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Software-as-a-Service: Next Big Thing in Tech, Could be Worth $1 Trillion

 

Since the late 1980s, India has been a destination for low-cost, outsourced software and support services and that was the time when the labor force became a cost-effective solution for multinational companies globally. Historically, the labor arbitrage model has increased the country's wealth, also providing employment and fuelling urbanization. 

Because of the world pandemic, global industries are forced to increase their investment in digital infrastructure, boosting the influence of companies providing software-as-a-service, or SaaS. According to a KPMG survey, last year organizations spent an extra $15 billion per week on technology to improve safe remote working environments. 

While India’s software-as-a-service industry will be worth $1 trillion by 2030, it will also likely increase employment by nearly half a million new jobs, according to a recent report compiled by consulting firm McKinsey & Co. and SaaSBoomi, a community of industry leaders. 

SaaS companies are also known as "on-demand software" and Web-based/Web-hosted software facilitates applications that take care of the software. There are some best-known SaaS companies including Zoom (ZM), Salesforce (CRM), SAP Concur, and the messaging app Slack. 

SaaS has become a common delivery model for many business applications, including office software, messaging software, payroll processing software, DBMS software, management software, CAD software. 

According to the report, there are thousands of such companies in India, of which 10 are unicorns, their startups' worth is $1 billion in value. 

"This can be as big an opportunity as the IT services industry was in the 90s," said Girish Mathrubootham, CEO of Freshworks India’s best-known SaaS Company. Last month, the company (Freshworks) filed for an IPO, joining the league of other Indian unicorns that are going public this year.

Russian Organizations Targeted By Outdated Threat Actors

 

Currently, European and American organizations top the list in ransomware from Russian state sponsored hackers, however, organizations from these countries are not ready for managing file encryption and double extortion problems on their own. Threat actors troubling CIS and Russian based companies are generally LockBit, REvil, DarkSide and many more criminal groups that target high profile victims with critical infrastructure cyberattacks. According to Kaspersky's report on first half of 2021, the Commonwealth of Independent States (CIS) was also targeted by threat actors which attack Russian organizations monthly, meanwhile no such attacks are reported. 

These groups, under unnoticed subcategory of ransomware actors are generally less sophisticated, and mostly use leaked malware or outdated strains, and build their own hacking access instead of buying access to the victims. Some of these famous ransomware families that were used earlier this year against the Russian targets are as followed: XMRLocker, Thanos/Hakbit, Limbozar/VoidCrypt, Fonix/XINOF, CryptConsole, Cryakl/CryLock, Phobos/Eking, Crysis/Dharma, /BigBobRoss. The most effective older strains include Phobos and Dharma. 

Phobos first surfaced in 2017 and reached its final stage in 2020. The threat actors had unauthorised RDP access as the main entry point. It consists of a C++/C malware having similar contextual technicalities to Dharma strain, but has no relation. Dharma came out in the open in 2016 by the name of Crysis, even though outdated, it has one of the most effective encryption schemes. Like Phobos, Dharma has similar unauthorised RDP access following brute-force of credentials and manual planting of malware. 

As per Kaspersky, such attacks come and go, however, they can't be left unnoticed. Kaspersky says these strains are still under development, with threat actors constantly making their strains effective, therefore, they are not without firepower. "Russian companies can prevent many of these threats by simply blocking RDP access, using strong passwords for domain accounts that are changed regularly, and accessing corporate networks through VPN," reports Bleeping Computers.

Think Twice Before Downloading Pirated Software, Your Private Details Might Be at Risk

 

Purchasing software can be expensive, especially for those who have tight pockets. Many students and researchers find themselves in tough situations due to those costs. Some then turn to pirated software. However, it takes a heavy toll on software designers as their work is stolen from them. 

The issue with carrying out a pirated software download is that it consists of any titles used outside the permission parameters provided by the developer or distributor. That could mean using a cheaply made and illegally copied version. The cracked version is often embedded with malware as it allows the threat actors to compromise large numbers of personal computers and access the number of stolen credentials with ease. Here are some of the risks of downloading and using illegal software. 

