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Black Arrow Cyber Threat Briefing 15 March 2024

Black Arrow Cyber Threat Intelligence Briefing 15 March 2024:

-Mind The Gap - Mimecast Report Finds Humans Are Biggest Security Flaw

-Three-Quarters of Cyber Victim Are SMBs - Why SMBs are Becoming More Vulnerable

-Cyber Security Skills Gap and Lack of Boardroom Engagement Invite Hacker Havoc

-UK Government’s Ransomware Failings Leave Country ‘Exposed and Unprepared’

-Data Breaches up 72% to New Record High: Cyber Security Incidents Rank as #1 Global Business Threat in 2024

-Finance Sector Facing Huge Number of Cyber Attacks That Could Leave It On its Knees, Highlights the Need to Build a Robust Security Culture

-Microsoft Confirms Russian Hackers Stole Source Code, Some Customer Secrets

-Independent Cyber Security Audits Are Powerful Tools for Boards

-Navigating Cyber Security in The Era of Mergers

-Phishing Tactics Evolve as Sophisticated Vishing and Image-based Phishing Take World by Storm

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

Top Cyber Stories of the Last Week

Mind The Gap: Mimecast Report Finds Humans Are Biggest Security Flaw

A global report from Mimecast has found that 74% of all cyber breaches are caused by human factors, including errors, misuse of access privileges or social engineering. Email remains the primary attack vector for cyber threats. Further, 67% of respondents expect AI-driven attacks to soon be the norm and 69% believe their company will be harmed by an attack.

No matter the size, sector or budget of an organisation, people remain a consistent risk factor. Even with strong technology controls, people can still be the risk that brings down the organisation. It is therefore important for organisations to integrate people into their cyber security investments. This should include awareness and education training, and fostering a cyber secure culture in the organisation.

Sources: [IT Security Guru] [Beta News] [Verdict]

Three-Quarters of Cyber Victim Are SMBs: Why SMBs are Becoming More Vulnerable

According to a recent Sophos report, over three-quarters of cyber incidents impacted smaller businesses in 2023, with ransomware having the largest impact. The research also found that in 90% of attacks, data or credential theft was involved and in 43%, data theft was the main focus.

The report found significant usage of initial access brokers; these are attackers whose speciality is to break into computer networks and sell ready-to-go access to other attackers. In fact, the report found that almost half of all malware detected in SMBs were malicious programs used to steal sensitive data and login credentials. Unfortunately, many SMBs struggle to keep up due to a lack of resources and budget; instead, they must be able to prioritise their cyber security efforts to get the most return on investment.

Sources: [Infosecurity Magazine]  [Help Net Security] [TechRadar] [Nairametrics] [TechTarget]

Cyber Security Skills Gap and Lack of Boardroom Engagement Invite Hacker Havoc

The Ipsos report on Cyber Security Skills in the UK Labour Market 2023 sheds light on the persistent challenges faced in recruiting, training, and retaining cyber security professionals across various domains. With approximately 739,000 businesses lacking basic cyber skills and 487,000 facing advanced skills gaps, the demand for trained professionals is escalating. The shortage of incident response skills highlights the need for comprehensive education and training programs. Senior management and board-level executives must also be equipped with the knowledge to manage incidents effectively, emphasising reporting, seeking external assistance, and maintaining a no-blame culture. Understanding cyber risks at the business level is crucial, as cyber crime has evolved into a well-organised industry with distinct roles and profit-sharing mechanisms among cyber criminal groups. Conducting tabletop incident response exercises can effectively prepare senior leadership for cyber incidents, ensuring a proactive and coordinated response to mitigate risks and safeguard organisational resilience.

Source: [TechRadar]

UK Government’s Ransomware Failings Leave Country ‘Exposed and Unprepared’

The recent response from the British government to warnings about the looming ransomware threat has sparked criticism, with accusations of adopting an "ostrich strategy" by downplaying the severity of the national cyber threat. Despite alarming assessments from the Joint Committee on the National Security Strategy (JCNSS) regarding the high risk of a catastrophic ransomware attack, the government's formal response has been met with scepticism. Key recommendations, such as reallocating responsibility for tackling ransomware away from the Home Office, were rejected, with the government arguing that its existing regulations and the current National Cyber Strategy were sufficient. This argument has raised concerns about the government's preparedness and resource allocation. With ransomware attacks escalating in the UK, the Committee underscores the urgency for a proactive national security response to mitigate the potentially devastating impacts on the economy and national security.

Source: [The Record Media]

Data Breaches up 72% to New Record High: Cyber Security Incidents Rank as #1 Global Business Threat in 2024

Research conducted by the Identity Theft Resource Center (ITRC) found that 2023 set an all time high in data breaches, 72% more than the prior year. Separately, the Allianz Risk Barometer identified cyber incidents as the biggest global business threat for 2024, ranking above regulatory concerns, climate change and a shortage of skilled workers. It is crucial that the severity of this risk is reflected in the actions taken by organisations, who must effectively govern and implement their cyber security strategy.

