Black Arrow Cyber Threat Briefing 08 October 2021

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

Half of Regulated Firms See Pandemic Spike in Financial Crime

Around half of firms in the financial services, property and legal sectors have reported rising levels of financial crime over the past 12 months, according to new data from an anti-money laundering (AML) specialist which polled 500 regulated businesses in the UK to better understand the levels of risk facing players in each vertical.

Overall, 48% of respondents said they’d seen a rise in financial crime, and a quarter (26%) admitted they’d been a victim of attacks. Legal firms, including conveyancers, experienced the most significant number of compromises, with a third (33%) saying they had been a victim of financial crime.

The sector is an increasingly attractive target for both state-backed and financially motivated cyber-criminals, given the wealth of sensitive client information that legal practices typically hold. https://www.infosecurity-magazine.com/news/half-firms-pandemic-spike/

Large Ransom Demands And Password-Guessing Attacks Escalate

ESET released a report that summarizes key statistics from its detection systems and highlights notable examples of its cyber security research.

The latest issue of the report highlights several concerning trends that were recorded by ESET telemetry, including increasingly aggressive ransomware tactics, intensifying brute-force attacks, and deceptive phishing campaigns targeting people working from home who have gotten used to performing many administrative tasks remotely.

Ransomware, showing three major detection spikes during T2, saw the largest ransom demands to date. The attack shutting down the operations of Colonial Pipeline – the largest pipeline company in the US – and the supply-chain attack leveraging a vulnerability in the Kaseya VSA IT management software, sent shockwaves that were felt far beyond the cybersecurity industry. https://www.helpnetsecurity.com/2021/10/05/large-ransom-demands/

Malicious Hackers Are Exploiting Known Vulnerabilities Because Organizations Aren’t Quick Enough To Patch – Report

Organizations are urged to be more proactive when it comes to protecting against vulnerabilities, after a report found that malicious attackers routinely exploit unpatched systems.

The 2021 Trustwave SpiderLabs Telemetry Report, released this week, found that a huge number of companies are falling foul to cyber-attacks despite having ready access to suitable fixes.

This is happening because malicious actors are using Shodan to scan for networks that are exposed to known vulnerabilities and exploit them before the victim can apply the patch. https://portswigger.net/daily-swig/malicious-hackers-are-exploiting-known-vulnerabilities-because-organizations-arent-quick-enough-to-patch-report

Ransomware: Cyber Criminals Are Still Exploiting These Old Vulnerabilities, So Patch Now

Some of the cyber security vulnerabilities most commonly exploited by cybercriminals to help distribute ransomware are years old -- but attackers are still able to take advantage of them because security updates aren't being applied.

Cybersecurity researchers at Qualys examined the Common Vulnerabilities and Exposures (CVEs) most used in ransomware attacks in recent years. They found that some of these vulnerabilities have been known for almost a decade and had vendor patches available. But because many organizations still haven't applied the available security updates, they remain vulnerable to ransomware attacks. https://www.zdnet.com/article/ransomware-cyber-criminals-are-still-exploiting-years-old-vulnerabilities-to-launch-attacks/

How Insurers Play a Big Role in Spurring Cyber Crime

Ransomware extracted $18 billion in payments last year, and it’s expected there will be an attack every 11 seconds by this year’s end, a problem that some security experts and academic researchers say is exacerbated by the system meant to protect against cybercrime: the insurance industry.

Organizations with cyber insurance are more than twice as likely to pay ransoms as those without, according to a global survey commissioned by UK-based cyber security and software firm Sophos of 1,823 companies, governments, health systems, and other organizations that had been hit by ransomware. This is one of the first times such data have been gathered that show the extent of the relationship between cyber insurance and ransomware payments. Critics say that relationship helps fuel a ransomware economy that the federal government estimates causes $445 billion in damages to the global economy every year. https://www.barrons.com/articles/ransomware-attack-cyber-insurance-industry-51633075202

Why Today’s Cyber Security Threats Are More Dangerous

Over the past two years, the rise of big-ticket ransomware attacks and revelations of harmful software supply chain infections have elevated cyber security to the top of governments’ and corporate agendas.

The opportunities for threat actors are growing faster than firms are able to mitigate them.

