Information Technology

Decentralized finance (DeFi) project Beanstalk has lost $182 million in a flash loan attack.

It might seem more like a corporate heist than a typical cyberattack. Still, this security incident was possible after the unknown threat actor secured the project voting rights necessary to transfer reserve funds away from the project’s liquidity pools.On April 19, Beanstalk, a credit-based stablecoin protocol project based on Ethereum, said the platform was subject to a flash loan attack two days previously. The cyberattack exploited the project’s protocol governance mechanism. According to a post-mortem conducted by Omniscia, the exploit occurred due to the recent implementation of the Curve LP Silos, “ultimately permitting the attacker to conduct an emergency execution of a malicious proposal siphoning project funds.” Flash loan functions in DeFi projects allow users to borrow large amounts of virtual funds for a short period of time. In Beanstalk Farm’s case, voting powers were based on the amount of tokens held. Omniscia says that after the attacker secured a flash loan — and, therefore, extensive voting rights normally used to accept or decline changes in the protocol’s code — an emergency governance mechanism was abused to ‘vote’ for a malicious proposal and allow themselves to send funds to a wallet they controlled. The flash loan was then repaid. According to PeckShield, who first spotted the attack, total losses reached $182 million, with the attacker able to pocket roughly $80 million. Other losses were due to the fees required to execute the flash loan. Stolen assets were then liquidated into Ethereum (ETH). Beanstalk says approximately $76 million in non-Beanstalk assets were stolen from liquidity pools. Beanstalk was paused following the discovery of the attack, but this was not enough to prevent the theft or claw back the stolen funds. Remaining BEANs in the exploiter contract have been burned. In a tweet, Beanstalk offered the attacker 10% of the stolen funds as a bug bounty if they returned 90%. Notably, the thief also appears to have sent $250,000 to the Ukrainian relief fund Ukraine Crypto Donation. “Beanstalk Farms, the decentralized development team working on Beanstalk, is preparing a strategy to safely re-launch a more secure Beanstalk with a path forward,” the project says. There are several goals on the roadmap: attracting investment to restart Beanstalk; preserving “as much of each Farmers’ Stalk, Seed, and Pod positions as possible,” and “aligning new capital with previous Stalk and Pod holders.” “This eye-watering amount of money stolen will not only bite financially but in it will potentially chip away at the trust too,” commented Jake Moore, Global Cyber Security Advisor at ESET. “Attackers are heavily targeting crypto finance systems due to the extremely high rewards whilst often leaving no remanence of evidence whatsoever.” Previous and related coverage Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0 More

LinkedIn users are being urged to watch out for suspicious emails because the professional networking website is one of the most popular brands targeted by cyber criminals in phishing attacks.According to cybersecurity researchers at Check Point, who analysed phishing emails sent during the first three months of this year, over half of all phishing attacks (52%) attempted to leverage LinkedIn. 