Sources: [JDSupra]

Finance Sector Facing Huge Number of Cyber Attacks That Could Leave It On its Knees, Highlights the Need to Build a Robust Security Culture

Cyber security has become a pressing issue on financial institutions due to the rise in cyber attacks, as highlighted by the February attack on Bank of America via a third-party service. The involvement of the LockBit ransomware group underlines the persistent nature of these threats, particularly targeting the financial sector. These attacks disrupt services and undermine trust in the financial system, necessitating robust cyber security frameworks. The new US Securities and Exchange Commission (SEC) rule requiring immediate disclosure of cyber security incidents presents both benefits and challenges, calling for clear guidelines and industry-wide collaboration. BlackBerry’s Global Threat Intelligence Report revealed a staggering million attacks globally in just 120 days last year. These attacks, often using commodity malware, make up almost two-thirds of all industry-related incidents. The 27% increase in novel malware samples highlights the need for improved defences. These findings emphasise the need for AI-driven detection and defence strategies. While critical infrastructure remains a primary focus, commercial enterprises must remain vigilant, with a third of threats targeting various sectors, emphasising the pervasive nature of cyber threats across industries.

Source:[ SC Media] [TechRadar]

Microsoft Confirms Russian Hackers Stole Source Code, Some Customer Secrets

In a recent revelation, Microsoft disclosed that the Kremlin-backed threat group known as Midnight Blizzard successfully accessed some of Microsoft’s source code repositories and internal systems following a hack in January 2024. The breach, believed to have originally occurred in November 2023, exploited a legacy test account lacking multi-factor authentication by employing a password spray attack. Microsoft assured no compromise to customer-facing systems but warned of ongoing attempts by Midnight Blizzard to exploit stolen corporate email data. The extent of the breach remains under investigation, with concerns raised over the potential accumulation of attack vectors by the threat actor. The incident underscores the escalating sophistication of nation-state cyber threats and prompts a re-evaluation of security measures, highlighting the imperative for robust defences against such adversaries.

Source: [The Hacker News]

Independent Cyber Security Audits Are Powerful Tools for Boards

Board members are increasingly held accountable for their organisation's cyber posture, facing personal liability for lapses. To gain insight and demonstrate proactive leadership, independent cyber security audits have become indispensable. These audits not only aid in regulatory compliance but also uncover blind spots in the organisation's security measures. Recent regulations, such as by  the US Securities and Exchange Commission (SEC) underscore the imperative for robust cyber security oversight at the board level. The audit process involves defining the scope, conducting assessments, validating findings through simulations, and presenting comprehensive reports to leadership. By embracing cyber security audits, boards can fulfil their duty of overseeing and enhancing the organisation's cyber resilience in an ever-evolving threat landscape.

Source: [Bloomberg Law]

Navigating Cyber Security in The Era of Mergers

In today's landscape of frequent mergers and acquisitions (M&A), organisations grapple with the challenge of aligning cyber security measures across subsidiaries, posing a risk to overall security. According to an IBM survey, over one in three executives attribute data breaches to M&A activity during integration. This complexity arises as security teams may lack insight into subsidiary infrastructure, hindering risk assessment and mitigation efforts. Historical incidents like the NotPetya attack on Merck and the Talk Talk hack highlight vulnerabilities post-acquisition, emphasising the need for a proactive approach to subsidiary cyber security. To address these challenges, organisations must conduct comprehensive risk assessments, standardise security protocols, foster collaboration, and consider unified security platforms. By proactively addressing visibility gaps and implementing standardised protocols, organisations can fortify their defences against evolving cyber threats amidst M&A activities.

Source: [Forbes]

Phishing Tactics Evolve as Sophisticated Vishing and Image-based Phishing Take World by Storm

According to a recent report, 76% of organisations were compromised by QR-code phishing in the last 12 months. Along with this, there has also been a rise in the number of sophisticated vishing attacks, with recent attacks costing organisations millions. The introduction of artificial intelligence has only added fuel to this fire already impacting security controls such as call-back procedures. With the tactics of phishing evolving, organisations need to ensure they are up-to-date and that employees are trained effectively to mitigate the risk of these.

Sources: [Help Net Security] [Dark Reading]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Phishing & Email Based Attacks

Other Social Engineering

Artificial Intelligence

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Training, Education and Awareness

Regulations, Fines and Legislation

Models, Frameworks and Standards

Backup and Recovery

Data Protection

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

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

Nation State Actors

China

Russia

North Korea

Vulnerability Management

Vulnerabilities

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

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Black Arrow Admin Black Arrow Admin

Black Arrow Cyber Threat Briefing 01 December 2023

Black Arrow Cyber Threat Intelligence Briefing 01 December 2023:

-Law Firms Face Surge in Targeted Attacks as Hundreds Impacted by Single Attack

-Approach Cyber Security Awareness Training by Engaging People at All Levels

-Board Support Remains Critical as Majority of CISOs Experience Repeat Cyber Attacks