Malicious content

Downloading pirated software can pose serious security risks, especially for those who use their computers for activities like banking, shopping, and submitting health insurance. Recently, cybersecurity experts uncovered evidence of illegitimate software key generators and cracked platforms containing ransomware that stole users’ passwords. 

According to a report by security firm Cybereason, one cracked software can affect more than 500,000 machines. Additionally, a study from the Digital Citizens Alliance discovered that one-third of pirated software contained malware. It also identified that software downloaded from illegal sources was 28 times more likely to contain malware than software downloaded from legitimate sources. 

Legitimacy issues 

Downloading pirated software is a punishable offense in almost every country around the globe. It is considered a violation of software copyright law and the punishment for violating the local copyright laws depends on the country in which the people concerned are being charged. 

Another major consequence is that you may be blocked by the software provider temporarily or permanently. For instance, if you pirate a copy of Adobe Photoshop, then Adobe could block you from using any of their software in the future. Particularly, if you rely on this software for your work, this could cause a serious problem.

Lack of updates 

The biggest ramification of using pirated software is the lack of updates. For legitimate software, manufacturers roll out timely updates not only to add new features but also to patch existing vulnerabilities in the software code. However, this is not feasible in the case of pirated software. Downloading a cracked version deprives you of new features and functionalities and also leaves you vulnerable to attackers due to issues in existing codes.

Intuit Alerted QuickBooks Customers About Ongoing Phishing Attacks

 

QuickBooks users have been warned by Intuit that they are being targeted by a phishing campaign masquerading the firm and attempting to entice possible victims with fraudulent renewal charges. 

According to the company, it received reports from customers who were emailed and informed that their QuickBooks plans had expired. 

"This email did not come from Intuit. The sender is not associated with Intuit, is not an authorized agent of Intuit, nor is their use of Intuit's brands authorized by Intuit," Intuit explained. 

All customers who got one of these phishing emails are advised not to click any links included in the emails or open files. To avoid getting attacked with malware or being redirected to a phishing landing page meant to gather credentials, it is advisable to delete them. 

Customers who have already opened attachments or followed links in the phishing emails should do the following: 
  • Delete any downloaded files as soon as possible. 
  • Scan their systems with an updated anti-malware solution. 
  • Reset their passwords. 
  • On its support page, Intuit also provides guidance on how customers may defend themselves against phishing attacks. 
To avoid having their databases damaged or corporate backup files automatically deleted, Intuit also warned users in July about phishing emails that asked them to contact a phone number to update to QuickBooks 2021 by the end of the month. 

According to BleepingComputer, identical emails were sent to Intuit customers this month, using a very similar style, with the update deadline switched to the end of October. While Intuit did not clarify how the upgrade scheme worked, past encounters with similar scam efforts have led BleepingComputer to believe that the fraudsters will attempt to take over the callers' QuickBooks accounts. 

To accomplish this, they pose as QuickBooks support employees and encourage victims to install remote access software such as TeamViewer or AnyDesk. Then they communicate with the victims and ask for the information needed to change their QuickBooks passwords and take control of their accounts in order to drain their money by making payments in their names. 

If the victims have two-factor authentication activated, the fraudsters will request the one-time permission code required to proceed with the upgrade. 

Copyright scams and account takeover attacks 

In addition to these two active campaigns, Intuit is also being impersonated by other threat actors in a bogus copyright phishing scheme, according to SlickRockWeb's CEO Eric Ellason. Recipients of these emails face the risk of becoming infected with the Hancitor (aka Chanitor) malware downloader or having Cobalt Strike beacons installed on their computers. 

The embedded URLs send potential victims through sophisticated redirection chains that employ different security evasion tactics and victim fingerprinting malicious spam. 

In June, Intuit also alerted TurboTax customers that intruders got entry to some of their personal and financial information as a result of a series of account takeover assaults. According to the firm, there was not a "systemic data breach of Intuit." 

As per the company's investigation, the attackers used credentials acquired from "a non-Intuit source" to obtain entry to the customers' accounts, including their name, Social Security number, address(es), date of birth, driver's licence number, financial information, and other personal information.

