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

Top Cyber Stories of the Last Week

Cyber Attacks More Likely Than Fire or Theft, as Fifth of UK Businesses Fallen Victim To Cyber Attack in Past Year

A survey of more than 1,200 UK businesses of all sizes across multiple industries conducted by Aviva found that a fifth of UK businesses were victims to cyber attacks in the past year. The report found that businesses were 67% more likely to have experienced a cyber incident than a physical theft and five times more likely to have experienced a cyber attack than a fire.

When it came to the fallout from a cyber attack, 31% of businesses experienced operational disruption and 20% admit to not being confident in knowing what to do should this happen. This lack of confidence rises to more than a quarter (27%) for small businesses, who appear to be the most vulnerable to such a risk. Financially, the average incident was found to cost £21,000, however this figure is likely to be more given the further implications that result from a cyber attack.

Sources: [Insurance Age] [theHRD] [Infosecurity Magazine]

Russia Hacking: 'FSB in Years-Long Cyber Attacks on UK', Says UK Government

The UK government has accused Russia's Federal Security Service (FSB), successor to the KGB, of conducting a prolonged cyber hacking campaign since at least 2015, targeting politicians, journalists, academics, and others through sophisticated attacks that included the creation of false accounts. This accusation, part of a coordinated effort with the US, aims to disrupt FSB operations and raise awareness ahead of major elections. This comes as a recent report by Palo Alto Networks' Unit 42 found that the Russia-linked APT28 group, also known as “Forest Blizzard” or “Fancybear,” has exploited a Microsoft Outlook vulnerability to target European NATO members. Active since 2007 and linked to the Russian military, APT28's recent campaigns have focused on government, energy, transportation, and NGOs in the US, Europe, and the Middle East. These incidents highlight the critical need for enhanced cyber security measures and international cooperation to counter sophisticated and evolving cyber threats, ensuring the security of sensitive sectors and the integrity of global democratic processes.

Sources: [BBC News] [ Security Affairs]

NCSC CTO: Cyber Security is Essential, Not Optional

Ollie Whitehouse, Chief Technology Officer (CTO) of the UK’s NCSC has argued in a recent keynote that extra security features should not be a premium feature, highlighting the importance of vendors adopting a secure-by-design method, rather than implementing security upcharges where vendors charge extra for users to secure their product.

The speech also noted that organisations should utilise the tools that are already available to them, on top of maintaining a focus on user awareness.

Sources: [Infosecurity Magazine] [Dark Reading]

69% of Organisations Paid Ransoms, contributing to Inflation as Firms Increase Costs

According to a survey, 75% of respondents reported being targeted by ransomware in the past year, and of those, 69% paid the ransom. 54% of those who paid the ransom, suffered financial ramifications of $100,000 or more. It is unclear whether the research includes further implications such as regulatory fines, loss of work, reputational damage, and cost of down-time.

A separate study found that ransomware attacks costs are directly contributing to rising inflation in the UK, as businesses face an average increase of 17% to their costs following an attack. Cumulatively, 68% of the companies represented in the survey reported they had increased prices by at least 11% as a direct result of suffering an attack. In addition, of those falling victim to ransomware, 70% believed their business would have to close if they suffered another attack. When it came to the time lost to dealing with ransomware, companies took an average of two months to recover from an attack and 16% took between three and six months.

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

75% of Sports Related Passwords are Reused Across Accounts

According to a recent Bitwarden report, 33% of Americans have used a sports-themed password. This figure rose to 49% for those ages 18-34. Of those, 75% admitted to using it across multiple accounts. Password re-use a common issue globally: by re-using passwords, users are multiplying the likelihood of being breached by an attacker. Additionally, this can crossover to the corporate environment, where users’ personal breached credentials can be utilised to get into their corporate account.

Sources: [Security Magazine] [Help Net Security]

Ransomware in 2024: Anticipated Impact, Targets, and Landscape Shift

As ransomware continues to rise, we can expect groups to evolve their attacks, operating on a larger scale for bigger profits, especially following large-scale supply chain attacks in the past 12 months. Ransomware has solidified its position as the predominant security threat in 2023, with a record number of victims. A recent report highlighted a 46% increase in cyber extortion and ransomware attacks compared to previous years. This trend shows ransomware evolving into a profitable microcosm, akin to a startup ecosystem, with more groups emerging as disruptors and newcomers. In response, organisations are increasingly turning to services that lend-out cryptocurrency, a frequent ransomware payment method. With changing tactics and the formation of new groups, it's crucial for leaders to prepare their 2024 security strategies now, ensuring they have a robust plan in place to counter ransomware threats to their organisations.

Sources: [Barrons] [Help Net Security] [Computer Weekly]

Ransomware, Vendor Hacks Push Breach Number to Record High

The world is experiencing a significant rise in data breaches, reaching a record high with more than 360 million individuals affected in the first eight months of 2023 in the US alone, according to a joint report from Apple and an MIT researcher. This alarming increase includes a notable surge in ransomware attacks, which have escalated by nearly 70% compared to 2022. The healthcare sector is particularly vulnerable, with 60% of organisations reporting ransomware attacks in 2023, an increase from 34% in 2021. The largest health data breach this year impacted 11 million people at HCA Healthcare. A critical factor in these breaches is the exploitation of third-party vendors, as seen in attacks on Progress Software's MOVEit and Fortra's GoAnywhere applications. These incidents highlight the urgent need for organisations to prioritise data security, especially in managing relationships with vendors, to protect sensitive information and mitigate the growing threat of cyber attacks.