-Ransomware Attacks Surge 81% in October as New Threat Actors Emerge

-Hacked Microsoft Word Documents Being Used to Trick Windows Users

-Mitigating Deepfake Threats in The Corporate World

-Black Basta Ransomware Made Over $100 Million From Extortion Alone

-Long Recovery Times After Cyber Attacks Could Annihilate Your Organisation

-Booking.com Customers Scammed in Novel Social Engineering Campaign

-Stop Panic Buying Your Security Products and Start Prioritising

-A Fifth of UK SMBs Unable to Spot Scams

Welcome to this week’s Black Arrow Cyber Threat Briefing – a weekly digest, collated and curated by our cyber threat intelligence 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 Strategic Cyber Stories of the Last Week

Law Firms Face Surge in Targeted Attacks as Hundreds Impacted by Single Attack

An estimated 80 to 200 law firms across the UK were impacted by a cyber attack on a third party firm in their supply chain. The attack was on managed service supplier CTS, who provide services to hundreds of law firms across the UK, especially those with conveyancing departments, and many property sales were impacted nationwide as a result of the attack.

This is against a sharp increase in the number of law firms being singled out by cyber threat actors; only recently, magic circle firm Allen & Overy confirmed themselves as a victim of ransomware.

Sources: [SC Media] [Lawyer Monthly] [Scottish Legal News] [Law Gazette] [Dark Reading]

Approach Cyber Security Awareness Training by Engaging People at All Levels

In the cyber security landscape, human-related factors like social engineering, compromised credentials, and errors are the top causes of breaches. Increased investment in threat detection doesn't guarantee foolproof security. Organisations need a proactive strategy focusing on human risks, a security mindset in employees, and a security culture. According to IBM’s latest data security report, high levels of security training can significantly reduce the impact, cost, and frequency of data breaches.

However, most employee training programmes fail due to staff resistance and lack of management support. The key is convincing leadership of its value. To achieve a successful and impactful security awareness programme, it is important that security teams understand their audiences (leaders, managers, and employees), address their requirements, and effectively communicate the benefits of security training.

Source: [CPO Magazine]

Board Support Remains Critical as Majority of CISOs Experience Repeat Cyber Attacks

A recent report found that despite 95% of Chief Information Security Officers (CISOs) receiving budgetary and other support from their organisation after a cyber attack, this largely fails to prevent future incidents, with over half admitting they have experienced multiple “major cyber security incidents” in the last five years.

The report revealed that after an attack 46% of CISOs were given a bigger tech budget, 42% revised their security strategy, 41% adopted new frameworks, and 38% created new roles. However, incidents come with hidden consequences such as revenue loss, rising insurance premiums and declining reputation. CISOs need to have support from the board and executives from the start so that investments can be made in the right technology, processes, and tools. In doing so, a culture of security and vigilance can be instilled from the top down to help protect organisations against evolving threats.

Sources: [Business Wire] [Silicon UK]

Ransomware Attacks Surge 81% in October as New Threat Actors Emerge

The NCC Group revealed that ransomware attacks have surged by 81% in October 2023, compared to the same period in the previous year. Ransomware gangs have already victimised over 50% more individuals and enterprises in 2023 than during the entirety of 2022. As artificial intelligence, phishing kits and ransomware-as-a-service has improved, so too has the number of threat actors; those who were previously stunted by their technical know-how are now able to gain access to sophisticated attacks.

Source: [Security Brief]

Hacked Microsoft Word Documents Being Used to Trick Windows Users

Active campaigns carried out by cyber criminals are again using macros within Word documents to deploy malware, in spite of Microsoft’s efforts to stop these types of attacks. Most of the time the actor delivers the Word document via phishing emails, with the aim of convincing the user to click and run the macro. Once run, the malware has then achieved its goal of establishing itself on the victims’ machine and executing its malicious payload.

Source: [TechRadar]

Mitigating Deepfake Threats in The Corporate World

Deepfakes are synthetic media that are created or manipulated with the desired outcome of convincing the recipient of their legitimacy; and it’s entering the corporate world. Deepfake technology has already been used to impersonate Presidents and financial experts, however there has been an uprise in the number of these attacks. This has left the corporate world questioning existing operational procedures such as callbacks and how they will need to adjust to encompass the changing landscape.

Some of the ways a corporation can mitigate this, is to promote awareness within the workplace, adjust operational procedures to reflect the current landscape, and utilise advanced detection tools.

Source: [MSSP Alert]

Black Basta Ransomware Made Over $100 Million From Extortion Alone

The cyber crime operator “Black Basta” has raked in at least $100 million in ransom payments from more than 90 victims since it first surfaced in April 2022. In total, 329 victims worldwide were targeted and research has estimated that at least 35% paid a ransom, with multiple payments over $1 million. Black Basta uses double extortion techniques, where data is both ransomed and exfiltrated. This way, victims are forced to pay to get their data back and not have it published online; the latter itself can lead to regulatory fines.