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The phishing emails are designed to look like they come from LinkedIn, but if the recipient clicks the link, they’re sent to a login page designed to look like LinkedIn, and if they enter their email address and password, they’ll be handing them to the attacker, who can use that information to log in to the victim’s LinkedIn account. SEE: A winning strategy for cybersecurity (ZDNet special report)The attacks aren’t particularly sophisticated. But by targeting a commonly used service like LinkedIn, there’s a good chance that some of the recipients won’t spot that what they’re interacting with is a phishing attack. “These phishing attempts are attacks of opportunity, plain and simple. Criminal groups orchestrate these phishing attempts on a grand scale, with a view to getting as many people to part with their personal data as possible. Some attacks will attempt to gain leverage over individuals or steal their information, such as those we’re seeing with LinkedIn,” said Omer Dembinsky, data research group manager at Check Point Software. While LinkedIn was the most commonly spoofed brand for phishing attacks during the reporting period, it’s far from the only known company that cyber criminals are attempting to leverage in attacks. Some of the other brands cyber criminals spoof in phishing emails include DHL, Google, Microsoft, FedEx, WhatsApp, Amazon and Apple. In many cases, the aim, like the LinkedIn attacks, is to steal usernames and passwords, although researchers warn that, in some cases, malicious links and attachments are used to deliver malware. Cyber criminals send out mass-phishing campaigns because, unfortunately, they tend to work – people are clicking malicious links and downloading attachments. But there are often tell-tale signs that an email could be a malicious phishing message.  “Employees should be trained to spot suspicious anomalies such as misspelled domains, typos, incorrect dates and other details that can expose a malicious email or text message. LinkedIn users, in particular, should be extra vigilant over the course of the next few months,” said Dembinsky. LinkedIn provides users with the ability to use multi-factor authentication, which, if applied, can provide an extra barrier against phishing attacks. “Our internal teams work to take action against those who attempt to harm LinkedIn members through phishing. We encourage members to report suspicious messages and help them learn more about what they can do to protect themselves, including turning on two-step verification,” a LinkedIn spokesperson told ZDNet in an email.”To learn more about how members can identify phishing messages, see our Help Center here,” they added.Some of the warning signs that an email might be an attempted phishing attack can include the message containing bad spelling, grammar, and a message that isn’t addressed to you personally, or a message claiming to be urgent that needs to be acted upon immediately. Messages asking you to download an attachment to install a software update should also be treated with caution.A common tactic used in phishing emails is to tell users that their account has been hacked. If you are worried that an email with a cybersecurity warning that says you need to change your password might be legitimate, the best course of action is to avoid the URL in the email and visit the website directly. If there really is an issue, the website will tell you and you can take the necessary action. MORE ON CYBERSECURITY More

The Hive threat group is targeting vulnerable Microsoft Exchange Servers to deploy ransomware.First spotted in June 2021, Hive is a Ransomware-as-a-Service (RaaS) model in which cyberattackers can utilize the Hive ransomware strain in attacks.

The threat actors operate a leak site, accessible via a .onion address, which aims to ‘name and shame’ ransomware victims. Additionally, the malware operators practice double-extortion, in which sensitive corporate data is stolen from a victim organization before disk encryption. If a victim refuses to pay for a decryption key, the cyberattackers will plaster their name across the leak site and set a timer before the data is leaked. This piles on the pressure and gives the attackers more opportunities for extortion. Hive’s past victims include non-profit entities, the energy sector, financial companies, and healthcare providers.”While some ransomware groups operating as RaaS networks claim to steer clear of targeting specific sectors such as hospitals or other critical industries to avoid causing harm to people, Hive’s attacks against healthcare providers in 2021 showed that the operators behind it have no regard for such humanitarian considerations,” Trend Micro said in a March 2022 investigation of the group. The FBI issued an alert on Hive activity in August 2021, followed by the HHS this April (.PDF), who cautioned that the RaaS outfit is an “exceptionally aggressive, financially-motivated ransomware group.” In new research published on April 19 by the Varonis Forensics Team, a recent ransomware incident has allowed the company to examine the group’s tactics and procedures in depth. An unnamed customer’s networks were infiltrated, and the attack was complete in 72 hours. The intrusion began with the exploitation of ProxyShell, a set of critical vulnerabilities in the Microsoft Exchange Server patched by the vendor in 2021. The security flaws could lead to the remote, full compromise of Exchange servers. Once exploited, a webshell backdoor is executed to maintain persistence and grant the attack group a path into the server to deploy Powershell code with SYSTEM-level privileges. Hive launches a Cobalt Strike beacon in the next step and creates a new administrator user account. Mimikatz comes into play, and the domain Administrator NTLM hash is stolen. “By stealing the domain Administrator NTLM hash and without needing to crack the password, the operator managed to reuse it via Pass-The-Hash attack and take control of the domain admin account,” the researchers say. Pass-The-Hash techniques can dupe a target system into launching authenticated sessions on a network without requiring a password crack. Hive will then perform reconnaissance on the server, collect information, and deploy the ransomware payload. The Go-based Hive ransomware payload, buried in a file called “windows.exe,” will encrypt files, delete shadow copies, disable security solutions, and clear Windows event logs. The malware will also try to disable the Windows Security Accounts Manager (SAM) to stop alerts from being sent to SIEM. Once encryption is complete, Hive posts a ransomware note, telling its victim that all data is encrypted and files have been stolen. Hive then urges its victim to contact the “sales department” at a .onion address accessible via the Tor network to gain an encryption key and stop “personal data, financial reports, and important documents” from being leaked online. Hive then provides instructions and a set of ‘guidelines’ for organizations to follow, including: Do not modify, rename or delete *.key. files. Your data will be undecryptable.Do not modify or rename encrypted files. You will lose them.Do not report to the Police, FBI, etc. They don’t care about your business. They simply won’t allow you to pay. As a result, you will lose everything.”Ransomware attacks have grown significantly over the past years and remain the preferred method of threat actors aiming to maximize profits,” the researchers say. “The impact of an attack can be detrimental. It may potentially harm an organization’s reputation, disrupt regular operations and lead to temporary, and possibly permanent, loss of sensitive data.” Varonis recommends that system administrators make sure their Exchange servers have been patched. Admins may also wish to enforce frequent password rotations, block SMBv1, and use SMB signing. It is also recommended that organizations consider zero-trust models to restrict employee account privileges to only access the resources they need in their roles, thereby reducing the potential attack surface if the account is compromised.   See alsoHave a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0 More

