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Black Arrow Cyber Threat Briefing 22 March 2024

Black Arrow Cyber Threat Intelligence Briefing 22 March 2024:

-UK’s Cyber Resilience Stagnates as More Fall Victim to Attacks, 75% of UK Businesses & 79% of UK Charities Experienced a Cyber Incident in 2023

-1% of Users are Responsible for 88% of Data Loss Events

-Microsoft Report Says 87% of UK organisations are vulnerable to cyber attacks in the age of AI

-Cyber Naivety Leaves 4 out of 5 Businesses Wide Open and Only 1 in 5 Has a Plan

-Risk and Regulation: Preparing for the Era of Cyber Security Compliance

-Ransomware Attacks Jump 73% Within a Year

-The New CISO - Rethinking the Role

-90% of Attacks Involve Data or Credential Theft, SMBs Primary Target

-Chief Risk Officers Say Cyber Security is Most Pressing Risk

-Humans Still Cyber Security’s Weakest Link, Cyber Security Training Equips Your Workforce to Spot Threats

-Most IT Pros Think Cyber Attacks are Getting Worse, and Many Firms Don’t Know How to Deal with Them

-Supply Chain Cyber Attacks Create Weak Spots, You Need to Prepare

-Ransomware Attack on Change Healthcare Pegged as “Most Significant” in Sector History

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’s Cyber Resilience Stagnates as More Fall Victim to Attacks, 75% of UK Businesses & 79% of UK Charities Experienced a Cyber Incident in 2023

The UK Government’s Joint Committee on the National Security Strategy (JCNSS) has published its response to a ransomware enquiry with stark conclusions, stating that there is a lot to be done to truly tackle the threat posed by ransomware. The chair of the JCNSS said that the UK is and will remain exposed and unprepared if it continues to take a “head in the sand” attitude to ransomware. The minister for artificial intelligence (AI) called upon organisations to “step up their cyber security plans to guard against threats, protect their customers and workforce, and our wider economy.” This comes as the Government’s Cyber Security Longitudinal Survey (CSLS) found that three-quarters of UK businesses and 79% of UK charities experienced a cyber security incident in the last 12 months.

Despite progress, there's a pressing need for organisations to shift from viewing cyber security as solely an IT concern to recognising its integral role across all business functions, particularly in the face of escalating cyber threats. With only half of UK board members having had security training, only a quarter of businesses assessing suppliers for possible security risks, and a fifth of UK boards failing to discuss cyber security even once, the time to improve UK businesses is now.

Sources: [Emerging Risks Media Ltd] [CITY A.M.] [Verdict] [Computer Weekly]

1% of Users are Responsible for 88% of Data Loss Events

New research has shown that that 85% of organisations experienced a data loss in the past year, with 9 out of 10 of those facing a negative outcome such as business disruption, revenue loss and reputational damage. The research found that 1% of users were responsible for 88% of events. It is important to understand this is not always intentionally malicious; it can be accidental or negligent. The research found for example, that 87% of anomalous file exfiltration among cloud tenants over a nine-month period was caused by departing employees, underscoring the need for preventative strategies such as implementing a security review process for this user category.

With as little as 1% of users causing most alerts, organisations need to monitor their most sensitive data and who can access it. This should also include data loss prevention features, to further reduce the risk.

Source: [Help Net Security]

Microsoft Report Says 87% of UK Organisations are Vulnerable to Cyber Attacks in the Age of AI

New research conducted by Microsoft has found that 87% of UK Businesses are unprepared for the age of AI due to their vulnerability to cyber attacks, leaving a mere 13% considered resilient. Further, Microsoft stated that 39% of organisations were at high risk. For organisations, AI can be a tough obstacle to overcome in their journey to cyber resiliency, and it’s important to seek guidance if the available skills are not in-house.

Sources: [Microsoft] [TechRadar ] [The Times] [Infosecurity Magazine]

Cyber Naivety Leaves 4 out of 5 Businesses Wide Open, Only 1 in 5 Has a Plan

Research conducted by Cowbell Insurance has found that the UK is exhibiting a rather cavalier approach to security with 77% of UK SMEs not having any in-house security, 32% of CEOs being confident a cyber attack would not impact their ability to do business and 87% not considering reputational damage as a significant risk. This contrasts with the UK Government’s latest cyber security breaches survey, which found 59% of medium businesses experienced breaches or attacks in the last 12 months. Cowbell have stated that that UK SMEs are leaving themselves wide open to the threats and only 1 in 5 organisations had a dedicated plan to deal with a cyber attack.

A cyber security incident response plan (IRP) allows an organisation to have a documented and formalised process for dealing with a cyber incident. The IRP should be exercised annually, and cover roles and responsibilities, communications and escalations to detect, analyse, contain, eradicate and recover from an incident.

Sources: [Business Mondays] [Insurance Times] [Reinsurance News] [Gloucestershire Live]

Risk and Regulation: Preparing for the Era of Cyber Security Compliance

The next twelve months will see new regulations in many countries, and that means more things to comply with. The EU has two new regulations relating to cyber security: the NIS2 directive and the Digital Operational Resilience Act (DORA). However, despite their EU origin, the inclusion of supply chain companies within the regulations means their impact and reach will extend outside of the European Union itself. Both regulations are risk-management based in their approach.

In order to prepare, decision makers need to first understand what they are complying with and in some cases, this may require sourcing external help to fully ensure the organisation is compliant. Once this is understood, they can start implementing their compliance strategy. Research has shown that some 43% of enterprises surveyed had failed a compliance audit, making them ten times more likely to suffer a data breach.

Sources: [Security Week] [Verdict]

Ransomware Attacks Jump 73% Within a Year

A recent report has shown that ransomware surged by 46% in February 2024, compared to January of the same year and 73% higher than February of the previous year. The LockBit ransomware group claimed responsibility for 110 attacks in February alone. The results show that ransomware is not only still an issue, but one that is consistently rising and if your organisation isn’t already implementing procedures to their risk, it is imperative to start now. Lockbit was taken down in a coordinated law enforcement operation earlier this year; only time will tell how effective that operation was or whether, as with the Hydra from Greek mythology, cutting off one head just causes more to grow in its place.