Source: [Bleeping Computer]

Long Recovery Times After Cyber Attacks Could Annihilate Your Organisation

In the evolving cyber security landscape, organisations are increasingly investing in detection and prevention measures. However, there's a growing trend of neglecting post-attack recovery. While advanced security tools and technologies are crucial, recent ransomware incidents have shown that recovery is equally vital. Organisations have faced substantial downtime and financial losses due to attacks. Cyber resilience, the ability to bounce back quickly after an attack, is crucial, especially with the rise of remote work.

Budgets often prioritise prevention, leaving organisations ill-prepared for recovery. In 2023, a significant number of companies paid ransoms to regain data. To achieve true cyber resilience, a rebalance in approach is essential, focusing on preparation, response, and recovery alongside detection and prevention, ensuring rapid recovery and safeguarding of valuable assets.

Source: [TechRadar]

Booking.com Customers Scammed in Novel Social Engineering Campaign

According to new research by SecureWorks, Booking.com customers are being targeted by a novel social engineering campaign that is “paying serious dividends” for cyber criminals. Researchers believe the campaign has gone on for at least a year and it begins by deploying the Vidar infostealer to gain access partner hotels’ Booking.com credentials. This information is then used to send phishing emails to Booking.com customers and trick them into handing over their payment details, in many cases leading to money being stolen. The scam is proving so fruitful that sales of Booking.com portal credentials are commanding sale prices of up to $2,000 in two cyber crime forums.

Source: [Infosecurity Magazine]

Stop Panic Buying Your Security Products and Start Prioritising

In the cyber security landscape, impulse buying can lead to costly mistakes. Breaches are now more expensive than ever, underscoring the need to assess cyber security investments. Fear-driven tactics and the quest for a "silver bullet" solution can push organisations, especially smaller ones, into impulsive investments. These decisions may introduce even more risk by failing to integrate with existing systems, or buying systems but failing to configure them properly or utilising them to the fullest extent, leading to a false sense of security. The consequences can be severe, with breaches now costing organisations millions. To navigate this landscape, organisations must assess the real value of cyber security investments. Calculating risk by evaluating likelihood and impact can guide us in making informed decisions. Instead of impulse buying, assign a monetary value to cyber risks for strategic budget decisions in these economic times, ensuring investments align with security and business goals.

Source: [Help Net Security]

A Fifth of UK SMBs Unable to Spot Scams

New data from UK Finance reveals that 17% of UK small and medium-sized businesses (SMBs) struggle to identify online fraud and scam indicators. This is particularly alarming given the rise in authorised push payment (APP) scams in the UK, where fraudsters impersonate trusted entities to deceive victims into transferring money to controlled accounts. In the first half of 2023 alone, criminals stole a reported £42.6 million through such scams, with total losses including consumer impacts reaching £239 million. SMBs are increasingly targeted due to typically fewer anti-fraud and other countermeasures and controls, compared to larger and better protected larger firms. It is important for SMBs to be vigilant and verify payment details directly with suppliers to help avoid these types of scams.

Source: [Infosecurity Magazine]

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

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

Insurance

Supply Chain and Third Parties

Cloud/SaaS

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

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

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 24 November 2023

Black Arrow Cyber Threat Intelligence Briefing 24 November 2023:

-The Human Element- Cyber Security’s Great Challenge

-Good Cyber Hygiene is a Strategic Imperative for SMEs, Report Shows

-Despite Increasing Ransomware Attacks, Some Companies in Denial

-A Single Supply Chain Related Ransomware Incident Spurred UK Decision Makers to Spend Big on Cyber as Latest Victim Count exceeds 2.6K Organisations and 77M People

-The True Cost of a Ransomware Attack

-Largest Study of Its Kind Shows Outdated Password Practices Are Putting Millions at Risk

-Cyber Security Investment Involves More Than Just Technology

-Questions Leaders Must Ask Themselves on Security Culture

-There’s a Crossover Between Organised Crime, Financial Crime, and Nation-State Crime

-Cyber Attack on British Library Highlights Lack of UK Resilience

-Organisations Rethink Cyber Security Investments to Meet NIS2 and DORA Directive Requirements

-The Cyber Security Lawsuit Boards are Talking About

-UK and Republic of Korea Issue Warning About North Korea State-Linked Cyber Actors Attacking Software Supply Chains

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.

The Human Element- Cyber Security’s Great Challenge

According to Verizon’s 2023 Data Breach Investigations Report, 74% of all breaches involved a human element. It is important for organisations to understand that it is not simply malicious employees or employees falling for social engineering attacks; it includes things such as negligent, or intentional but not malicious actions. In fact, a recent separate report by Kaspersky found that 26% of incidents over the past two years involved the result of intentional security protocol violations; in comparison, external hacking attempts made up 20%.

Further, Kaspersky found 25% of incidents occurred due to neglecting system software or application updates, followed by 22% resulting from deliberate use of weak passwords or failing to change them promptly, and 18% from staff visiting unsecured websites. One potential cause for these incidents is a lack of training on why such protocols need to be followed.

Black Arrow provides live in person and online instructor lead cyber security training including Cyber Risk and Governance Workshops for Senior Leadership, and Awareness, Behaviour and Culture Training for employees and contractors.