The US Federal Trade Commission (FTC) has fined Warrior Trading $3 million for operating day trading programs considered “misleading” to consumers.

On April 19, the US regulator said Warrior Trading, based in Great Barrington, Mass., made “misleading and unrealistic claims” to potential customers interested in day trading.Day trading is a stock market tactic involved in selling and purchasing securities, with positions closed before market close. While this speculative activity can be profitable, it may also be riskier than longer-term investments — especially if you don’t do the appropriate research beforehand. According to the FTC (.PDF), Warrior Trading and its CEO Ross Cameron allegedly “convince[d] consumers to pay hundreds or thousands of dollars for a trading system that ultimately failed to pay off for most customers.” Consumers were sold trading strategies through online programs, ebooks, a live chat platform for members, and “masterclasses.” The programs were promoted through social media platforms including Facebook, YouTube, and Instagram. Warrior Trading also made use of online advertisements. According to the regulator, examples include: “Learn to Trade With Certainty Towards The Financial Freedom You’ve Always Wanted” “Learn How I Made over $101,280.47 in Verified Profits Day Trading Part Time in Under 45 Days Using 3 Simple Strategies that You Can Use Immediately to Increase profits and Reduce Losses NOW!”The FTC’s complaint claims that Cameron called his program “profitable” and “scalable,” but the watchdog took umbrage with these phrases and said the sales pitch violates the FTC Act and the Telemarketing Sales Rule (TSR). Furthermore, the US agency alleged that the “vast majority of customer accounts actually lost money, with numerous consumers losing thousands of dollars trading on top of the thousands they paid Warrior Trading.” A court order requires Warrior Trading to pay roughly $3 million in refunds and the firm has been barred from making “baseless” claims about the potential to earn revenue on the stock market through the company’s strategies. In addition, the organization is prohibited from making any future “misrepresentations through telemarketing about investment opportunities, including the earnings potential or amount of risk a consumer might face.” Samuel Levine, Director of the FTC’s Bureau of Consumer Protection, said the ruling was a “heavy price” for Warrior Trading to pay and highlights an ongoing “crackdown” by the FTC on “false earnings claims and phony opportunities.” ZDNet has reached out to Warrior Trading and we will update when we hear back.  Previous and related coverage Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0 More