Unlike 20 years ago, when even extensive IT systems were comparatively standalone and straightforward, the interdependencies of systems now make dealing with and defending against threats a much more difficult proposition. The core problems being complexity and interdependence and neither are going away because that is what is providing organisations with the flexibility, functionality and all these other critical functions that they need. https://www.csoonline.com/article/3635097/why-today-s-cybersecurity-threats-are-more-dangerous.html

How Fraudsters Can Use The Forgotten Details Of Your Online Life To Reel You In

You may think you’ve been careful, but a determined scammer can probably find enough to manipulate you. https://www.theguardian.com/money/2021/oct/03/how-fraudsters-can-use-the-forgotten-details-of-your-online-life-to-reel-you-in

One In Three IT Security Managers Don’t Have A Formal Cybersecurity Incident Response Plan

Regardless of industry, information security incidents have become more of a targeted threat for businesses, increasing in amount and efficacy, according to a new report.

Of all the security incidents identified by over 900 surveyed employees at U.S. businesses, the three most threatening incidents were: increasingly severe ransomware attacks, more effective phishing schemes, and rampant reusing of passwords.

· Respondents reported phishing emails have nearly tripled in effectiveness over the past two years. Phishing emails are rapidly becoming more difficult to spot and thus far more destructive.

· Over the past year, ransomware attacks have increased by 25%. Ransom demands were significantly higher than average for businesses in specific industries, such as banking and financial services and construction, with higher payouts.

· The report found that password reuse is strongly associated with higher incidences of security breaches. Reported account takeovers were three times as common among people who reuse passwords as those who don’t.

Alarmingly, 23% of the IT security managers surveyed say their company doesn’t have protocols in place to report a suspected cyberattack and 33% don’t have a formal cybersecurity incident response plan. https://www.helpnetsecurity.com/2021/10/06/response-plan-cybersecurity/

Cyber Security Best Practices Lagging, Despite People Being Aware Of The Risks

The National Cybersecurity Alliance and CybSafe announced the release of a report which polled 2,000 individuals across the U.S. and UK. The report examined key cybersecurity trends, attitudes, and behaviours ahead of Cybersecurity Awareness Month this month.

The daily headlines of data breaches and ransomware attacks is a testament to the problem getting worse, yet most people aren’t aware of the simple steps they can take to be a part of the solution. It’s critical to have a deeper understanding of both the challenges we face and the prevailing attitudes and behaviors among the public.

Too often people are forgotten in cybersecurity conversations and this is borne out by cyber crime being more common among Millenials and Gen Z, and the public not embracing cyber security best practices.

The report also found that many users had limited access to cyber training, with 64% of respondents having no access to cybersecurity training, while 27% of those who do have access choose not to use it. https://www.helpnetsecurity.com/2021/10/07/cybersecurity-best-practices-lagging/

Threats

Ransomware

Other Social Engineering

Smishing On The Rise - Infosecurity Magazine (Infosecurity-Magazine.Com)

Malware

IOT

IP Surveillance Bugs in Axis Gear Allow RCE, Data Theft | Threatpost

BYOD

Nation State Actors

Cloud

How Should Banks Grapple With Regulation When Crafting Their Cloud Strategy? (finextra.com)

Reports Published in the Last Week

Russian Cyber Attacks Pose Greater Risk To Governments And Other Insights From Microsoft’s Annual Report - Microsoft On The Issues

Other News

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 AdminOctober 9, 2021cyber, cyber security, infosec, information security, guernsey, gfsc, regulated firms, financial services, aviation, accounting, law firms, legal sector, retail, online, cpni, mi5, ncsc, cisa, fbi, national cyber security centre, gchq, cert, cert.gg, threat intel, threat intelligence, threat report, ransomware, executives, msp, mssp, cloud, open source, attack surface, hackers, criminals, dark web, remote code execution, rce, zero-day, databases, microsoft, windows, vulnerability, vulnerabilities, vulnerability management, patch management, patching, external it, fraud, bec, business email compromise, email, social engineering, phishing, spear-phishing, whaling, malware, encryption, fraudsters, scammers, scam, organised crime, criminal actor, criminal actors, supply chain, third parties, cryptocurrencies, cryptomining, apple, mac, macos, ios, iphone, android, iot, credentials, credential stuffing, denial of service, ddos, botnet, apt, china, russia, iran, north korea, ai, cyber warfare, espionage, insurance, cyber insurance, incident response, incident response plan, disaster recovery, disaster recovery plan, drp, business continuity, business continuity planning, insiders, staff, users, training, education and awareness training, education, awareness, revil, fin12, smishing, uefi, bootkit, axis, http, telegraph, coinbase, facebook, gmail, google, solarwinds, fuel, energy, shellclient, trojan, sms, tp-link, twitch

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