Sources [Beta News] [ Infosecurity Magazine] [The Economic Times (indiatimes.com)]

Good Cyber Hygiene is a Strategic Imperative for SMEs, Report Shows

Small or large, no company is immune to a cyber attack and therefore good cyber hygiene is an imperative for all. Whilst large firms may already have more mature defences in place, smaller firms are definitely catching on to this, with 47% of respondents to a recent survey stating they were more worried about their organisation’s security posture now than compared to six months ago.

The survey found that ransomware (35%), software vulnerability exploits (28%) and using the same password across different applications (25%) were amongst the largest concerns. Interestingly, in a separate report, 44% of incidents were found to lack any element of malware, indicating that attackers are moving beyond traditional methods. The same report found 65% of cases included remote monitoring and management tools as the vector for initial access, something a number of organisations do not secure.

Business email compromise (BEC) attacks are also a key concern for businesses of all sizes but can be especially damaging to smaller organisations for whom the financial loss can be devastating.

Sources [Computer Weekly]  [Beta News] [Beta News]

Despite Increasing Ransomware Attacks, Some Companies are in Denial

A recent study has highlighted a contradiction in the way organisations perceive ransomware threats. Although many do not consider themselves likely targets, they are, nevertheless, bolstering their security measures, expanding their teams, and fortifying cyber defences, acknowledging the risks despite their assumed invulnerability.

Simultaneously, ransomware tactics are undergoing significant changes. The past three quarters have seen a marked increase in double-extortion attacks, with data leaks from these incidents rising by 50% compared to the previous year. This trend is predominantly driven by a few active groups, some newly emerged this year, amplifying the threat landscape.

In a tactical shift, the ransomware group ALPHV, also known as Blackcat, has lodged a formal complaint with the US Securities and Exchange Commission (SEC) against a victim for failing to comply with new disclosure regulations. Meanwhile, LockBit, infamous for attacks on high-profile targets, is modifying its extortion tactics due to lower-than-anticipated ransom returns. These developments point to an evolving and adaptive ransomware environment.

Sources: [Dark Reading] [SC Media] [Insurance Journal] [MSSP Alert] [Security Brief]

A Single Supply Chain Related Ransomware Incident Spurred UK Decision Makers to Spend Big on Cyber as Latest Victim Count exceeds 2.6K Organisations and 77M People

It is reported that 2,620 organisations and more than 77 million individuals have been impacted to date by the MOVEit supply chain ransomware attack, with millions in the past week alone having received notifications that their information had either been accessed, leaked, or both.

In a survey involving directors of UK companies with over 500 seats that had suffered a ransomware or extortion attack in the past 18 months, it was found that 24% had become significantly more anxious about ransomware attacks as a direct result of the MOVEit breach, and 66% were slightly more anxious. This anxiety translated into action, with 42% of respondents investing more into backup and recovery, and 29% tweaking existing cyber strategies. 29% had taken the decision to amend their existing cyber strategies. Staff training was also found to rise, with 42% looking to spend on skills development and 40% upping their investment in training.

Sources: [The Register] [Computer Weekly]

The True Cost of a Ransomware Attack

While the demand is often financial, the impact and reach of ransomware goes far beyond the ransomware demand. Alongside the financial impact, comes the reputational impact, loss of customers, resources in returning to business as normal and time lost in recovery. For some companies, it can take months to return to where they were before and for others, it marks the end of their organisation.

For an attacker, it doesn’t matter. Their goal is not limited by the size or sector of an organisation and it is therefore imperative that every organisation is prepared for the event of an incident. Black Arrow works with organisations of all sizes and sectors to design and prepare for managing a cyber security incident; this can include an Incident Response Plan and an educational tabletop exercise for the leadership team that highlights the proportionate controls to help the organisation prevent and mitigate an incident.

Source: [ITPro]

Largest Study of Its Kind Shows Outdated Password Practices Are Putting Millions at Risk

A recent study has exposed serious flaws in passwords on the internet, revealing that three out of four popular websites are compromising user security by not meeting basic password standards. The study examined 20,000 websites, finding many allowed simple passwords, didn’t block common ones and adhered to outdated complexity requirements. It was found that over half the websites accept passwords of six characters or fewer, with 75% not requiring the advised minimum of eight characters, and 30% not supporting spaces or special characters. The study showcases the gap in security measures implementation across the web and emphasises the importance of ongoing improvement in web security standards.

The problem is further exacerbated by employees using work email for non-work approved websites and reusing the same passwords, meaning any breach of a compromised site hands the user’s credentials to an attacker. Further, many organisations are not even aware this is going on.

Source: [TechXplore]

Cyber Security Investment Involves More Than Just Technology

C-suite business leaders and senior IT professionals within large organisations, found that the top five cyber security investment areas were technologies (49%), threat intelligence (46%), risk assessment (42%), cyber insurance (42%), and third-party risk management (40%). Fewer organisations highlighted technology as good value for money in 2023 (49%) than in 2022 (58%). suggesting an awareness that technology investments go hand-in-hand with investing in governance and personnel to effectively enable and manage the technology.