Source: [TechTarget]

The New CISO - Rethinking the Role

The role of Chief Information Security Officers (CISOs) faces a pivotal transformation. Traditionally tasked with safeguarding company assets against cyber threats, CISOs now find themselves straddling the realms of security and business operations. This shift reflects a growing expectation for CISOs to align security measures with broader business objectives while navigating an increasingly complex risk landscape. With the average cost of a data breach soaring, reaching $4.45 million in 2023 according to IBM, the stakes are higher than ever. As businesses grapple with the integration of cyber security into operational strategies, CISOs are compelled to cultivate new skills, communicate effectively with boards, embrace risk-based approaches, fortify technical fundamentals, leverage automation, and meticulously document incident response plans. The evolving threat landscape demands a new breed of CISO, one who is adept at balancing resilience with operational imperatives, collaborating closely with leadership, and steering organisations through turbulent cyber waters.

Source: [Dark Reading]

90% of Attacks Involve Data or Credential Theft, SMBs Primary Target

The 2024 Sophos Threat Report sheds light on the changing tactics of ransomware operators, particularly in their targeting of small and medium-sized businesses (SMBs). Notably, the report reveals a significant surge in ransomware attacks employing remote encryption, rising by 62% between 2022 and 2023. Sophos' Managed Detection and Response (MDR) team encountered multiple cyber attacks leveraging exploits in remote monitoring and management (RMM) software, a vital component used by many MSPs and external IT providers, and thus affecting many businesses. With almost half of malware detections for SMBs attributed to data-stealing malware, the report underscores the growing value of stolen data as currency in cyber criminal circles, with initial access brokers (IABs) facilitating network breaches. Data protection emerges as a critical challenge, with over 90% of attacks involving credential theft, and business email compromise (BEC) attacks becoming increasingly sophisticated. While ransomware remains a persistent threat, the report also highlights the proliferation of malware-as-a-service (MaaS) activities, emphasising the importance for SMBs to bolster their cyber security defences against these evolving threats.

Source: [MSSP Alert]

Chief Risk Officers Say Cyber Security is Most Pressing Risk

In an inaugural global insurance risk management survey conducted by EY/Institute of International Finance (IIF), cyber security was ranked as the highest immediate concern for chief risk officers. It placed above insurance, business model change and credit risk. When it came to emerging risks over the next three years, it remained at the top spot, followed by geopolitical risk, environmental risk and machine learning and artificial intelligence.

Source: [Insurance Journal]

Humans Still Cyber Security’s Weakest Link, Cyber Security Training Equips Your Workforce to Spot Threats

The latest findings from Mimecast's annual report emphasise that human error continues to be the leading cause of cyber breaches, responsible for 74% of incidents. As emerging threats like AI and deepfake technology pose increasingly sophisticated challenges, it's crucial for businesses to prioritise employee training and bolster their defence strategies.

Providing cyber security training is essential to creating a security conscious culture that educates on risk and in turn increases a company’s cyber culture. Committing to cyber security training needs to be beyond ticking a checkbox, as it allows the workforce the ability to understand, scrutinise and know how to report threats in the corporate environment. Training allows workers to be able to understand the types of threats they may face, along with red flags to look out for. Knowing how the employee should report a threat can determine whether your organisation can deal with a ransomware attack. While generic or off the shelf computer based training can be seen as an easy fix, training needs to be tailored to the organisation, its operating environment and the organisation’s culture and ways of doing business.

To mitigate this risk, organisations should consider implementing tailored cyber security education, tabletop exercises, phishing simulations, and one-on-one consulting for board members. As the responsibility of board members for cyber security strategy increases, it’s crucial to ensure their own security against evolving threats.

Sources: [Emerging Risks] [The HR Director] [WSJ] [The HR Director]

Most IT Pros Think Cyber Attacks are Getting Worse, and Many Firms Don’t Know How to Deal with Them

A recent report from Thales reveals a stark reality, with 93% of IT and security professionals noting a worsening trend in cyber attacks. Ransomware incidents have surged by over a quarter year-on-year, yet less than half of companies have adequate plans to address such threats, leading to 8% resorting to paying attackers' demands. Compliance failures are also on the rise, with 43% of enterprises falling short in audits, correlating with a higher incidence of cyber attacks among non-compliant organisations.

A separate report shows that despite record spending on cyber security, reaching $188 billion globally in 2023, reported data breaches in the US surged to an all-time high of 3,205, up 78% from the previous year. This paradox underscores the evolving tactics of cyber criminals. Ransomware attacks have transitioned from merely locking data to stealing and threatening to disclose it, termed Ransomware 2.0. Cloud misconfigurations, involving 82% of breaches, and exploitation of vendor systems further exacerbate the issue. Heightened awareness and improved practices are imperative to counteract the escalating threat landscape.

Source: [TechRadar] [WSJ]

Supply Chain Cyber Attacks Create Weak Spots: You Need to Prepare

A recent poll by Deloitte found that nearly half of senior executives anticipate a rise in supply chain attacks in the coming year, with 33% already experiencing at least one supply-chain cyber incident within the past year. This especially rings true for healthcare, with the sector accounting for 33% of third-party data breaches in 2023. Many organisations are unsure where to even begin.

Organisations need to manage their third party risks through risk assessments, to understand the third parties that they currently or plan to use, and the data that the third party would hold or access. This enables the third parties to be prioritised with clear communications to notify the organisation in the event of a data breach.

Sources: [Security Brief ] [Beta News]

Ransomware Attack on Change Healthcare Pegged as “Most Significant” in Sector History

In a landmark incident, the American Hospital Association has dubbed the recent ransomware attack on Change Healthcare, a division of UnitedHealth Group’s Optum, as the most significant cyber threat ever faced by the US healthcare system. The attack, which occurred on February 21st, has severely impacted operations, affecting various healthcare entities reliant on Change Healthcare's services. UnitedHealth Group, in response, has been working to restore critical systems, aiming to reinstate electronic payment and medical claims services later this month. However, challenges persist, with cyber security experts warning that recovery efforts could extend for at least 30 days. The attack's aftermath sheds light on the healthcare sector's susceptibility to cyber threats and underscores the need for robust security measures and swift governmental responses. Reports reveal that the ransomware group responsible has received a substantial payout, raising concerns about the broader implications for healthcare providers. Cyber insurance policies are expected to help mitigate financial losses, especially for smaller entities facing cash flow disruptions.