HHS Cybersecurity Agency Issues Threat Briefing on LockBit Ransomware

 

A security report on LockBit, a ransomware gang that reportedly published a new variant, has been issued by The Health Sector Cybersecurity Coordination Center. The cybercriminals were behind the highly reported cyberattack on Accenture this summer, wherein the corporation was supposedly threatened with a ransom demand of $50 million. 

LockBit ransomware is a malicious program that prevents users from accessing their computers in return for a ransom demand. LockBit will automatically scan a network seeking valuable targets, spread the virus, and lock all computers that are accessible. This ransomware is employed in very specific cyberattacks against businesses and other organizations. 

LockBit was introduced in September 2019 and began advertising its "ransomware as a service" affiliate scheme in January 2020, according to HC3. 

In May 2020, it began collaborating with Maze, another ransomware organization, and in September of the same year, it debuted its very own leak site. LockBit v2.0 was released in June of this year. Furthermore, according to HC3, it employs a two-pronged extortion scheme involving the StealBit malware. It has improved encryption and circumvents user account control methods. 

"Threat actors continue to view unpatched systems as an easy, if not preferred, method of intrusion," wrote officials from the cybersecurity arm of the U.S. Department of Health and Human Services in its brief. 

It moreover relaunched its affiliate program, wherein affiliates determine the ransom, then choose a payment system, and receive the majority of the money before actually paying the organization. Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, and Uzbekistan are among the Commonwealth of Independent States countries where the program does not function. 

Based on an interview with a LockBit ransomware operator, the organization concluded that the malicious actors looked to have a "contradictory code of ethics." 

According to HC3, healthcare facilities are ideal targets, but the LockBit affiliate showed "a strong disdain for those who attack healthcare entities while displaying conflicting evidence about whether he targets them himself." 

"The U.S. also has lucrative targets, but with data privacy laws requiring victim companies to report all breaches, the incentive for such entities to pay the ransom is likely somewhat reduced," said HC3. 

"Cybercriminals are avid consumers of security news and remain up to date on the latest research and vulnerabilities, weaponizing that information to use in future attacks," it wrote. 

Threat advisories on various ransomware organizations, including BlackMatter, Conti, and Hive, have recently been published by the federal government. The alerts, however, haven't stopped the flood of ransomware news. Hive hacked a Missouri health center earlier this month and published patient names, Social Security numbers, and medical information on its blog.

Ransomware Assaults on AWS' S3 Buckets Have Become More Likely

 

AWS is the most popular cloud service provider, with a solid reputation for security and dependability. Despite this, Ermetic's research demonstrates that identities pose a severe security concern and expose buckets to the risk of a ransomware attack. According to new research, 90% of S3 buckets are vulnerable to ransomware attack. 

Ermetic conducted the survey in order to better understand the security posture of AWS environments and their susceptibility to ransomware attacks, as well as to assist enterprises in identifying system flaws and mitigating risks. “Very few companies are aware that data stored in cloud infrastructures like AWS is at risk from ransomware attacks, so we conducted this research to investigate how often the right conditions exist for Amazon S3 buckets to be compromised,” said Shai Morag, CEO of Ermetic. 

A stunning 70% of machines had permissions that might be exploited and were openly exposed to the internet. The privileges of third-party identities could be extended to admin level in 45% of situations. Furthermore, 80% of IAM Users had access credentials that had not been used in at least 180 days but were still active. 

According to Saumitra Das, Blue Hexagon CTO and Cofounder, this report emphasises the critical need to “detect threats” in the cloud rather than focusing solely on misconfigurations. According to research from the Cloud Security Alliance, even if misconfigurations in S3 buckets or IAM access keys have been inactive for a long time, it might take days, weeks, or even months for these to be discovered and remedied. 

 It also emphasises that ransomware is not just an on-premises issue; as the pandemic has increased cloud transfer of workloads, attackers and ransomware criminal operators have also accelerated cloud migration.  

Firms must monitor three things, according to Das, including runtime activity of identities; cloud storage, including read/write patterns, and network activity, which can assist companies determine when instances are exposed to the internet and their identities are misused.

According to the research, here are a few methods that organizations can take to protect their AWS S3 buckets from ransomware: 

 • Deploy Minimum Privilege - implement an authorization system that only allows identities to conduct their business functions with the bare minimum of entitlements, decreasing the possibility of ransomware infecting buckets. 