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

Source: [Dark Reading]

Questions Leaders Must Ask Themselves on Security Culture

In today's corporate landscape, there's a growing emphasis on the human aspect of cyber security, with Stanford University research indicating that about 88% of data breaches result from employee errors. Companies are now focusing on enhancing security awareness through marketing campaigns and integrating cyber security performance into job reviews. This shift acknowledges that as technological defences evolve, cyber attackers increasingly exploit human vulnerabilities, as evidenced by major ransomware incidents like those impacting Colonial Pipeline and JBS Foods.

Developing a strong security culture is essential, by complementing robust policies with ingraining security-minded beliefs and behaviours in employees. Key to this is the role of leadership in embedding and continuously assessing this culture. This involves evaluating training effectiveness, reporting mechanisms, proactive security approaches, and the impact of security initiatives, while also considering the complexity of human behaviour and the example set by top management. Emphasising these aspects is crucial for maintaining a secure and resilient organisational environment, and in so doing protecting an organisation's reputation and financial integrity.

Source: [AT&T]

There’s a Crossover Between Organised Crime, Financial Crime, and Nation-State Crime

The convergence of organised crime, financial crime, and nation-state crime is a growing concern in today’s interconnected world. This crossover, driven by the digital revolution, globalisation, economic factors, and state fragility, is reshaping the global criminal landscape. Organised crime syndicates, traditionally involved in activities like drug trafficking and extortion, are now branching out into financial crimes, offering higher profits with lower risks.

Financial crime, once the domain of individual fraudsters and white-collar criminals, has become a lucrative venture for organised crime groups. They exploit the global financial system to launder proceeds of crime, finance their operations, and evade law enforcement. Nation-state crime, involving state-sponsored or state-condoned criminal activities, often overlaps with organised and financial crime. Some governments turn a blind eye to these activities, while others actively support them for political, economic, or strategic reasons.

Sources: [The Currency]

Cyber Attack on British Library Highlights Lack of UK Resilience

A recent ransomware attack on the British Library has spotlighted the vulnerabilities in the UK's public sector IT infrastructure, amid rising state-backed cyber attacks. This major incident, which caused a significant technical outage at the library, underscores the concerns of cyber intelligence experts about the government's inadequate investment in cyber resilience in critical areas like education, healthcare, and local government. The hacking group Rhysida, targeting essential infrastructure, claimed responsibility and auctioned stolen data, including British Library employees’ passports, for 20 bitcoin (approximately £600,000).

The attack on the British Library, a key public service institution, highlights the escalating threat of ransomware attacks and their potential exploitation by state actors. The UK’s National Cyber Security Centre (NCSC) has reported a significant increase in cyber attacks in 2023, with incidents more than doubling compared to the previous year. In response, the UK government, which had already allocated £2.6bn for cyber security improvements and IT system updates, is actively assessing the situation with the support of the National Protective Security Authority.

Source: [FT]

Organisations Rethink Cyber Security Investments to Meet NIS2 and DORA Directive Requirements

The European Union (EU) is seeking to improve cyber resilience across all member states by bringing in two new regulations: the Digital Operational Resilience Act (DORA), which focuses on financial services companies, and its counterpart the Network and Information Systems Directive (NIS2). The effects of the two regulations are likely to be wider reaching, bringing in more stringent processes and controls and redefining service provision to organisations.

With NIS2 coming into effect in October 2024, the mandatory directive will have teeth, with strict penalties for non-compliance for both the business and senior board personnel, who can be held directly accountable and prevented from holding similar positions in the future. It also aims to increase intelligence sharing between member states and enhance supply chain security. This latter measure will see the directive have a global impact.

Many organisations supplying services to firms that fall under DORA and NIS2 will themselves be subject to the full force of the regulations, with many of these suppliers, including IT providers, unaware that this will have far reaching ramifications for them and their ability to continue to provide these services.

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

The Cyber Security Lawsuit Boards are Talking About

For the last month, an under-the-radar lawsuit has privately been a hot topic of conversation in boardrooms and corporate security departments alike. The lawsuit involved the Securities and Exchange Commission (SEC) accusing SolarWinds and their CISO of fraud. SolarWinds, like many organisations, had disclosed some facts, however what was reported was not sufficient to satisfy the regulator. The lawsuit is the first in which the SEC has charged a company with intentional fraud related to cyber security disclosures and it paints a picture for the wider movement of the cyber landscape. Whilst the SEC is US based you can expect regulatory counterparts in other jurisdictions globally to follow suit.

Source: [The New York Times]

Top Cyber Stories of the Last Week

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

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

Supply Chain and Third Parties

Cloud/SaaS

Encryption

Passwords, Credential Stuffing & Brute Force Attacks

Social Media

Malvertising

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

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

Vulnerability Management

Vulnerabilities

Tools and Controls

Other News

Sector Specific

Industry specific threat intelligence reports are available.

