Written by Paul Dwyer on Monday 26 June, 2023
In an era marked by an increase in digital threats, it's vital to understand how sophisticated cybercriminal syndicates like "Clop" can impact the financial sector. Recognised as the architects behind the recent MOVEit data-theft assaults, Clop has drawn significant attention, underlining its continuous menace to enterprises globally.
Clop is identified within the industry for its associations with entities such as 'Lace Tempest,' 'TA505,' and 'FIN11.' These groups employ advanced ransomware strategies, utilising malicious software that holds systems hostage until a demanded ransom is met, inflicting severe disruption and financial loss.
The group's latest strike leveraged an undiscovered vulnerability (termed a 'zero-day vulnerability') within MOVEit Transfer servers, triggering extensive data breaches in hundreds of global companies. They cunningly exploited the holiday season, capitalising on decreased staff presence to operate incognito.
If a company denies the ransom demand, Clop retaliates by publishing the stolen confidential information on their data leak site. It seems the syndicate is pausing its extortion efforts temporarily, scouring the pilfered data for particularly valuable pieces that could potentially command higher ransoms.
Shifting tactics
Interestingly, Clop, traditionally rooted in ransomware campaigns, appears to be transitioning towards data-theft extortion, a tactic involving the theft of sensitive data and subsequent threats of public exposure unless the ransom is met.
Prominent victims of the MOVEit data theft are already emerging. Zellis, a UK payroll and HR solutions provider, acknowledged its own data breach stemming from Clop's activities, impacting many of its clients. Other impacted businesses include Aer Lingus and British Airways, both confirming their involvement in the Zellis breach.
Clop's recent operations exploiting vulnerabilities in MOVEit Transfer's managed file transfer (MFT) solutions since 2021 have been potent, raising substantial concerns for all businesses. Over the past three years, Clop has gained notoriety for executing high-profile attacks on global enterprises across various sectors. By deploying intricate extortion techniques, the group had accumulated an estimated total of US$500 million in illegal proceeds by November 2021.
Even after the arrest of six group members in Ukraine in June 2021 by a global coalition, Clop's criminal operations show no signs of stopping. Thus, a proactive cybersecurity posture is an absolute necessity for businesses worldwide.
Prevention strategies
So, how can financial sector businesses fortify themselves against such threats?
- Asset management: Understand your company's assets and data, identifying both authorised and unauthorised devices and software.
- Constant monitoring: Maintain active surveillance of network ports, protocols, and services and enforce robust security configurations on your network infrastructure devices.
- Configurations: Exercise stringent control over hardware and software configurations and restrict admin privileges to essential personnel only.
- Vulnerability management: Conduct regular vulnerability assessments and stay abreast of the latest patches and updates for your systems.
- Data protection: Implement strong data protection measures, including secure backup and recovery procedures. Enable multi-factor authentication for an added layer of security.
- Automation: Leverage advanced technologies such as AI and machine learning for early detection of attacks, and use sandbox analysis to filter malicious emails. Always keep security solutions updated.
- Training: Regularly educate your employees on security protocols and perform red-team exercises and penetration tests to expose potential weaknesses.
In a nutshell, the threat posed by the Clop group and similar cyber criminals is real and persistent. But by staying informed, keeping abreast of the latest cybersecurity strategies, and implementing robust security measures, businesses can substantially mitigate the risk of these cyber attacks.
Dedicated training
Given the significant and complex cybersecurity threats we face today, enrolling in the ICTTF Certified Cyber Risk Specialist course (CCRS) with the ICA is an excellent proactive step. This course will enhance your understanding of cyber risk landscapes, inform you about the latest strategies to mitigate these risks, and help you navigate the increasingly complex regulatory environment surrounding cybersecurity.
With a focus on real-world applicability, the CCRS certification can arm you with the knowledge and skills to not only identify potential cyber risks but also to develop and implement comprehensive security protocols and resilience strategies within your organisation.
Moreover, the course has been designed with a multi-disciplinary approach, offering essential insights into not just the technical aspects of cybersecurity but also the legal, compliance, and governance perspectives. This will equip you with a holistic understanding of cyber risk and its implications, enabling you to make better strategic decisions and drive robust security practices in your organisation.
In light of the growing threat posed by groups like Clop and the increasing reliance on digital technologies in the financial sector, the need for well-trained, competent cybersecurity professionals has never been more critical.