Source: [Reinsurance News]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering

Artificial Intelligence

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Identity and Access Management

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Training, Education and Awareness

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

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

Cyber Warfare and Cyber Espionage

Nation State Actors

China

Russia

Iran

North Korea

Vulnerability Management

Vulnerabilities

Other News

Sector Specific

Industry specific threat intelligence reports are available.

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

·       Automotive

·       Construction

·       Critical National Infrastructure (CNI)

·       Defence & Space

·       Education & Academia

·       Energy & Utilities

·       Estate Agencies

·       Financial Services

·       FinTech

·       Food & Agriculture

·       Gaming & Gambling

·       Government & Public Sector (including Law Enforcement)

·       Health/Medical/Pharma

·       Hotels & Hospitality

·       Insurance

·       Legal

·       Manufacturing

·       Maritime

·       Oil, Gas & Mining

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

·       Retail & eCommerce

·       Small and Medium Sized Businesses (SMBs)

·       Startups

·       Telecoms

·       Third Sector & Charities

·       Transport & Aviation

·       Web3

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

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

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

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

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Black Arrow Cyber Threat Intelligence Briefing 26 January 2024

Black Arrow Cyber Threat Intelligence Briefing 26 January 2024:

-Russian Hackers' Breach of Microsoft and Hewlett Packard Corporate Mailboxes is an Identity Threat Detection Wake-up Call

-94% of CISOs are Concerned About Third-Party Cyber Threats, Yet Only 3% Have Started Implementing Security Measures

-Cyber Risks Needs to be Prioritised as a Key Business Risk Says UK Government, as New Cyber Security Governance Code Puts Cyber Risks on Boardroom Agenda

-81% of Security Professionals Say Phishing Is Top Threat

-Ransomware Attacks Cause Significant Psychological Harm

-Breached Password Report Reveals Two Million Compromised Cloud Credentials Used '123456' as Password

-NCSC: UK Intelligence Fears AI will Fuel Ransomware and Exacerbate Cyber Crime

-Cyber Attacks More than Doubled in 2023, so Why Are So Many Firms Still Not Taking Security Seriously, or Why Firms Ignore Vulnerabilities at Their Own Risk

-Historic Data Leak Reveals 26 billion Records: Check What is Exposed

-Boardroom Cyber Expertise Comes Under Scrutiny

-“It is a whole new bar”: Months Left for Applicable Firms to Prepare for New EU Cyber Security Rules

-Ransomware Attacks Break Records In 2023: The Number of Victims Rose By 128%

Black Arrow Cyber Threat Briefing 26 January 2024

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

Russian Hackers’ Breach of Microsoft and Hewlett Packard Corporate Mailboxes is an Identity Threat Detection Wake-up Call

Just recently, it was publicly disclosed that Microsoft and Hewlett Packard Enterprise (HPE) had their corporate mailboxes breached by threat actors. In the Microsoft breach, a hacking group had used a password spray attack to compromise a non-production test account, and leverage that to access corporate accounts. In the HPE breach, corporate access was gained through unauthorised access to SharePoint files. Both attacks highlight the need for identity threat detection: the ability to identify malicious activity from trusted identities before more sophisticated damage is caused. Cyber incidents are a matter of when, not if, and it is important to have detection capabilities, even for trusted accounts.

Sources: [Help Net Security] [Security Boulevard]

94% of CISOs are Concerned About Third-Party Cyber Threats, Yet Only 3% Have Started Implementing Security Measures

A recent study found that while 94% of CISOs are concerned with third-party cyber security threats,  including 17% who view it as a top priority, only 3% have implemented a third -party cyber risk management solution and 33% have noted plans to implement this year. Small and medium sized businesses may not have the resources of a larger organisation yet will have a similar level of third-party risk. This makes the need for an effective solution even more important, and in some cases this may include outsourcing to cyber experts.

Sources: [Dark Reading]

Cyber Risks Needs to be Prioritised as a Key Business Risk, Says UK Government, as New Cyber Security Governance Code Puts Cyber Risks on Boardroom Agenda

The UK Government has proposed a new Code of Practice on cyber security governance, aimed at directors and senior business leaders. The draft document emphasises the need to prioritise cyber security on par with financial and legal risks. It outlines several key areas for focus, including risk management, cyber strategy, fostering a cyber security culture among employees, incident planning and response, and establishing clear governance structures. With digital technologies playing a crucial role in business resilience, the code calls for greater involvement of executive and non-executive directors in technology governance strategies. The UK Minister for AI and Intellectual Property has highlighted that cyber attacks are as damaging to organisations as financial and legal pitfalls. It is crucial that directors take a firm grip of their organisation’s cyber security regimes to protect their customers, workforce, business operations and the wider economy. This initiative reinforces the importance of a holistic approach to cyber security, including robust incident response plans and regular practice to enhance cyber resilience. It’s a timely reminder that cyber threats are as detrimental to organisations as financial and legal challenges, and this code aims to empower leaders to navigate these threats effectively.

Sources: [Computer Weekly] [Electronics Specifier] [GOV UK] [TechRadar] [Infosecurity Magazine]

81% of Security Professionals Say Phishing Is Top Threat

A recent study found 81% of organisations anticipated phishing as their top security risk over the coming months. In a separate report, it was found that 94% of organisations globally had experienced an email security incident in the past 12 months, with a 10% rise in phishing. It is not just emails where phishing attacks are occurring: in another report, the second half of 2023 saw a 198% increase in browser based phishing attacks. It is clear that phishing is a threat to organisations, and it is important to be prepared.

Sources: [ITPro] [Beta News] [Security Magazine]

Ransomware Attacks Cause Significant Psychological Harm

One area of ransomware that often gets overlooked, is the psychological impact. A recent report by the Royal United Services Institute found that some attacks had caused so much impact that organisations hired post-traumatic stress disorder support teams. A significant number of respondents experienced sleep deprivation, resulting in them developing extreme fatigue and falling asleep at work. Various levels of stress were experienced by security workers, with one interviewee citing the stress of a ransomware attack as a potential cause for a heart attack that required surgery. This highlights that, as with the wider subject of cyber and information security, consideration needs to be given to more than just IT and IT controls: it shows the need for a holistic approach to include people, operations and technology.