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

·         Automotive

·         Construction

·         Critical National Infrastructure (CNI)

·         Defence & Space

·         Education & Academia

·         Energy & Utilities

·         Estate Agencies

·         Financial Services

·         FinTech

·         Food & Agriculture

·         Gaming & Gambling

·         Government & Public Sector (including Law Enforcement)

·         Health/Medical/Pharma

·         Hotels & Hospitality

·         Insurance

·         Legal

·         Manufacturing

·         Maritime

·         Oil, Gas & Mining

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

·         Retail & eCommerce

·         Small and Medium Sized Businesses (SMBs)

·         Startups

·         Telecoms

·         Third Sector & Charities

·         Transport & Aviation

·         Web3

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

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

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

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

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Black Arrow Cyber Threat Briefing 03 March 2023

Black Arrow Cyber Briefing 03 March 2023:

-It’s Time to Evaluate Your Security Education Plan Amongst the Rise in Social Engineering Attacks

-Mobile Users are More Susceptible to Phishing Attacks

-Phishing as a Service Stimulates Cyber Crime

-Attacker Breakout Time Drops to Just 84 Minutes

-Attackers are Developing and Deploying Exploits Faster Than Ever

-Old Vulnerabilities are Haunting Organisations and Aiding Attackers

-Scams Drive Nearly $9bn Fraud Surge in 2022

-Economic Pressure are Increasing Cyber Security Risks and a Recession Would Only Further This

-Cyber Security in This Era of Polycrisis

-Russian Ransomware Projects Rebranded to Avoid Western Sanctions

-Ransomware Attacks Ravaged Big Names in February

-Firms Who Pay Ransom Subsidise New Attacks

-How the Ukraine War Opened a Fault Line in Cyber Crime

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

  • It’s Time to Evaluate Your Security Education Plan with the Rise in Social Engineering Attacks

Security provider Purplesec found 98% of attacks in 2022 involved an element of social engineering. Social engineering attacks can take many forms including phishing, smishing, vishing and quishing and it’s vital to educate your organisation on how to best prepare for these. Education plans should focusing on educating all levels of users, including those at the top. These plans should also be tested to allow organisations to assess where they are at and identify where they can improve.

https://www.darkreading.com/endpoint/as-social-engineering-attacks-skyrocket-evaluate-your-security-education-plan

  • Mobile Users are More Susceptible to Phishing Attacks

A report conducted by mobile security provider Lookout focused on the impact of mobile phishing. Some of the key findings from the report included that more than 50% of personal devices were exposed to a mobile phishing attack every quarter, the percentage of users falling for multiple mobile phishing links increasing and an increased targeting of highly regulated industries such as insurance, banking and financial services. It is likely that this has resulted from the increase in relaxed bring your own device (BYOD) policies.

https://www.msspalert.com/cybersecurity-research/mobile-users-more-susceptible-to-phishing-attacks-than-two-years-ago/

  • Phishing as a Service Stimulates Cyber Crime

Phishing attacks are at an all-time high and the usage of Phishing as a Service (PaaS) opens this attack technique to virtually anyone. The sale of “phishing kits” and usage of artificial intelligence has further increased the availability of this attack technique. In response, organisations should look to improve their email security, cloud security and education programs for employees.

https://www.trendmicro.com/en_us/ciso/23/c/phishing-as-a-service-phaas.html

  • Attacker Breakout Time Drops to Just 84 Minutes

The average time it takes for a threat actor to move laterally from a compromised host within an organisation dropped 14% between 2012 and 2022 down to 84 minutes, according to a report by security provider Crowdstrike. With the reduction in time it takes a threat actor to move across systems, organisations have even less time to enact their incident response plans and contain breaches effectively, putting further pressure on the incident response team. By responding quickly, organisations can minimise the cost and damage of a breach. The report from Crowdstrike found that organisations were facing increasing difficulty in detecting suspicious activity as attackers are choosing to use valid organisation credentials rather than malware, to gain access to an organisation’s systems.

https://www.infosecurity-magazine.com/news/attacker-breakout-time-drops-just/

  • Attackers are Developing and Deploying Exploits Faster Than Ever

A report from security provider Rapid7 found that over 56% of vulnerabilities were exploited within seven days of public disclosure. Worryingly, the median time for exploitation in 2022 was just one day. The finding from the report highlights the need for organisations to not only conduct threat intelligence to be aware of vulnerabilities but to also look to employ patches where possible in a timely manner.

https://www.helpnetsecurity.com/2023/03/03/attackers-developing-deploying-exploits/

  • Old Vulnerabilities are Haunting Organisations and Aiding Attackers

Known vulnerabilities, vulnerabilities for which patches have already been made available, are one of the primary attack vectors for threat actors. Vulnerability management vendor Tenable found that the top exploited vulnerabilities were originally disclosed as far back as 2017 and organisations that had not applied these patches were at increased risks of attack.

https://www.helpnetsecurity.com/2023/03/03/known-exploitable-vulnerabilities/

  • Scams Drive Nearly $9bn Fraud Surge in 2022

Americans lost $8.8 billion to fraud last year, with imposter scams responsible for $2.8 billion of that amount, according to the Federal Trade Commission (FTC). Losses to business imposters were particularly damaging, climbing to $660 million from the previous year. Interestingly, the FTC found that younger people reported losing money to fraud the most often.