Australia’s financial intelligence and regulatory body Austrac has released two financial crime guides to help businesses detect and prevent criminal abuse of digital currencies and ransomware. Each guide offers practical advice to help businesses identify if a payment is related to a ransomware attack, or if someone is using digital currencies and blockchain technology to commit crimes such as money laundering, scams, or terrorism financing. Some of the specific indicators Austrac advises to watch out for when identifying if someone is using digital currencies for terrorism financing, for instance, is when transactions to crowdfunding or online fundraising campaigns are linked to ideologically or religiously motivated violent extremism focused forums, or when a customer account receives multiple small deposits, which are immediately transferred to private wallets. When it comes to identifying potential scams related to digital currencies, Austrac listed that some of the potential indicators could include a customer not fitting the “usual profile” of a digital currency trader or investor; when a customer shows little knowledge regarding digital currency during on-boarding but purchases digital currency quickly and sends the funds to another digital currency address; and when a customer advises that they are employed to purchase digital currency on-behalf of another individual or company.Meanwhile, some indicators of detecting when a person is a victim of a ransomware attack, according to Austrac, includes when a customer increases the limit on their account and then quickly sends funds to a third party; following an initial large digital currency transfer, a customer has little or no further digital currency activity; and when a newly on-boarded customer wants to make an immediate and large purchase of digital currency, followed by an immediate withdrawal to an external digital currency address. “Financial service providers need to be alert to the signs of criminal use of digital currencies, including their use in ransomware attacks,” Austrac CEO Nicole Rose said.The guides have been released in response to the increase in cyber threats to Australia. According to the Australian Cyber Security Centre, 500 ransomware attacks were reported in the 2020-21 financial year, an increase of nearly 15% from the previous year. Just last week, IDCare reported that over 5,000 customer details of former cryptocurrency exchange Alpha were exposed online. According to IDCare, these details included the driver licence, passport, proof of age, and national identity card images of 232 Australians and 24 New Zealanders. IDCare initially uncovered the breach in late January when it saw a post for sale on a Chinese-speaking forum for $150, before it was eventually posted to be accessed for free on another online forum called Breached. “This event poses a serious risk to the identities of any involved. Due to the nature of the identity documents discovered, we urge anyone who had any dealings with AlphaEx to contact us,” IDCare said. IDCare at the time of issuing its statement said its attempts to contact affected individuals directly had not been successful, nor had its attempts to engage with the former operators of AlphaEx “with some speculation detected online about the merits of their operations”.Related Coverage  More

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Eight cybersecurity authorities from the Five Eye nations have come together to release a joint cybersecurity advisory that more malicious cyber activity is on the way as Russia’s invasion of Ukraine continues to affect geopolitical stability. “Evolving intelligence indicates that the Russian government is exploring options for potential cyber attacks,” the agencies said. The advisory is a joint warning by the US Cybersecurity and Infrastructure Security Agency, the US Federal Bureau of Investigation, US National Security Agency, Australian Cyber Security Centre, Canadian Centre for Cyber Security, New Zealand’s National Cyber Security Centre, UK National Cyber Security Centre, and the UK National Crime Agency. They said that some cybercrime and cyber threat groups have recently publicly pledged support for the Russian government in light of its invasion into Ukraine. These Russian-aligned cybercrime groups have threatened to conduct cyber operations in retaliation for perceived cyber offensives against the Russian government and the Russian people, the advisory states. Some groups have also threatened to conduct cyber operations against countries and organisations providing materiel support to Ukraine, while other groups have conducted disruptive attacks against Ukrainian websites as well. Among the identified cybercrime groups that have aligned with the Russian government are The CoomingProject, Killnet, Mummy Spider, Salty Spider, Scully Spider, Smokey Spider, Wizard Spider, and the Xaknet Team. Meanwhile, Primitive Bear and Venomous Bear have been flagged as Russian-aligned cyber threat groups that have not been attributed to the Russian government. Since the Ukraine invasion, the Five Eye cybersecurity authorities have also detected malicious cyber operations against IT networks from various Russian government entities. These include the Russian Federal Security Service (FSB), including FSB’s Center 16 and Center 18, the Russian Foreign Intelligence Service, Russian General Staff Main Intelligence Directorate, GRU’s Main Center of Special Technologies, Russian Ministry of Defense, and the Central Scientific Institute of Chemistry and Mechanics. In light of this malicious activity, the Five Eyes cybersecurity authorities have urged critical infrastructure network defenders to prepare for potential cyber threats — including destructive malware, ransomware, DDoS attacks, and cyber espionage — by hardening their cyber defences and performing due diligence in identifying indicators of malicious activity. To protect against this growing cyber threat landscape, the Five Eyes authorities have called for organisations to immediately take four precautions.The first is to update software, including operating systems, applications, and firmware, on IT network assets. According to the Five Eyes authorities this would entail prioritising patching known exploited vulnerabilities and critical and high vulnerabilities that allow for remote code execution or denial-of-service on internet-facing equipment. They also recommended for IT networks to consider using a centralised patch management system and for OT networks to use a risk-based assessment strategy to determine the OT network assets and zones that should participate in patch management programs. The second precaution is to enforce multi-factor authentication to the greatest extent possible and require accounts with password logins, including service accounts, to have strong passwords. The remaining two calls for organisations to provide end-user awareness training and for users of remote desktop protocols to secure and monitor these more risky protocols closely. “RDP exploitation is one of the top initial infection vectors for ransomware, and risky services, including RDP, can allow unauthorized access to your session using an on-path attacker,” the advisory states. Prior to this warning, US President Joe Biden had already urged local organisations last month to bolster their cyber defence efforts as Russia has been considering conducting cyber attacks in retaliation to sanctions imposed against the country for its invasion into Ukraine. “Russia could conduct malicious cyber activity against the United States, including as a response to the unprecedented economic costs we’ve imposed on Russia alongside our allies and partners. It’s part of Russia’s playbook,” Biden said at the time. “My administration is reiterating those warnings based on evolving intelligence that the Russian government is exploring options for potential cyber attacks.” Related Coverage More