Sources: [The Record Media] [TechRadar]

Breached Password Report Reveals Two Million Compromised Cloud Credentials Used '123456' as Password

A recent report has revealed that two million compromised cloud credentials used ‘123456’ as a password. This alarming trend underscores the ongoing issue of weak passwords, which are easily exploited by hackers. Despite the availability of advanced password creation and storage tools, a significant number of individuals and organisations continue to use weak passwords. Furthermore, the report found that 88% of organisations still rely on passwords as their primary authentication method. Despite the focus on password security, nearly every organisation has had risk management lapses. The report highlights the urgent need for stronger password policies and the adoption of more secure authentication methods. Equally, the attacks highlight that simply moving to the cloud does not solve security challenges, and poor cyber hygiene in the cloud will lead to problems.

Sources: [ITPro] [Business Wire] [Security Magazine]

NCSC: UK Intelligence Fears AI will Fuel Ransomware and Exacerbate Cyber Crime

An article published by the UK’s National Cyber Security Centre (NCSC) states that AI is already being used to increase the efficacy of cyber attacks, and that AI will continue to significantly increase the odds of a successful attack. AI models will build capability as they are informed by data describing previous successful attacks. The NCSC noted that “It is likely that highly capable unfriendly nation states have repositories of malware that are large enough to effectively train an AI model for this purpose”. The message from the NCSC is clear: AI will propel cyber incidents and organisation must take this into consideration as part of their wider cyber risk management strategy.

Sources: [The Register] [PC Mag] [The Messenger ] [Silicon UK]

Cyber Attacks More than Doubled in 2023, so Why Are So Many Firms Still Not Taking Security Seriously, or Why Firms Ignore Vulnerabilities at Their Own Risk

Cyber attacks soared again last year, and attackers are increasingly taking advantage of software vulnerabilities to breach organisations. This is due to the continuous discovery of new vulnerabilities, and with that, a constant challenge for firms to apply patches. A report found many organisations lack an effective vulnerability management programme and are leaving themselves open to attacks; and in some cases they are left vulnerable for years.

One key hindrance found by the report is the sheer volume of vulnerabilities identified and patched by vendors, leaving organisations with the perpetual challenge of timely patching. This complication is made worse for small and medium sized businesses where they have less resources. The report found that legacy systems are a large risk for many organisations;  in fact, older Windows server OS versions - 2012 and earlier – were found to be 77% more likely to experience attack attempts than newer versions. Many firms are still not taking this danger seriously enough and as a result, blind spots and critical vulnerabilities are worsening, creating more opportunities for attackers.

Sources: [ITPro] [Help Net Security] [ITPro]

Historic Data Leak Reveals 26 billion Records: Check What is Exposed

In what has been described as the ‘mother of all breaches’, 26 billion records have been exposed. These aren’t all new, as a lot of the records are from numerous breaches, however they are all in one location, compiled and index for use. With the emergence of this, there is will likely be a surge in attacks and if you haven’t changed your credentials, or are reusing these same credentials, you may find yourself a victim. To check if your email has been compromised in a breach, you can check on the website www.HaveIBeenPwned.com

Source: [Security Affairs]

Boardroom Cyber Expertise Comes Under Scrutiny

Cyber security concerns continue to be a critical issue for organisations, driven by factors such as data protection, compliance, risk management, and business continuity. However, a recent report reveals a concerning trend where only 5% of Chief Information Security Officers (CISOs) report directly to the CEO, down from 11% in 2021. This gap between cyber security leadership and board-level involvement is a challenge. A report emphasises that many board members lack the technical expertise to understand cyber security, while CISOs often communicate in technical jargon, making it difficult for boards to grasp the significance of security issues. To bridge this gap, it's crucial to educate board members on the real-world risks and costs associated with cyber incidents. Sharing simple metrics like the global average cost of a data breach, which is $4.45 million, can help them understand the financial impact. Moreover, CISOs should learn to convey cyber security matters in business terms and quantify the organisation's cyber risk exposure. By providing boards with information to understand and engaging in informed discussions, they can enhance their cyber security strategy and ensure that these vital issues are prioritised appropriately.

Source: [Security Intelligence]

“It is a whole new bar”: Months Left for Applicable Firms to Prepare for New EU Cyber Security Rules

The landscape of cyber security is evolving rapidly, with two significant EU regulations: the Network and Information Security Directive (NIS2) and the Digital Operational Resilience Act (DORA), set to take effect in the coming months. NIS2 expands cyber security standards to include critical services like transportation, water services, and health services, while DORA focuses on the financial services sector and aims to ensure resilience against cyber threats.

These regulations necessitate strong cyber security testing, incident reporting processes, and comprehensive assessments of third-party providers' security. Compliance with these regulations will introduce complexity and costs, requiring organisations to prepare comprehensively for the evolving cyber security landscape, including the implications of artificial intelligence. Transparency and understanding are key, as boards must fully comprehend data processing and technology usage within their organisations, ushering in a new era of cyber security governance.

Source: [The Currency]

Ransomware Attacks Break Records In 2023: The Number of Victims Rose By 128%

In 2023, there was a significant surge in ransomware attacks globally. The number of attack attempts more than doubled, increasing by 104%. A report shows that there were 1,900 total ransomware attacks within just four countries: the US, UK, Germany, and France. The use of double extortion techniques, where hackers not only encrypt the data but also steal confidential data beforehand and threaten to release it if their demands are not fulfilled, are becoming increasingly common, with now triple and quadruple extortion techniques also being increasingly deployed. It was also found that data exfiltration was present in approximately 91% of all publicly recorded ransomware attacks in 2023. These figures underscore the growing threat of ransomware and the need for robust cyber security measures.