https://www.infosecurity-magazine.com/news/investment-scams-drive-9bn-in/

  • Economic Pressure are Increasing Cyber Security Risks and a Recession Would Only Further This

The World Economic Forum’s recent report found that 93% of cyber security leaders and 86% of business leaders think it is moderately or very likely that global geopolitical instability will lead to a catastrophic cyber event in the next two years. Reinforcing this, a report from (ISC)² found that 80% of business executives believe a weakening economy will increase cyber threats and a recession will only amplify this.

https://www.csoonline.com/article/3689008/economic-pressures-are-increasing-cybersecurity-risks-a-recession-would-amp-them-up-more.html

  • Cyber Security in this Era of Polycrisis

A year since Russia invaded Ukraine, the geopolitical context is increasingly tense and volatile. The world faces several major crises in what has been coined a 'polycrisis,' a cluster of global shocks with compounding effects. This, along with increasing geopolitical tensions causes a rise in risk from cyber attacks. In fact, the European Union Agency for Cyber Security (ENISA) recently issued an alert regarding actors conducting malicious cyber activities against businesses and governments in the European Union and findings from Google show a 300% increase in state-sponsored cyber attacks targeting users in NATO countries.

https://www.weforum.org/agenda/2023/02/cybersecurity-in-an-era-of-polycrisis/

  • Russian Ransomware Projects Rebranded to Avoid Western Sanctions

Research provider TRM labs found that some major Russian-linked ransomware crime gangs have rebranded their activities in 2022 to avoid sanctions. To strengthen their anonymity, two major ransomware crime gangs LockBit and Conti restructured their activities. Conti is reported to have restructured into three smaller groups named Black Besta, BlackByte, Karakurt. LockBit on the other hand launched LockBit 3.0, which is focused on monetary gain. Additionally, the report found that Russian-speaking darknet markets had amassed over $130 million in sales.

https://cryptopotato.com/russian-ransomware-projects-rebranded-to-avoid-western-sanctions-report/

  • Ransomware Attacks Ravaged Big Names in February

Despite the apparent slight drop in ransomware activity last month, several high profile targets of various industries were hit; this ranges from the likes of the US Marshal Service, retailer WH Smith, satellite provider Dish and many more. These attacks reinforce the concept that any organisation can be a victim, regardless of industry.

https://www.techtarget.com/searchsecurity/news/365532056/Ransomware-attacks-ravaged-big-names-in-February

  • Firms Who Pay Ransoms Subsidise New Attacks

A report from security provider Trend Micro found that whilst only a relatively small number of ransomware victims pay their extorters, those that do pay are effectively funding 6-10 new attacks. The report also found that attackers are aware of which industries and countries pay ransoms more often, so organisations belonging to those industries and countries may find themselves an even more attractive target.

https://www.infosecurity-magazine.com/news/firms-pay-ransom-subsidise-10/

  • How the Ukraine War Opened a Fault Line in Cyber Crime

A report from threat intelligence provider Recorded Future has highlighted the impact that the Russian invasion of Ukraine has had on cyber. Recorded Future explain how a number of threat actor groups fled during the war and in addition to differing political views between groups, there has been a disruption to the cyber environment. In fact, Recorded Future found that Russian-language dark web marketplaces have taken a major hit and the prediction is that the epicentre of cyber crime may shift to English-speaking dark web forums, shops and marketplaces.

https://www.darkreading.com/analytics/ukraine-war-fault-line-cybercrime-forever

Threats

Ransomware, Extortion and Destructive Attacks

Phishing & Email Based Attacks

BEC – Business Email Compromise

Other Social Engineering; Smishing, Vishing, etc

2FA/MFA

Malware

Mobile

Denial of Service/DoS/DDOS

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Fraud, Scams & Financial Crime

AML/CFT/Sanctions

Insurance

Dark Web

Supply Chain and Third Parties

Software Supply Chain

Cloud/SaaS

Containers

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

Careers, Working in Cyber and Information Security

Law Enforcement Action and Take Downs

Privacy, Surveillance and Mass Monitoring

Artificial Intelligence

Misinformation, Disinformation and Propaganda

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

Nation State Actors

Sector Specific

Industry specific threat intelligence reports are available.

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

·       Automotive

·       Construction

·       Critical National Infrastructure (CNI)

·       Defence & Space

·       Education & Academia

·       Energy & Utilities

·       Estate Agencies

·       Financial Services

·       FinTech

·       Food & Agriculture

·       Gaming & Gambling

·       Government & Public Sector (including Law Enforcement)

·       Health/Medical/Pharma

·       Hotels & Hospitality

·       Insurance

·       Legal

·       Manufacturing

·       Maritime

·       Oil, Gas & Mining

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

·       Retail & eCommerce

·       Small and Medium Sized Businesses (SMBs)

·       Startups

·       Telecoms

·       Third Sector & Charities

·       Transport & Aviation

·       Web3

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

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

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

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

Read More