gaps between the security team and C-suite, while 69% of IT executives view their counterparts in the C-suite as advocates for their concerns.

The authors stated “We are seeing a major shift in how organisations are allocating resources to address cyber threats, even as budgets increase. The cloud brings with it a new array of security challenges that require new expertise, and often reliance on external partners who can help implement cloud native security tools, automate security, provide cloud native application protection, offer container security solutions and other capabilities”.

https://www.msspalert.com/cybersecurity-research/cybersecurity-outflanks-inflation-talent-logistics-in-business-worries-rackspace-research/

  • Attackers Can Compromise Most Cloud Data in Just 3 Steps

An analysis of cloud services finds that known vulnerabilities typically open the door for attackers, while insecure cloud architectures allow them to gain access to the crown jewels.

Companies and their cloud providers often leave vulnerabilities open in their system and services, gifting attackers with an easy path to gain access to critical data.

According to an Orca Security analysis of data collected from major cloud services, attackers only need on average three steps to gain access to sensitive data, the so-called "crown jewels," starting most often — in 78% of cases — with the exploitation of a known vulnerability.

While much of the security discussion has focused on the misconfigurations of cloud resources by companies, cloud providers have often been slow to plug vulnerabilities.

The key is to fix the root causes, which is the initial vector, and to increase the number of steps that they attacker needs to take. Proper security controls can make sure that even if there is an initial attack vector, you are still not able to reach the crown jewels.

The report analysed data from Orca's security research team using data from a "billions of cloud assets on AWS, Azure, and Google Cloud," which the company's customers regularly scan. The data included cloud workload and configuration data, environment data, and information on assets collected in the first half of 2022.

https://www.darkreading.com/cloud/cyberattackers-compromise-most-cloud-data-3-steps

  • Cyber Insurance Premiums Soar 80% As Claims Surge

Cyber insurance premiums have soared in the past year as claims surged in response to a rise in damaging attacks by hackers.

The cost of taking out cyber cover had doubled on average every year for the past three years, said global insurance broker Marsh. Honan Group, another broker, pointed to an 80 per cent rise in premiums in the past 12 months, following a 20 per cent increase in the cost of cover in each of the previous two years.

Brokers are calling cyber “the new D&O”, referring to sharp rises in directors and officers insurance premiums since 2018. Brokers were hopeful premiums would ease, but have warned insurers would continue to demand companies prove they had strong security systems and policies in place before agreeing to sell them insurance.

There’ll be a number of insurance companies that won’t even look at a business that doesn’t have a bunch of security measures in place. They’ll just turn around and say, ‘we’re not going to insure you’. The chief reason for the price rises is the increase in the number and size of claims relating to ransomware, where criminals use malicious software to block access to an organisation’s computer system until a sum of money is paid. In addition, some insurers left the market, while remaining players attempted to recoup the cost of under-priced contracts written in previous years.

The rise in the premiums is mainly due to ransomware and cyber attacks across the board have risen sharply over the past few years.

https://www.afr.com/work-and-careers/management/cyber-insurance-premiums-soar-80pc-as-claims-surge-20220908-p5bglo

  • One In 10 Employees Leaks Sensitive Company Data Every 6 Months

Departing employees are most likely to leak sensitive information to competitors, criminals or the media in exchange for cash.

Insider threats are an ongoing menace that enterprise security teams need to handle. It's a global problem but especially acute in the US, with 47 million Americans quitting their jobs in 2021. The threat of ex-employees taking sensitive information to competitors, selling it to criminals in exchange for cash, and leaking files to media is making data exfiltration a growing concern. 

About 1.4 million people who handle sensitive information in their organisation globally were tracked over the period from January to June 30 this year by cyber security firm Cyberhaven to find out when, how and who is involved in data exfiltration.

On average, 2.5% of employees exfiltrate sensitive information in a month, but over a six-month period, nearly one in 10, or 9.4% of employees, do so, Cyberhaven noted in its report. Data exfiltration incidents occur when data is transferred outside the organisation in unapproved ways.

Among employees that exfiltrated data, the top 1% most prolific “super stealers” were responsible for 7.7% of incidents, and the top 10% were responsible for 34.9% of incidents.