Sources: [Security Boulevard] [Security Affairs] [Security Brief] [Business Wire]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Phishing & Email Based Attacks

Artificial Intelligence

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Identity and Access Management

Encryption

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

Regulations, Fines and Legislation

Models, Frameworks and Standards

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Misinformation, Disinformation and Propaganda

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

Nation State Actors

China

Russia

Iran

North Korea

Vulnerability Management

Vulnerabilities

Tools and Controls

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

Read More
Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 01 September 2023

Black Arrow Cyber Threat Intelligence Briefing 01 September 2023:

-66 Percent of Businesses Don't Understand Their Cyber Risks

-Massive Supplier Cyber Breach Puts London’s Metropolitan Police on Red Alert After Officer and Staff Details Hacked

-Pay our Ransom Instead of a GDPR Fine, Cyber Crime Gang Tells Targets, as Attacks Against Small Businesses Ramp Up

-Survey Finds In-house Counsel Cyber Anxiety Skyrocketing

-58% of Malicious Emails Contained Spoofed Content

-Cyber Attacks Remain a Top Concern for Organisations Across All Industries

-BYOD Security Gap: Survey Finds 49% of European Firms Unprotected

-13% of Employees Admit to Falling for Phishing Attacks Working at Home, 9% Would Wait to Report After the Weekend

-Numbers Don't Lie: Exposing the Harsh Truths of Cyber Attacks in New Report

-Kroll’s Breach Highlights SIM-Swapping Risk

-Reducing The Risk of AI, What Can You Do?

-Debunking Popular Cyber Security Myths

-3 Malware Loaders Responsible for 80% of Intrusions

-MOVEit Hack Shows Attackers Still Use Old Tricks

-Barracuda Thought it Drove 0-day Hackers out of Customers’ Networks. It was Wrong

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

66 Percent of Businesses Don't Understand Their Cyber Risks

A survey has found that 67% of organisations have experienced a breach requiring attention within the last two years, despite having traditional security measures in place. Worryingly, 66% self-reported having limited visibility and insight into their cyber risk profiles.

83% of organisations agreed that a comprehensive cyber risk reduction strategy would yield a reduction in the likelihood of a significant cyber incident occurring, yet a number of organisations are finding it difficult to implement this and as a result are looking for outside assistance too. The report found that 93 percent of organisations plan to offload specific segments of cyber risk reduction workstreams or projects to security service providers within the next two years.

Source: [Beta News]

Massive Supplier Cyber Breach Puts London’s Metropolitan Police on Red Alert After Officer and Staff Details Hacked

All 47,000 personnel working for the Met Police were warned of the risk their photos, names and ranks having been stolen when cyber crooks penetrated the IT systems of a contractor printing warrant cards and staff passes. The supplier had access to names, ranks, photos, vetting levels and pay numbers of officers and staff, but did not hold information such as addresses, phone numbers or financial details.

The attack shows the importance of understanding the supply chain, and what access your supplier has access to. Without knowing who has your data, and what data, you will be left clueless if a breach on a supplier occurs.

Sources [Data Breaches] [UKAuthority]

Pay our Ransom Instead of a GDPR Fine, Cyber Crime Gang Tells Targets, as Attacks Against Small Businesses Ramp Up

Ransomware actors are always evolving their tactics, with gangs now telling victims if they don’t pay, then they will face fines under data protection laws. Additionally, small businesses are on the radar, partially due to them being easier targets for actors; some gangs have shifted from asking for millions from a large organisation, to requesting small ransoms from multiple small businesses.

As a result in both the number and sophistication of ransomware attacks, 80% of organisations expect their spending to increase. Not every organisation has an unlimited budget and so it is important that organisations are able to prioritise and allocate their budget effectively, to give them the most protection that their budget allows, especially small to medium-sized businesses.

Sources [Dark Reading] [The Record] [Security Magazine]

Survey Finds In-house Counsel Cyber Anxiety Skyrocketing

In a recent report, only 25% of legal professionals said they felt fully prepared to deal with a cyber attack, with 78% ranking the task of shielding their organisation from cyber attacks as the greatest regulatory concern over the next 12 months; previously, this figure was only 30% in 2021.

There has been a growing number of attacks, due to the sensitive data that is held and the number of attacks will continue to rise. With regulatory concerns adding to this, in-house counsel should be looking to have their concerns heard and drive the organisation to bolster their defences, and this may include outsourcing expert advice to make sure it is done correctly.

Source: [Law.com]

58% of Malicious Emails Contained Spoofed Content

According to a recent report, 58% of malicious emails contained spoof content and spam emails had increased by 30% from Q1 to Q2 2023. The report identified a surge in the number of uses of QR codes as a primary attack method, showing that attack methods are evolving, and in some cases, choosing not to use traditional methods.

The report reinforces the need for constant user education training, to reduce the risk of an employee falling for a phishing email. With this training, new evolving techniques such as that with QR codes, should also be addressed.

Source: [Security Magazine]

Cyber Attacks Remain a Top Concern for Organisations Across All Industries

Cyber attacks remain a top threat to organisations’ ability to do business across all industries. When asked in a recent report, 18% of respondents reported that cyber attacks threatened or disrupted their business.

With cyber attacks being a huge concern, many organisations have an incident response plan in place; yet despite this, nearly one quarter (23%) of companies surveyed have either never conducted tests or are unsure if their teams have tested. Cyber incidents are a matter of when, not if, and a strong incident response plan is always needed and can prevent a bad situation from being made worse by doing the wrong things in the immediate aftermath of an attack.

Source: [Business Wire]

BYOD Security Gap: Survey Finds 49% of European Firms Unprotected

A recent survey found that a concerning 49% of European businesses are operating without having a formal bring-your-own-device (BYOD) policy, highlighting a lack of visibility and control over such devices. The report found that organisations are concerned about compliance-based issues, with 43% noting increased worries.

The benefits of BYOD are clear, allowing organisations to save money and eliminate the need for multiple devices. But without a formal BYOD policy, organisations are risking having employees bring in devices that are effectively invisible to IT. This means that the vulnerabilities that come with it, and the risks it can bring, also go unnoticed. To mitigate the risk, a formalised BYOD policy is required.

Source: [Infosecurity Magazine]

13% of Employees Admit to Falling for Phishing Attacks Working at Home, 9% Would Wait to Report After the Weekend

In a recent report, it was found that 13% of employees admitted they had fallen for a phishing attack whilst working from home. Rather worryingly, 21% said they would continue working business as usual in the event of falling victim to a phishing attack whilst working remotely on a Friday, with 9% indicating they’d wait until after the weekend to report it, effectively, giving the attacker a 48 hour period in which they go unnoticed, if the employee even remembers to report it on the Monday.

It is important that users are educated, both on spotting phishing attacks and the reporting process, so that organisations can be best protected. By providing regular and effective user training, employees will be at less risk of falling victim to a phishing attack, even from home. Additionally, by understanding the reporting process and why there is a need to report as soon as possible, organisations will shorten their detection time.