 • Reduce the risk of ransomware by following best practises to avoid/remove common problems that ransomware can use to steal identities and install malware. 

 • Use logging and monitoring tools like CloudTrail and CloudWatch to spot suspicious activity that can lead to early detection and response in the event of a ransomware attack.

Researchers Make Contactless Visa Payment Using iphone Flaw

 

Cybersecurity experts in a video showed how to make a contactless Visa payment of €1,000 from a locked iphone. These unauthorised payments can be made while the iPhone is locked, it is done via exploiting an Apple Pay feature built to assist users transaction easily at ticket barriers payments with Visa. 

Apple responded by saying the problem is concerned with a Visa system. However, Visa says that its payments are safe and the such attacks lie outside of its lab and are impractical. Experts believe that the problem exists in the Visa cards setup in 'Express Transit' mode in iPhone wallet. 

It is a feature (express transit) which allows users to make fast contactless payments without unlocking their phone. However, the feature turned out to be a drawback with Visa system, as experts found a way to launch an attack. While scientists demonstrated the attack, the money debited was from their personal accounts. 

How does the attack look? 

  • A small radio is placed beside the iPhone, the device thinks of it as a legit ticket barrier. 
  • Meanwhile an android phone runs an application to relay signals (developed by experts) from the iPhone to a contactless transaction platform, it could be in a shop or a place that is controlled by the criminal. 
  • As the iPhone thinks the payment is being done to a ticket barrier, it doesn't unlock. 
However, the iPhone's contact with the transaction platform is altered to make it think that the iPhone has been unlocked and an authorized payment is done which allows high value payments, without the need of fingerprint, PIN, or Face Id verification. 

The experts while demonstrating in a video did a €1,000 Visa transaction without unlocking the iPhone, or authorizing the payment. According to experts, the payment terminals and android phones used here don't need to near the targeted iPhone. 

As of now, the demonstration has only been done by experts in the lab and no reports of the feature exploit in the wild have been reported. "The researchers also tested Samsung Pay, but found it could not be exploited in this way.They also tested Mastercard but found that the way its security works prevented the attack. 

Co-author Dr Ioana Boureanu, from the University of Surrey, said this showed systems could be "both usable and secure". The research is due to be presented at the 2022 IEEE Symposium on Security and Privacy," reports BBC.

Research shows that 91.5% Malware in Q2 2021 Appeared Over Encrypted Connections

 

According to the recent WatchGuard data, 91.5 percent of malware originated via encryption techniques during Q2 2021. This represents a significant increase compared to the previous quarter, implying that any organization that does not examine encrypted HTTPS traffic at the periphery is overlooking 9/10 of all malware. 

The study also showed worrisome increases in file-less malware threats, a substantial increase in ransomware, and a massive increase in network cyber attacks. “With much of the world still firmly operating in a mobile or hybrid workforce model, the traditional network perimeter doesn’t always factor into the cybersecurity defense equation,” said Corey Nachreiner, CSO at WatchGuard. 

AMSI.Disable.A appeared in the leading malware segment for the very first time in Q1 and quickly rose to the forefront this quarter, ranking second overall by volume as well as first for cumulative encoded attacks. This malware family employs PowerShell techniques to leverage various Windows security flaws, but what makes it particularly intriguing is its evasive technique. 

AMSI.Disable.A employs code capable of deactivating the Antimalware Scan Interface (AMSI) in PowerShell, enabling it to avoid script-security screening while carrying out its malware payload completely unnoticed. Within the first six months of 2021, malware observations believed to have originated from scripting engines such as PowerShell already have managed to reach 80% of last year's overall script-initiated attack volume, representing a significant increase compared to the previous year. 

In the following quarter, the said number increased by another million, indicating an aggressive course that emphasizes the evolving importance of keeping perimeter security along with user-focused safeguards. Whereas overall ransomware detections on endpoints fell from 2018 to 2020, the trend reversed in the first half of 2021, with the six-month total finishing just short of the full-year total for 2020. 