North America accounted for the highest number of incidents at 44%, followed by the Asia Pacific region at 27%. Europe, the Middle East, and Africa accounted for 24% of incidents while 5% of incidents were recorded in South America.

https://www.csoonline.com/article/3673260/one-in-10-employees-leaks-sensitive-company-data-every-6-months-report.html#tk.rss_news

  • Business Application Compromise and the Evolving Art of Social Engineering

Social engineering is hardly a new concept, even in the world of cyber security. Phishing scams alone have been around for nearly 30 years, with attackers consistently finding new ways to entice victims into clicking a link, downloading a file, or providing sensitive information.

Business email compromise (BEC) attacks iterated on this concept by having the attacker gain access to a legitimate email account and impersonate its owner. Attackers reason that victims won't question an email that comes from a trusted source — and all too often, they're right.

But email isn't the only effective means cyber criminals use to engage in social engineering attacks. Modern businesses rely on a range of digital applications, from cloud services and VPNs to communications tools and financial services. What's more, these applications are interconnected, so an attacker who can compromise one can compromise others, too. Organisations can't afford to focus exclusively on phishing and BEC attacks — not when business application compromise (BAC) is on the rise.

https://www.darkreading.com/vulnerabilities-threats/business-application-compromise-the-evolving-art-of-social-engineering

  • SMBs Are Hardest-Hit By Ransomware

Coalition announced the mid-year update to its 2022 Cyber Claims Report detailing the evolution of cyber trends, revealing that small businesses have become bigger targets, overall incidents are down, and ransomware attacks are declining as demands go unpaid.

During the first half of 2022, the average cost of a claim for a small business owner increased to $139,000, which is 58% higher than levels during the first half of 2021.

“Across industries, we continue to see high-profile attacks targeting organisations with weak or exposed infrastructure — which has become exacerbated by today’s remote working culture and companies’ dependence on third-party vendors,” said Coalition’s Head of Claims.

“Small businesses are especially vulnerable because they often lack resources. For these businesses, avoiding downtime and disruption is essential, and they must understand that Active Insurance is accessible.”

The good news: both Coalition and the broader insurance industry observed a decrease in ransomware attack frequency and the amount of ransom demanded between the second half of 2021 and the first half of 2022. Ransomware demands decreased from $1.37M in H2 2021 to $896,000 in H1 2022.

“Organisations are increasingly aware of the threat ransomware poses. They have started to implement controls such as offline data backups that allow them to refuse to pay the ransom and restore operations through other means,” said Coalition’s Head of Incident Response. “As ransomware is on the decline, attackers are turning to reliable methods. Phishing, for example, has skyrocketed – and only continues to grow.”

https://www.helpnetsecurity.com/2022/09/15/small-businesses-ransomware-targets/

  • 65% Say Legacy Backup Solutions Aren’t Up To Ransomware Challenges

HYCU researchers are reporting 65% of respondents lack full confidence in their legacy backup solutions (HYCU is a multi-cloud backup-as-a-service provider).

According to the report, 65% of surveyed enterprise organisations are increasing spending on detection, prevention and recovery, and respondents are beginning to understand that air-gapped or immutable backups are the only ways to ensure that the backups themselves don’t fall prey to encryption worms when ransomware hits.

Key findings include:

  • 52% of ransomware victims suffered data loss

  • 63% of victims suffered an operational disruption

  • Just 41% air gap their backups

  • Just 47% routinely test their backups

  • Only 35% of respondents believe their current backup and recovery tools are sufficient.

https://informationsecuritybuzz.com/expert-comments/65-say-legacy-backup-solutions-arent-up-to-ransomware-challenges/

  • Four-Fifths of Firms Hit by Critical Cloud Security Incident

Some 80% of organisations suffered a “severe” cloud security incident over the past year, while a quarter worry they’ve suffered a cloud data breach and aren’t aware of it, according to new research from Snyk.

The developer security specialist polled 400 cloud engineering and security practitioners from organisations of various sizes and sectors, to compile its State of Cloud Security Report.

Among the incidents flagged by respondents over the past 12 months were breaches, leaks, intrusions, crypto-mining, compliance violations, failed audits and system downtime in the cloud.

Startups (89%) and public sector organisations (88%) were the most likely to have suffered such an incident over the period.

The bad news is that 58% of respondents predict they will suffer another severe incident in the cloud over the coming year. Over three-quarters (77%) of those questioned cited poor training and collaboration as a major challenge in this regard.