Source: [Security Magazine]

Numbers Don't Lie: Exposing the Harsh Truths of Cyber Attacks in New Report

In their most recent quarterly report, BlackBerry focused on a 90-day window, identifying over 1.5 million malware-based attacks, over 200,000 unique attacks, 17,000 attacks per day and 12 per minute to name a few. The report found that financial institutions were amongst the most targeted.

Source: [The Hacker News]

Kroll’s Breach Highlights SIM-Swapping Risk

A recent supply chain breach at Kroll, the risk and financial advisory firm, affected downstream customers and exposed personal information on hundreds of claimants in bankruptcy proceedings. The breach occurred when a threat actor had transferred an employee’s phone number to a device in the attackers possession, which was then subsequently used to access sensitive information.

In this attack, the actor had convinced T-Mobile to port the employee’s number over, allowing the actor to access files containing bankruptcy details. A mitigation recommended for this is to ask your network provider if they offer port freeze or number lock, to protect it from unauthorised transfer.

Source [Dark Reading]

Reducing The Risk of AI, What Can You Do?

Threat actors' use of generative AI has fuelled a significant rise in attacks worldwide during the last 12 months according to a recent report. Yet despite this, AI is still seen as a positive thing for organisations, with the power of generative AI quickly realised.

Certainly, AI can be used in the organisation to increase efficiency and automate tasks, but it must be used with vigilance. Organisations implementing AI should have governance over the usage of AI to eliminate the chance of data leaking. This governance may include policies, procedures and approved AI software.

Sources: [CSO Online] [UKTech News]

Debunking Popular Cyber Security Myths

At a time when cyber security is a constant feature in the news and our daily lives, it is important to debunk a few myths surrounding it. One of the biggest, is the assumption that cyber defence is all about the technical controls; in fact, 89% of cyber attacks involved social engineering. The prevalence of social engineering further shows that strong passwords, firewalls and antivirus are not enough; what’s the use in having a password that takes years to crack if you hand it over to someone?

When we think cyber security, we often think of external threat actors, but insider risk is a real threat: whether by malicious actions, negligence or misunderstanding, those inside your organisation can be a real risk to your organisation.

So what’s the take home? Cyber is more than just technology, and it is not just an outside attacker. Organisations’ cyber efforts should focus on more than just the technical requirements; by having things such as user education training, organisations can mitigate their cyber risk.

Sources: [Forbes] [Trend Micro]

3 Malware Loaders Responsible for 80% of Intrusions

Three malware loaders, QBot, SocGholish, and Raspberry Robin, are responsible for 80 percent of observed attacks on computers and networks so far this year. The malware are all distributed differently; Qbot is typically deployed through a phishing email, SocGholish is downloaded without user interaction, and Raspberry Robin is through USB devices.

Sources: [The Register] [Infosecurity Magazine]

MOVEit Hack Shows Attackers Still Use Old Tricks

SQL injection has been around for a quarter of a century, yet it still features amongst the top 10 list of security vulnerabilities. In fact, SQL injection was the method of attack for the infamous MOVEit hacks, which has impacted over 700 organisations, with the number still growing.

The MOVEit attack highlights just how easily old, over-looked vulnerabilities can be used to target an organisation. Consider your organisation now: are there any legacy systems or software in place?

Source: [Dark Reading]

Barracuda Thought it Drove 0-day Hackers out of Customers’ Networks. It was Wrong.

In late May, security vendor Barracuda had released a patch for their email security gateway (ESG), which was being actively exploited. Having already accounted for this, the threat actors utilised a new attack, which meant infected devices would reinfect themselves, effectively negating Barracuda’s patch. Unfortunately, this meant that for a while, Barracuda thought it was in the clear, when it was still under attack.

Upon realising this, Barracuda’s security advisory changed from recommending a patch to requiring an immediate replacement of compromised ESG appliances, regardless of the patch level. This shows the need for organisations to keep up to date with the latest threat intelligence, as missing the second update could mean infected devices are still in the wild, with organisations under the false perception that they were safe.

Source: [Ars Technica]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

2FA/MFA

AITM/MITM

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

BYOD

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Fraud, Scams & Financial Crime

Impersonation Attacks

Deepfakes

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Hybrid/Remote Working

Identity and Access Management

Encryption

Passwords, Credential Stuffing & Brute Force Attacks

Biometrics

Social Media

Training, Education and Awareness

Cyber Bullying, Cyber Stalking and Sextortion

Regulations, Fines and Legislation

Models, Frameworks and Standards

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Misinformation, Disinformation and Propaganda

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

Russia

China

North Korea

Vulnerability Management

Vulnerabilities

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

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Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Intelligence Briefing 4th August 2023

Black Arrow Cyber Threat Intelligence Briefing 04 August 2023:

-Top 12 Exploited Vulnerabilities List Highlights Troubling Reality: Many Organisations Still Are Not Patching

-67% of Data Breaches Start with a Single Click, with 1 in 100 Emails Being Malicious

-Ransomware Attacks Hit All Time High. Attackers’ Motives Change, So Should Your Defence

-The Generative AI War Between Companies and Hackers is Starting

-Spend to Save: The CFO’s Guide to Cyber Security Investment

-Corporate Boards Take Heed: Give CISOs the Cold Shoulder at your Peril

-How the Talent Shortage Impacts Cyber Security Leadership

-Salesforce, Meta Suffer Phishing Campaign that Evades Typical Detection Methods

-Cyber Insurance and the Ransomware Challenge

-Microsoft Exposes Russian Hackers' Sneaky Phishing Tactics via Microsoft Teams Chats

-66% of Cyber security Leaders Don’t Trust Their Current Cyber Risk Mitigation Strategies

-Startups Should Move Fast and Remember Cyber Security

Welcome to this week’s Black Arrow Cyber Threat Intelligence 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

Top 12 Exploited Vulnerabilities List Highlights Troubling Reality That Many Organisations Are Still Not Patching

A joint advisory from US and allied cyber security agencies highlights the top routinely exploited vulnerabilities. This is a list that includes old and well-known bugs that many organisations still have not patched, including some vulnerabilities that have been known for more than five years. The list underscores how exploiting years-old vulnerabilities in unpatched systems continues to dominate the threat landscape. Organisations are more likely to be compromised by a bug found in 2021 or 2020 than they are by ones discovered over the past year.