The Colonial Pipeline attack on May 7, 2021, demonstrated unequivocally that ransomware will be here to stay. The breach, which was the top security incident of the quarter, demonstrates how cybercriminals are not only targeting the most essential services – such as hospitals, industrial control, and infrastructure – but also seem to be intensifying attacks against such elevated targets. 

One of the most notable examples was a 2020 vulnerability within the popular online scripting language PHP, however, the other three aren't. A 20ll Oracle GlassFish Server vulnerability, a 2013 SQL injection flaw in the medical records application OpenEMR, and a 2017 remote code execution (RCE) vulnerability in Microsoft Edge are among them. Even though they are all out of date, they all pose a danger if not patched. 

Although it's an old attack vector that has hopefully been fixed in most systems, those who are yet to patch will be in for a huge shock if an attacker manages to get to it before they do. A very relatively similar RCE security flaw, CVE-2021-40444, hit the headlines earlier this month when it was purposefully abused in targeted attacks against Microsoft Office and Office 365 on Windows 10 computers. 

Malware designed to target Microsoft Exchange servers and generic email clients to install remote access trojans (RATs) in highly sensitive locations has recently increased. It's most probably because Q2 was the second consecutive quarter in which remote employees and learners reverted to either hybrid offices and educational environments or normally functioning on-site behavior. 

Strong security consciousness and monitoring of departing communications on gadgets that aren't essentially connected directly to the connected devices is advised in any event – or location.

Microsoft: Russia Behind 58% Detected State-Backed Hacks

 

According to the latest report of Microsoft, Russian-sponsored malicious actors are becoming more successful at breaching targets in the United States and other developed countries. Russia is responsible for most state-sponsored cybercrimes over the past years, Microsoft added. 

Russian hackers were found to be involved in 58% of government-linked cyber crimes including crimes on government agencies and think tanks in the United States, followed by Ukraine, Britain, and European NATO members. 

Furthermore, other countries like China, North Korea, and Iran, have also been highly active in cyber security crimes on the important infrastructure of governments and non-profit organizations, Microsoft said in its second annual Digital Defense Report, which covers July 2020 through June 2021. 

An unusual hack in early 2020, the SolarWinds hack where hackers gained access to the networks, systems, and data of thousands of SolarWinds customers had also been attributed to Russia. The scope of one of the largest, if not the largest, one of its kind ever recorded has been unknown.  

After the SolarWinds hack incident, the Russian backed-hackers shifted their focus again on their usual victims like government agencies involved in foreign policy, including defense and national security, think tanks, health care, where they targeted the organizations that were developing and testing COVID-19 vaccines and providing treatments in the USA, Canada, Australia, Israel, Japan, and India. 

Meanwhile, China, figured in for 1 in 10 of the state-sponsored cyber attacks; getting a 44% success rate in breaking into victimizing networks, Report discloses. 

On the whole, state-backed cybercrimes have a 10%-20% success rate, said Cristin Goodwin, who heads Microsoft’s Digital Security Unit.

“It’s something that’s really important for us to try to stay ahead of — and keep driving that compromised number down — because the lower it gets, the better we’re doing,” Goodwin added. 

“2021 brought powerful reminders that to protect the future we must understand the threats of the present. This requires that we continually share data and insights in new ways…” 

“…Certain types of attacks have escalated as cybercriminals change tactics, leveraging current events to take advantage of vulnerable targets and advance their activity through new channels”, the report said.

Nigerian Scammers Specializing in BEC Attacks Continue to Mature

 

Cybersecurity researchers at Palo Alto Networks Unit 42 have actively tracked the evolution of SilverTerrier Nigerian Business Email Compromise (BEC) threat actors. 

From 2014 to the present, researchers have uncovered over 170,700 samples of malware directly linked to Nigerian BEC actors. These samples have been noticed in over 2.26 million phishing attacks targeting users across all industries worldwide.

Evolution of Nigerian threat actors 

Business email compromise (BEC) attacks are one of the most financially damaging cybercrimes and have been on the rise over the past seven years. The Nigerian threat actors dubbed SilverTerrier, have contributed greatly to this growth. These threat actors are responsible for collectively producing more than 170,700 samples of malware directly linked to 2.26 million attacks, according to Palo Alto Network findings. 

