The IT Nerd

Cyber criminals revealed new levels of ambition in 2016 – a year marked by extraordinary attacks, including multi-million dollar virtual bank heists and overt attempts to disrupt the U.S. electoral process by state-sponsored groups, according to Symantec’s Internet Security Threat Report (ISTR), Volume 22, released yesterday.

Symantec’s ISTR provides a comprehensive view of the threat landscape, including insights into global threat activity, cyber criminal trends and motivations for attackers. Key highlights include:

Subversion and Sabotage Attacks Emerge at the Forefront

Cyber criminals are executing politically devastating attacks in a move to undermine a new class of targets. Cyber attacks against the U.S. Democratic Party and the subsequent leak of stolen information reflect a trend toward criminals employing highly-publicized, overt campaigns designed to destabilize and disrupt targeted organizations and countries. While cyber attacks involving sabotage have traditionally been quite rare, the perceived success of several campaigns – including the U.S. election and Shamoon – point to a growing trend to criminals attempting to influence politics and sow discord in other countries.

Nation States Chase the Big Scores

A new breed of attackers revealed major financial ambitions, which may be an exercise to help fund other covert and subversive activities. Today, the largest heists are carried out virtually, with billions of dollars stolen by cyber criminals. While some of these attacks are the work of organized criminal gangs, for the first time nation states appear to be involved as well. Symantec uncovered evidence linking North Korea to attacks on banks in Bangladesh, Vietnam, Ecuador and Poland. 

Attackers Weaponize Commonly Used Software; Email Becomes the Weapon of Choice

In 2016, Symantec saw cyber criminals use PowerShell, a common scripting language installed on PCs, and Microsoft Office files as weapons. While system administrators may use these common IT tools for daily management tasks, cyber criminals increasingly used this combination for their campaigns as it leaves a lighter footprint and offers the ability to hide in plain sight. Due to the widespread use of PowerShell by attackers, 95 percent of PowerShell files seen by Symantec in the wild were malicious.

The use of email as an infection point also rose, becoming a weapon of choice for cyber criminals and a dangerous threat to users. Symantec found one in 131 emails contained a malicious link or attachment – the highest rate in five years. Further, Business Email Compromise (BEC) scams, which rely on little more than carefully composed spear-phishing emails – scammed more than three billion dollars from businesses over the last three years, targeting over 400 businesses every day.

Caving in to Digital Extortion: Americans Most Likely to Pay Ransom Demands

Ransomware continued to escalate as a global problem and a lucrative business for criminals. Symantec identified over 100 new malware families released into the wild, more than triple the amount seen previously, and a 36 percent increase in ransomware attacks worldwide.

However, the United States is firmly in the crosshairs of attackers as the number-one targeted country. Symantec found 64 percent of American ransomware victims are willing to pay a ransom, compared to 34 percent globally. Unfortunately, this has consequences. In 2016, the average ransom spiked 266 percent with criminals demanding an average of$1,077 per victim up from $294 as reported for the previous year.

Cracks in the Cloud: The Next Frontier for Cyber Crime is Upon Us

A growing reliance on cloud services has left organizations open to attacks. Tens of thousands of cloud databases from a single provider were hijacked and held for ransom in 2016 after users left outdated databases open on the internet without authentication turned on.

Cloud security continues to challenge CIOs. According to Symantec data, CIOs have lost track of how many cloud apps are used inside their organizations. When asked, most assume their organizations use up to 40 cloud apps when in reality the number nears 1,000. This disparity can lead to a lack of policies and procedures for how employees access cloud services, which in turn makes cloud apps riskier. These cracks found in the cloud are taking shape. Symantec predicts that unless CIOs get a firmer grip on the cloud apps used inside their organizations, they will see a shift in how threats enter their environment.

About the Internet Security Threat Report

The Internet Security Threat Report provides an overview and analysis of the year in global threat activity. The report is based on data from Symantec’s Global Intelligence Network, which Symantec analysts use to identify, analyze and provide commentary on emerging trends in attacks, malicious code activity, phishing and spam.

Symantec will host a webinar on this year’s ISTR results on May 16 at 10 a.m. Pacific / 1 p.m. Eastern. For more information or to register, please go here . Please visit Symantec’s website to download the full report plus supplemental assets.