This report emphasises that a vulnerability management strategy relying solely on CVSS for vulnerability prioritisation is proving to be insufficient at best; CVSS is an established method for assigning criticality scores to known vulnerabilities based on different scoring criteria. Additional context is required to allow for a more scalable and effective prioritisation strategy. This context should stem from internal sources, for example, the target environment (asset criticality, mitigating controls, reachability), as well as from external sources, which will permit a better assessment of the likelihood and feasibility of exploitation. Most organisations have a limited patching capacity, affected by the tooling, processes, and skills at their disposal. The challenge is to direct that limited patching capacity towards vulnerabilities that matter most in terms of risk reduction. Therefore, the task of sifting the signal through the noise is becoming increasingly more important.

Sources: [HelpNetSecurity] [NSA.gov] [SCMagazine]

67% of Data Breaches Start with a Single Click, with 1 in 100 Emails Being Malicious

In a report that leveraged data from 23.5 billion cyber security attacks, spanning 500 threat types and 900 distinct infrastructure and software vulnerabilities it was found that approximately 67% of all breaches start with someone clicking on a seemingly safe link, which explains why adversaries begin 80-95% of all attacks with a phishing email.

A separate report found that there was a 36% rise in cyber attacks in the first half of 2023. Email continued to be the main vector for delivering malicious content, with as many as 1 in every 100 emails sent in the first half of 2023 found to be malicious. In addition, malware accounted for 20% of attacks, and business email compromise (BEC) constituted 8%.

The findings reinforce the need for organisations to employ effective and regular security awareness training for users to better help them to not only identify, but also report such attacks to help strengthen the cyber resilience of the organisation. Black Arrow offers bespoke training to all roles within the organisation as well as upskilling tailored to those at the board level.

Source: [Security Intelligence]

Ransomware Attacks Hit All Time High. Attackers’ Motives Change, So Should Your Defence

Cases of straight-up data theft and extortion now appear to be more widespread a threat than ransomware, becoming the single most observed threat in the second calendar quarter of 2023, according to new data released by researchers. 1,378 organisations have been named as victims on ransomware data-leak websites in Q2 2023. This was a 64.4% increase from the record-breaking number of victims named in Q1 2023.

Despite both the rise in threats and the high percentage of respondents whose organisations suffered recent attacks, there hasn’t been a corresponding uptick in strategic measures to shore up cyber resilience. In fact, close to four in five survey respondents don’t have complete confidence that their company has a cyber resilience strategy designed to address today’s escalating cyber challenges and threats.

Sources: [Forbes] [HelpNetSecurity] [ComputerWeekly] [SecurityBrief.co.nz] [Malwarebytes]

The Generative AI War Between Companies and Hackers is Starting

To no one’s surprise, criminals are tapping open-source generative AI programs for all kinds of heinous acts, including developing malware and phishing attacks, according to the FBI. This comes as the UK National Risk Register officially classes AI as a long-term security threat. It’s safe to say AI is certainly a controversial field right now, with the battle between companies and hackers really starting to take place; only recently had technology giants such as Amazon, Google, Meta and Microsoft met with the US President Joe Biden to pledge to follow safeguards.

A recent report from security firm Barracuda has found that between August 2022 and July 2023, ransomware attacks had doubled and this surge has largely been driven by the breaching of networks via AI-crafted phishing campaigns, as well as automating attacks to increase reach, again using AI.

Despite the controversy, AI can be of tremendous value to organisations, helping to streamline and automate tasks. Organisations employing or looking to employ AI in the workplace should also have effective governance and identification procedures over the usage of said AI. Equally, when it comes to defending against AI attacks, organisations need to have a clear picture of their attack landscape, with layers of defence.

Sources: [CSO Online] [PC MAG] [CNBC] [Tech Radar]

Spend to Save: The CFO’s Guide to Cyber Security Investment

As a CFO, you need to make smart choices about cyber security investments. The increasing impact of data breaches creates a paradox: While more spending is necessary to combat these challenges, this spending isn’t directly tied to profit. Instead, cyber security spending should be seen an investment in the future of your business.

The impact of a cyber event extends beyond quantifiable currency loss. Further impacts include those of reputation and customer retention. CFOs should look to identify weak spots, understand the effect these can have, pick the right solution that mitigates these and finally, advocate cyber security and robust governance at the board level.

It is important to remember, cyber security is not just a technical issue, but also a business one, and you have a key role in ensuring the security and resilience of your organisation.

Source: [Security Intelligence]

Corporate Boards Take Heed: Give CISOs the Cold Shoulder at your Peril

The debate over whether the CISO should, by the very nature of the position, be considered a member of the C-suite has been raging for some time and seems likely to continue for a good while to come. CISOs should not only have a seat among the uppermost echelon at the big table but also be recognised as a foundational element in the success of any business.

There is a danger that, without an effective CISO, organisations can end up in a perilous situation in which there's no one driving the cyber security bus at a time when vulnerabilities and incidents are ever on the rise. When the CISO has a seat at the big table, everybody wins.

Source [CSO Online]

How the Talent Shortage Impacts Cyber Security Leadership

The lack of a skilled cyber security workforce hampers the effectiveness of an organisation’s security program. While technologies like AI and machine learning can provide some support, they are not sufficient, especially for small and medium sized businesses (SMBs). The cyber security workforce shortage affects not just current security but the future of leadership roles, including CISOs and CSOs.

Today’s CISOs require a blend of technology and business understanding. According to the (ISC)2 2022 Workforce Study, the global cyber security workforce is nearly 5 million and growing at 26% yearly. However, more than 3 million jobs still need to be filled, including specialised roles in cloud security, data protection, and incident response. This gap jeopardises functions like risk assessment, oversight, and systems patching.

The greatest talent shortage is found in soft skills, leading to a trend of looking outside the traditional security talent pool. The future of CISOs will likely require a solid security background, but as the talent gap widens, finding leadership candidates from the existing pool may remain challenging.

Source: [Security Intelligence]

Salesforce, Meta Suffer Phishing Campaign that Evades Typical Detection Methods

A recent report by cyber security company identified a sophisticated email phishing campaign exploiting a zero-day vulnerability in Salesforce's legitimate email services. The vulnerability allowed threat actors to craft targeted phishing emails, cleverly evading conventional detection methods by leveraging Salesforce's domain and reputation and exploiting legacy quirks in Facebook's web games platform.