Hacking isn’t necessarily about just having an in-depth knowledge of code: It’s about enjoying a challenge and problem-solving. While understanding the bare bones of computing, specific programming languages, risk analysis, and networking before working your way up is valuable and may help you have a successful career in cybersecurity, the work opportunities vary based on your interests and the path you wish to pursue. One path you can pursue is that of ethical hacking: Learning how to think like an attacker in order to find and remediate vulnerabilities before threat actors are able to exploit gaps in enterprise systems for illicit financial gain, cyberespionage, or to cause damage. Ethical hacking is also core to the concept of bug bounties — finding vulnerabilities and security problems in services and software on behalf of vendors in return for credit and financial rewards.One aspect of these courses is that they focus more on offense rather than defense, and topics covered often include penetration testing, malware analysis, exploit creation, learning how to use the programming languages which often provide the backbone for today’s malware and a study of modern hacking tools. Below, ZDNet has compiled a list of recommended courses to explore in the ethical hacking field.

EC-Council CEH

Best overall because it is globally recognized

The first recommendation, and perhaps the most well-known option today, is the EC-Council’s Certified Ethical Hacker (CEH) qualification. CEHv11 teaches students about today’s modern hacking techniques, exploits, emerging cybersecurity trends and attack vectors, and how to use commercial-grade tools to effectively break into systems. Modules also include cyberattack case studies, malware analysis, and hands-on hacking challenges. Hacking challenges are introduced at the end of each module to put theory into practice, pushing learners to apply their new knowledge of attacks to business settings. The course makes use of ParrotOS, too, an alternative security-based operating system to Kali.This certification would suit a range of roles, including security analysts, pen testers, network engineers, and consultants. 

Offensive Security Pen 200 (OSCP)

Best for those who want hands-on learning

Offensive Security’s Penetration Testing with Kali Linux (PEN-200) is the organization’s foundation course in using the Kali Linux OS for ethical hacking. The vendor’s focus is hands-on learning rather than just lectures and academic study and encourages both critical thinking and problem solving with the “Try Harder” slogan. You will need a solid grounding in network principles, and an understanding of Windows, Linux, and Bash/Python will help. If you’re serious about pursuing a career in ethical hacking but are looking for somewhere to start, the OSCP will give you a qualification well-received in the cybersecurity industry. You can also sign up for a subscription to earn your OSCP at a more relaxed pace. 

Offensive Security Pen 300, Evasion Techniques and Breaching Defenses

Best for those who desire advanced penetration testing training

You should consider another ethical hacking certification, the PEN 300 (OSEP). The course builds upon PEN 200 and offers more in-depth, advanced penetration testing training, fieldwork instruction, and studies in perimeter attack and defense. Topics include antivirus evasion, post-exploits, how to bypass network defenses and filters, and Microsoft SQL attacks. You are awarded the OSEP once you have passed the 48-hour exam. “As a general rule, it will not specifically deal with the act of evading a blue team but rather focus on bypassing security mechanisms that are designed to block attacks,” the vendor says.