Source: [Info Risk Today]

Nuclear Hack Creates Rising Fears of Cyber Vulnerability in Critical Infrastructure

News of one of the UK’s most high profile nuclear power stations, Sellafield, being hacked, with fears that highly sensitive information has been accessible for years, has led to new calls for the UK to tighten up security of its vital infrastructure. Rather worryingly, The Guardian have added that it discovered that authorities were unaware of its first compromise, but it has been detected as far back as 2015.

Sources: [Emerging Risks]

Thousands of House Purchases Frozen by Cyber Attack; Will They Complete Before Christmas?

Conveyancing firms across the UK faced significant disruption when they discovered blank screens on their computers due to a problem originating from CTS, a cloud hosting provider widely used for legal applications. This unexpected issue led many within these affected firms to hastily purchase new laptops to regain partial access to emails and documents, but their case management systems remained largely inaccessible. Firms had to devise manual workarounds to keep transactions moving, amidst concerns about the safety of client data and funds. While most firms have found ways to progress with exchanges and completions, the reliance on cumbersome manual processes and limited access to client data and financial systems has more than doubled the workload. This situation raises several questions about the preparedness and resilience of paperless (or paper-light) office environments, the adequacy of backup systems, and potential compensation for those inconvenienced. The immediate focus, however, is on collaborative efforts to ensure as many clients as possible can move into their new homes before Christmas.

Source: [Property Industry Eye]

US Government Agency Was Hacked Thanks to 'End of Life' Software

The US Cyber security and Infrastructure Security Agency (CISA) recently issued a warning about two cyber attacks on an undisclosed federal agency, exploiting a vulnerability in outdated Adobe ColdFusion software. This software, now end-of-life, no longer receives updates, leaving the agency vulnerable and unable to apply security patches. The attacks, which occurred in June and July, appeared to be reconnaissance efforts to map the agency's network, with no evidence of malware installation or data exfiltration. However, it's unclear if the same hackers were behind both incidents. Microsoft Defender for Endpoint detected and limited the hackers' activities. This situation underscores the significant risks associated with running end-of-life software, highlighting the need for organisations to update or replace such software to protect against potential cyber threats.

Source:[ TechCrunch]

Digital Transformation, Security Implications, and their Effects on The Modern Workplace

The vast majority of digital transformation projects will have implications for your cyber security, yet too often this is overlooked with the focus on delivery of the project or the functionality it will bring. Thinking about security after the fact is not only more expensive and less efficient, but can also mean dangerous gaps remaining open in the meantime. In this era, where remote work and public network access are prevalent, the lack of a robust cyber security framework significantly undermines the digital transformation process. Continuous employee education on digital threats and proactive cyber security measures are not just add-ons but essential components of a successful digital transformation. As businesses move towards 2024, integrating advanced cyber security practices is as crucial as adopting new technologies for a truly effective and secure digital transformation.

Source:[ Forbes]

Third Party Breaches Shake up Energy Sector, with 90% Suffering from Third-Party Breach

With 90% of the largest energy companies globally experiencing a third-party breach in the past 12 months, it is no wonder the sector is shaken. In the US, 100% of the top 10 US energy providers suffered a breach and in total, 98% of the organisations in the research used at least one third party vendor that had experienced a breach in the last two years.

Third-party breaches are a concern for any organisation. It is important to know who has access to your organisation’s data, and what security controls they have in place to protect it. Organisations can benefit from firstly identifying who has their information and then conducting supply chain risk assessments to understand what information is held and how it is protected.

Sources: [Help Net Security]

Report Reveals Sorry State of Cyber Security at UK Football Clubs

A new report reveals a concerning lack of cyber resilience within UK football clubs, extending from the Premier League downwards. The industry, increasingly targeted by cyber attacks, suffers from a disconnect between the perceived and actual risk levels. Key findings include a general lack of cyber maturity, outdated approaches to cyber security, and a scarcity of dedicated IT and cyber security roles, including Chief Information Security Officers (CISOs). Despite significant financial investments in players, there's reluctance from club boards to allocate sufficient resources for cyber security. The report underscores the need for comprehensive training, increased awareness of security risks across all levels of club operations, and the hiring of dedicated cyber security professionals. This situation calls for an industry-wide standard for cyber security budgets, scaled according to the club's size and turnover, to adequately address these emerging digital threats.

Source: [Computer Weekly]

Governance, Risk and Compliance

Threats

Ransomware, Extortion and Destructive Attacks

Ransomware Victims

Artificial Intelligence

Malware

Mobile

Denial of Service/DoS/DDOS

ENISA published ENISA Threat Landscape for DoS Attacks (securityaffairs.com)

Internet of Things – IoT

Data Breaches/Leaks

Organised Crime & Criminal Actors

Cryptocurrency/Cryptomining/Cryptojacking/NFTs/Blockchain

Insider Risk and Insider Threats

Hacking the Human Mind: Exploiting Vulnerabilities in the 'First Line of Cyber Defence' (thehackernews.com)

Insurance

Supply Chain and Third Parties

Cloud/SaaS

Encryption

Linux and Open Source

Passwords, Credential Stuffing & Brute Force Attacks

Malvertising

Microsoft Warns of Malvertising Scheme Spreading CACTUS Ransomware (thehackernews.com)

Training, Education and Awareness

Are companies falling behind on cyber security awareness training? | CTV News

Regulations, Fines and Legislation

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

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.

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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.

Black Arrow Cyber Threat Briefing 08 December 2023