Whilst Facebook and Salesforce have now addressed the issue, it goes to show that technology alone is not enough to stop phishing; operational and people controls are still necessary and should form part of an effective organisational response.

Source: [Security Brief]

Cyber Insurance and the Ransomware Challenge

The cyber insurance industry has been heavily criticised for providing coverage for ransom payments. A frequent accusation, which has become close to perceived wisdom in policymaking and cyber security discussions on ransomware, is that cyber insurance has incentivised victims to pay a ransom following a cyber incident, rather than seek alternative remediation options. However, the insurance industry could do much more to instil discipline in both insureds and the ransomware response ecosystem in relation to ransom payments to reduce cyber criminals’ profits. Insurers’ role as convenors of incident response services gives them considerable power to reward firms that drive best practices and only guide victims towards payment as a last resort.

While the insurance industry has the power to do this, there are still challenges that need to be addressed in the underwriting process. Offering expensive policies that exclude common risks such as ransomware or nation-state attacks is simply not a sustainable approach. This has helped insurers become more profitable for now, but these are only short-term fixes to the real problem at hand. Namely, that the underwriting process for cyber insurance policies is still not that sophisticated. Most underwriters are poorly equipped to effectively measure the cyber risk exposure of new or renewing customers.

Sources: [RUSI] [Dark Reading]

Microsoft Exposes Russian Hackers' Sneaky Phishing Tactics via Microsoft Teams Chats

Microsoft on Wednesday disclosed that it identified a set of highly targeted social engineering attacks mounted by a Russian nation-state threat actor using credential theft phishing lures sent as Microsoft Teams chats. The tech giant attributed the attacks to a group it tracks as Midnight Blizzard.

"In this latest activity, the threat actor uses previously compromised Microsoft 365 tenants owned by small businesses to create new domains that appear as technical support entities" Microsoft said. "Using these domains from compromised tenants, Midnight Blizzard leverages Teams messages to send lures that attempt to steal credentials from a targeted organisation by engaging a user and eliciting approval of multi-factor authentication (MFA) prompts."

Source: [TheHackerNews]

66% of Cyber security Leaders Don’t Trust Their Current Cyber Risk Mitigation Strategies

A recent report found that 66% of cyber security leaders don’t trust their current cyber risk mitigation strategies. It was also found that while 90% of respondents say their organisation has dedicated resources responsible for managing and reducing cyber risk, in almost half of situations (46%) this consists of just one person.

In some cases, it can be hard to get the necessary talent to build out the cyber security arm of an organisation; this is where organisations can look towards outsourcing to fulfil positions with expertise. At Black Arrow we offer many services to help you to govern your cyber security, including as virtual CISO that leverages our diverse team with backgrounds from British intelligence, board governance, IT and finance.

Source: [ITSecurityWire]

UK legal Sector at Risk, National Cyber Security Centre Warns

Over the past three years more than 200 ransomware attacks worldwide have been inflicted on companies in the legal industry. The UK was the second most-attacked country constituting 2.3% of all ransomware attacks across various sectors. The legal sector was the fourth most-attacked industry in the UK in 2022. Ransomware groups are indiscriminate in their targeting, attacking companies of all sizes, from small law firms with only ten employees to large firms with 1,000+ employees, and ranging in revenue from companies generating £100 million to those with under £3 million. No single kind of company is immune to these attacks.

The International Bar Association (IBA) has released a report to guide senior executives and boards in protecting their organisations from cyber risk. Entitled "Global perspectives on protecting against cyber risks: best governance practices for senior executives and boards of directors," the report aims to provide leaders with insight into the primary elements of a robust cyber risk management programme. Its recommendations for senior executives and boards encompass understanding the organisation's cyber risk profile, knowing what information assets to safeguard, being aware of significant regulatory requirements, and recognising the security standards utilised by the organisation.

Sources: [Todays Conveyancer] [Infosecurity Magazine]

Startups Should Move Fast and Remember Cyber Security

The importance of cyber security for startups, which can often be overlooked in the pursuit of fast-paced growth, cannot be overstated. However, cyber attacks can have devastating consequences for businesses of all sizes. The percentage of micro-businesses in the UK that consider cyber security a high priority has dropped from 80% to 68% in the past year, possibly due to wider economic pressures. Cyber criminals target businesses of all sizes, often initially using automated software to find weak spots. Startups can be particularly vulnerable due to their fast-paced environments and new or less familiar supply chains. The use of shared office spaces can also increase risk.

The UK DCMS/DSIT 2023 Cyber Security Breaches survey reported that almost a third of businesses (32%) and a quarter of charities (24%) reported breaches or attacks in the past 12 months alone, with the average victim losing £15,300. Startups have the unique advantage of being able to implement cyber security best practices from the outset and embed them into company culture. It is recommended that startups prioritise cyber security from the get-go to protect their business and ensure long-term growth.

Source: [UKTech] [Cyber security breaches survey 2023 - GOV.UK (www.gov.uk)]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

Artificial Intelligence

Malware

Mobile

Botnets

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Deepfakes

AML/CFT/Sanctions

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Identity and Access Management

Encryption

Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Biometrics

Social Media

Travel

Regulations, Fines and Legislation

Models, Frameworks and Standards

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

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

Russia

China

Iran

North Korea

Misc/Other/Unknown

Vulnerability Management

Vulnerabilities

Sector Specific

Industry specific threat intelligence reports are available.

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

·       Automotive

·       Construction

·       Critical National Infrastructure (CNI)

·       Defence & Space

·       Education & Academia

·       Energy & Utilities

·       Estate Agencies

·       Financial Services

·       FinTech

·       Food & Agriculture

·       Gaming & Gambling

·       Government & Public Sector (including Law Enforcement)

·       Health/Medical/Pharma

·       Hotels & Hospitality

·       Insurance

·       Legal

·       Manufacturing

·       Maritime

·       Oil, Gas & Mining

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

·       Retail & eCommerce

·       Small and Medium Sized Businesses (SMBs)

·       Startups

·       Telecoms

·       Third Sector & Charities

·       Transport & Aviation

·       Web3

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

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

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

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

Read More