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Security Awareness – Report Identifies Ransomware Threat Actors Preferred Targets

The cybersecurity firm Barracuda recently published its annual threat research report, which examined ransomware attack patterns to determine the most targeted industries. The report analyzed 106 publicized ransomware attacks between August 2021 and July 2022 and found critical infrastructure and municipalities were among the top five industries targeted, along with the financial, healthcare, and education sectors.

Cyber Resilience – New Trend of Cyber Insurers Restricting Payouts Has Consequences

DarkReading has written an article discussing the consequences for companies and cyber insurers in the wake of Lloyd’s of London’s decision to require member insurers to exclude state-backed cyberattacks from customers’ cyber insurance policies. The experts consulted unanimously agreed that this action damages trust in cyber insurance, increasing the uncertainty around whether an organization will be reimbursed after an attack. The main criticism is that the term “state-backed cyberattack” is extremely broad and can be abused by the insurance industry to limit payouts.

BEC Continues to Surpass Ransomware in Financial Impact, Despite Headlines

CSO Online has posted an article detailing how business email compromise (BEC) attacks continue to have a larger impact on the economy compared to ransomware attacks, despite the more significant amount of media attention devoted to the latter. Based off of data from the FBI, in 2021 BEC attacks were responsible for the loss of $2.4 billion, in comparison to a loss of $49.2 million to ransomware attacks. The article offers a few explanations for this mismatch between reality and expectation.

Threat Awareness - Microsoft 365 and eFax Spoofed in New Customer Feedback-Based Phishing Campaign

Cofense posted a blog detailing a phishing campaign utilizing unique tactics that is targeting multiple sectors, including energy, financial services, commercial real estate, food, and manufacturing. This campaign, which spoofs eFax and Microsoft 365, approaches targets in a nontraditional way by pretending to be from a survey site asking for customer feedback.

MFA is Being Bypassed with More Fervor

Despite the ability to significantly reduce the risk from account takeovers, MFA is not without its challenges. While MFA is a simple control to use, configuring it isn’t necessarily so seamless – yet it’s a control that can’t be dismissed. From MFA push notification fatigue to exploiting weaknesses in self-enrollment configurations, multiple threat actor types seem to be increasingly bypassing this important cyber defense technique.

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