“Many cloud security failures result from a lack of effective cross-team collaboration and team training. When different teams use different tools or policy frameworks, reconciling work across those teams and ensuring consistent enforcement can be challenging,” the report argued.

https://www.infosecurity-magazine.com/news/fourfifths-firms-critical-cloud/

  • Homeworkers Putting Home and Business Cyber Safety at Risk

BlackBerry published a European research report exposing the cyber security risk created by cost-conscious homeworkers who prioritise security behind price, usability and ease of set up in their purchase of domestic smart devices.

32% of European home workers who own a smart device surveyed said security was a top three factor when choosing a smart device, compared to 50% who prioritised price. 28% of businesses aren’t putting adequate security provisions in place to extend cyber protection as far as homes. This heightens the risk of cyber attacks for businesses and their employees, as hybrid and home working become the norm.

The survey of 4,000 home workers in the UK, France, Germany, and the Netherlands revealed that 28% of people say that their employer has not done or communicated anything about protecting their home network or smart devices, or they don’t know if they are protected.

Furthermore, 75% of Europeans say their employers have taken no steps to secure the home internet connection or provide software protection for home devices. This failure to extend network security to home devices increases risk of the vulnerabilities created by hybrid and home working being successfully exploited. These are particularly sobering findings for small and mid-sized businesses who face upwards of eleven cyber attacks per device, per day, according to the research.

Through even the most innocent of devices, bad actors can access home networks with connections to company devices – or company data on consumer devices – and seize the opportunity to steal data and intellectual property worth millions. It’s likely businesses will bear the brunt of cyber attacks caused by unsecured home devices, with knock-on effects to employees themselves.

https://www.helpnetsecurity.com/2022/09/12/homeworkers-smart-devices-security/

  • Uber Hacked, Internal Systems Breached and Vulnerability Reports Stolen

Uber suffered a cyber attack Thursday afternoon with an allegedly 18-year-old hacker downloading HackerOne vulnerability reports and sharing screenshots of the company's internal systems, email dashboard, and Slack server.

The screenshots shared by the hacker and seen by BleepingComputer show what appears to be full access to many critical Uber IT systems, including the company's security software and Windows domain.

Other systems accessed by the hacker include the company's Amazon Web Services console, VMware vSphere/ESXi virtual machines, and the Google Workspace admin dashboard for managing the Uber email accounts.

The threat actor also breached the Uber Slack server, which he used to post messages to employees stating that the company was hacked. However, screenshots from Uber's slack indicate that these announcements were first met with memes and jokes as employees had not realised an actual cyber attack was taking place.

Uber has since confirmed the attack, tweeting that they are in touch with law enforcement and will post additional information as it becomes available. "We are currently responding to a cyber security incident. We are in touch with law enforcement and will post additional updates here as they become available," tweeted the Uber Communications account.

The New York Times, which first reported on the breach, said they spoke to the threat actor, who said they breached Uber after performing a social engineering attack on an employee and stealing their password. The threat actor then gained access to the company's internal systems using the stolen credentials.

https://www.bleepingcomputer.com/news/security/uber-hacked-internal-systems-breached-and-vulnerability-reports-stolen/

  • IHG Hack: 'Vindictive' Couple Deleted Hotel Chain Data for Fun

Hackers have told the BBC they carried out a destructive cyber-attack against Holiday Inn owner Intercontinental Hotels Group (IHG) "for fun".

Describing themselves as a couple from Vietnam, they say they first tried a ransomware attack, then deleted large amounts of data when they were foiled. They accessed the FTSE 100 firm's databases thanks to an easily found and weak password, Qwerty1234. An expert says the case highlights the vindictive side of criminal hackers.

UK-based IHG operates 6,000 hotels around the world, including the Holiday Inn, Crowne Plaza and Regent brands. On Monday last week, customers reported widespread problems with booking and check-in. For 24 hours IHG responded to complaints on social media by saying that the company was "undergoing system maintenance".

Then on the Tuesday afternoon it told investors that it had been hacked.

https://www.bbc.co.uk/news/technology-62937678


Threats

Ransomware and Extortion

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

Malware

Mobile

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

Denial of Service DoS/DDoS

Cloud/SaaS

Attack Surface Management

Shadow IT

Encryption

API

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Training, Education and Awareness

Parental Controls and Child Safety

Regulations, Fines and Legislation

Models, Frameworks and Standards

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






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