SANS SEC560: Enterprise Penetration Testing

Best for reconnaissance and infiltration

The SANS Institute also offers courses that are likely to be of interest to anyone pursuing a career in enterprise security, penetration testing, and ethical hacking. One such course is SEC560, which focuses on on-premise systems, Azure, and Azure AD as a penetration tester. By learning about and exploiting real-world vulnerabilities, learners are taught how to think like a modern attacker and what security holes need to be looked out for when testing enterprise systems. The course includes over 30 practical lab sessions and ends with a Capture The Flag exercise to test your new skills. SANS offers a six-day in-person course or remote learning. 

CREST certifications

Best for tho who want defined exam paths to certified status

CREST is a course provider also of note as an organization that offers professional development qualifications in information security. CREST’s certifications, accredited globally, are organized into three levels: practitioner, registered and certified. To reach the certified level, you can take exams in subjects including cybersecurity analysis, penetration testing, web applications, threat intelligence, and incident response. Prices vary. 

What is the best ethical hacking certification?

EC-Council CEH is our top choice, but one size doesn’t fit all

If you’re looking at a certified ethical hacking course, you should consider what course is right for you in terms of career development. Cybersecurity professionals are in high demand, and while the career can be a lucrative one, you should have researched whether or not specific qualifications will benefit you in the future, whether at your current job or in a future role. While ‘cybersecurity expert’ is an umbrella term, the industry itself has distinct career opportunities ranging from penetration testers to compliance, legal, and auditing professionals. 

How did we choose these certifications?

Our recommendations are based on courses that offer learners instruction in different areas of ethical hacking: whether focused on offensive security, pen testing, or the aftermath of incidents and the means to investigate as a member of a cyberforensics team effectively. 

What roles can an ethical hacking qualification benefit?

Recruitment paths vary country-to-country, but ethical hacking courses can be of use to those who want to become penetration testers, security analysts — an umbrella term common in the field — cyberforensics investigators, consultants, and members of red teams. 

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Every year, Forrester delivers the Forrester Analytics Business Technographics® Security Survey, which gives us insight into the current state, challenges, and forward-looking priorities of security decision-makers. This year, we analyzed the data to see how digital transformation hesitancy, disaster recovery preparedness, and balancing expectations with data affect the cost and effects of breaches. Our research, included in The 2021 State Of Enterprise Breaches report, revealed the following: 

Sixty-three percent of organizations were breached in the past year, 4% more than the year before. In the past 12 months, organizations faced an average of three breaches. It’s not surprising that this was less than in the previous year, given the shift to remote work during the COVID-19 pandemic. Regions that hesitated to address challenges with business alignment were breached at a higher rate than those that addressed such challenges early on. Enterprises spend a median of 37 days and a mean of $2.4 million to find and recover from a breach. Globally, organizations took a median of 27 days to find an adversary and eradicate an attack and a median of 10 days to recover from a breach, totaling 37 days to find and recover from a breach. Costs came out to a global mean of $2.4 million in total per breach. Concerns over types of breaches are far afield from reality on the ground. Security decision-makers are more concerned about external attacks than any other attack vector, at 47%. Breaches come in various ways, however, and are much more evenly spread in frequency among external attacks, lost/stolen assets, internal incidents, and third-party providers. What to take away from this data The findings in this research go far beyond what is mentioned above to dig into how geographic differences played an outsize role in how enterprises were affected by breaches. In the full report, we dive into the nuances by region and analyze why these nuances came about. Through our findings, we highlight the following key takeaways for security professionals: The future waits for no one. Procrastinating on digital transformation efforts and other IT priorities works … until an urgent forcing function changes everything. As security professionals, you need to advocate for technology updates internally to help the organization be more flexible, adaptable, and prepared for dramatic shifts, which will continue into the foreseeable future. Following metrics leads to better outcomes. With the constant drumbeat of headline-making breaches, it’s not surprising that security professionals are most concerned with external attacks. It’s important, however, to lead your organization with data and metrics to ensure that you aren’t missing attacks from other, more prevalent vectors. Adjust your strategy according to the data, not the headlines. Adapting to regional challenges within global companies is imperative. Not all regions are built the same — geopolitical conflict, regulations, culture, staffing availability, and other world events greatly influence the rate of breaches and timely response. Your global strategy will face challenges in different regions because of this. Adapt your timelines, strategy, and metrics to address regional limitations, and set appropriate expectations. This post was written by Analyst Allie Mellen and it originally appeared here.

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