April 2022. A social media platform disrupted two Iranian-linked cyber espionage campaigns that targeted activists, academics, and private companies. The campaign targeted businesses in the energy, semiconductor, and telecom sectors in countries including the U.S., Israel, Russia, and Canada by using phishing and other social engineering techniques.
DDoS Cyber Attack on Iran s Internet and Telecom sector
Anonymous and other global hacking groups threatened in October to launch cyberattacks on Iranian institutions and officials in support of anti-government protests and to bypass internet censorship there.
No specific military cyber-hacks of Food and Agriculture sector organizations have been reported to date, though their vulnerability is well-known. Because of the high volume of payment card information present in the restaurant and grocery chain networks, cyber-criminals have repeatedly struck these networks over the past decade.35 Also, attacks against the transportation sector would directly affect the dependent supply chain that connects agriculture to the general population.
On October 24, 2019, the City of Johannesburg reported a breach of its network and shut down its website and all e-services. Earlier that day, the city had received a bitcoin ransom note from a group called the Shadow Kill Hackers, who demanded payment of 4.0 bitcoins by October 28. The hack appeared to occur at the same time as several South African banks reported internet problems believed to also be related to cyber attacks.
UK-based Metro Bank became the first major bank to suffer from a new type of cyber intrusion that intercepts text messages with two-factor authentication codes used to verify various customer transactions. The attackers exploited flaws in the Signaling System 7 (SS7) protocol, which is used by telecommunications companies to route text messages around the world. A spokesperson for the bank stated that only a small number of those defrauded were Metro Bank customers.
Thousands of amateur hackers have organized online to orchestrate cyberattacks on Iranian officials and institutions, as well as share tips on how to get around curbs on internet access by using privacy-enhancing tools.
Anonymous global hacking groups in October threatened to launch cyber-attacks on Iranian institutions and officials in support of anti-government protests and to bypass internet censorship in the country.
The use of the Internet by large sectors of society represents the interaction through information technology infrastructure, communication networks, information systems and telecommunications, as it determines the presence and exposure of cyber threats. The Soft Systems Methodology (SSM) was used to transit between observed reality and the world of systems, where emerges a Strategic Cyber Security and Cyber Defense Model (SCSCDM), proposed as a component of the security, defense and integral development of Venezuela. The human activities system foresees five subsystems: universal and inalienable guarantees of fundamental rights and freedoms of citizens; research, prevention, detection and management of cyber incidents; strengthening of economic welfare and social progress based on the development of information technology and communication; democratic, participatory, protagonist and pluralistic society; international cooperation and projection of cyber realm. The proposed system of human activities provides interaction with the environment where it is inserted, so the elements with which it interacts are identified.
The government of Montenegro's digital IT infrastructure reported an unprecedented cyberattack in August 2022. No data breach occurred. However, certain governmental services and telecommunications experienced disruption, including border crossings and airport operations. The state-owned utility company, EPCG, switched to manual operations as a precautionary measure.
Cyber-attacks pose a significant threat to businesses of all sizes, government agencies, and individual internet users. Recent cyber-attacks have come from hacktivist groups, lone wolf hackers, and nation-states.
The first cyber-attack on record was The Morris Worm in 1988. Robert Tappan Morris, a graduate student at Cornell University, developed a worm program that would crawl the web to count how many computers were connected to the internet. However, the worm installed itself on one in seven computers and forced them to crash, which saw it inadvertently become the first distributed denial-of-service (DDoS) attack. The Morris Worm damaged around 6,000 computers, which then comprised 10% of the entire internet.
In 2002, the first internet attack as we now know it saw a DDoS attack target the 13 Domain Name System (DNS) root servers. The attack could have brought the internet down if allowed to continue and was then the most sophisticated and widescale cyber-attack ever launched.
ICLG - Cybersecurity Laws and Regulations - Germany Chapter covers common issues in cybersecurity laws and regulations, including cybercrime, applicable laws, preventing attacks, specific sectors, corporate governance, litigation, insurance, and investigatory and police powers.
The financial sector has long been at the forefront of cybersecurity and industry-wide information sharing and cooperation. Even so, cyber attacks on financial institutions and financial market infrastructures have become more frequent and sophisticated, prompting ever-larger security investments and increased focus on mitigating and managing cyber risk. Parallel to these efforts, the financial sector, regulators, and national governments have been working to improve overall resiliency and stability in the hopes of preventing a repeat of panics such as the financial crisis a decade ago.
In addition to these policy responses, there have been several specific efforts, especially in the United States, where DDoS attacks against many of the largest banks in 2012 hastened the need for enhanced cybersecurity protection and coordination between the public and private sectors.
Cyber exercises in both the public and private sectors play an important role in identifying gaps and weak points for possible exploit. Sheltered Harbor was a direct result of lessons learned from cyber exercises. On average, major players in the banking industry subject themselves to one exercise simulating a different scenario every quarter.29 For example, the FS-ISAC and the Payments Risk Council conduct yearly table-top exercises that simulate a cyber attack against payment processes (CAPP). According to the National Automated Clearance House Association (NACHA), these simulations help to identify gaps in incident response plans, strengthen incident response team relationships, build understanding of system vulnerabilities, and drive exploration of improvements in response.30 There have been at least 19 events in the Hamilton Series of exercises (sponsored by the U.S. Department of Treasury). The Hamilton Series is a set of exercises developed by the FS-ISAC, FSSCC, Treasury Department, and other relevant US government agencies that simulates an assortment of cyber attacks or incidences in financial services in order to improve public and private sector policies, procedures and coordination. In 2015, the British and U.S. governments conducted a joint exercise with the private sector to improve understanding between government and industry for information sharing, incident response, and public communications.
Every year, cyber attacks become more severe and adversaries more daring. The global financial sector has been a target, not of mere criminal bank jobs or credit card theft, but far larger and more sophisticated attacks. These attacks might have had a systemic impact but for the heroic efforts of technologists and decision makers. Adversaries, by design or accident, will conduct someday an attack that is beyond the ability of these defenders to contain. It has never been more important to continue the work of reconciling and mitigating cyber risks to financial stability. 2ff7e9595c
Comments