SilverTerrier specializes in business email compromise attacks, the kind of email fraud in which scammers impersonate a target’s coworker or friend, then ask for wire transfers. The focus on Nigerian threat actors provides insight into one of the world’s largest subcultures given Nigeria’s historic ranking as a top-five hotspot for cybercrime. 

When first discovered in 2014, SilverTerrier included only a few individuals experimenting with commodity malware. Presently, it has 540 individual threat actors performing attacks worldwide.

Researchers at Palo Alto Networks have traced one such individual named, Onuegwu Ifeany, who studied computer science at Imo State University and launched Ifemonums-Solution LTD as a legitimate business venture in late 2014. That same year, he began his criminal activities, and from 2014 until his arrest, he registered over 150 malicious domains for personal use and to support other actors. Many of these domains also served as command-and-control infrastructure for over 2,200 samples of malware, including Pony, LokiBot, PredatorPain, ISRStealer, ISpySoftware, Remcos, and NanoCore.

Over the past seven years, researchers have also discovered over 10 different commodity information stealer families employed by SilverTerrier actors, with more effective tools being adopted over older ones. Since 2014, the threat actors have employed 13 RAT families, with LuminosityLink, NJRat, Quasar, and WarZone dropping in popularity over time, but Netwire, DarkComet, NanoCore, Remcos, ImminentMonitor, Adwind, Hworm, Revenge, and WSHRat are still actively used. 

How to protect yourself against BEC attacks? 

According to GreatHorn report, nearly 50% of all BEC attacks result from the spoofing of an individual’s identity in the display name. Among those spear phishing emails, cybercriminals are also using company names (68%), names of individual targets (66%), and the name of boss/managers (53%) to conduct their attacks. By following the steps given below you can mitigate the risks: - 

  • Avoid free web-based e-mail accounts 
  • Enable multi-factor authentication for business email accounts
  • Don’t open any email from unknown parties
  • Secure your domain 
  • Double-check the sender’s email address
  • “Forward,” don’t “reply” to business emails 
  • Know your customers and vendor’s habit 
  • Always verify before sending money or data

Amazon's Twitch Blames Server Error for Massive Data Leak

 

Twitch disclosed a massive data breach on Wednesday, attributing it to an "error in a Twitch server configuration change" that exposed certain data to the internet. 

The purportedly stolen material includes the source code for Amazon's streaming platform, reports on creator payments, and information regarding an unannounced Steam competitor from Amazon Game Studios. Twitch acknowledged the incident in a tweet on Wednesday. The firm will provide further information in a blog post later, stating that it is still trying to determine the entire scope of the event. 

The company wrote, "We have learned that some data was exposed to the internet due to an error in a Twitch server configuration change that was subsequently accessed by a malicious third party." 

"Our teams are working with urgency to investigate the incident." 

Twitch said there's no indication that login credentials were exposed. The streaming platform also said, "full credit card numbers are not stored by Twitch, so full credit card numbers were not exposed." 

Twitch's brief statement demonstrates that the company is in full crisis mode. IT professionals and security specialists are still attempting to determine the severity of the data breach. The attack was caused by a "server configuration" issue, according to the explanation. In other words, someone misconfigured the computers that contain Twitch's sensitive data, allowing hackers to discover and download it. 

The organization has not yet stated when this error occurred. Some of the stolen data dates back three years, so the computers might have been a victim for a while - or the error could have just left the door open for a few days or weeks. Attackers are always searching and analyzing the internet for open databases, and someone may likely have informed hackers about the internal IT mistake. 

Making these types of blunders, however, is costly, especially when the target is as large as Twitch. Numerous streamers informed BBC News that the payment data was correct for their own earnings and this poses issues for the firm. Candid Wuest from cyber-security company Acronis stated, "A lot more damage is now in store for Twitch. The breach is already harming Twitch on all the fronts that count." 

The leaked data "could contain nearly the full digital footprint of Twitch, making it one of the most severe data breaches of late." "Releasing payout reports for streaming clients will not make the influencers happy either," Mr. Wuest added. 

The download released online is also labeled "part one," implying that there may be more data to be published on the internet.