Tackling Cyber Threats faced by MSMEs
Introduction
MSMEs, being the cornerstone of the Indian economy, are one of the most vulnerable targets in cyberspace and no enterprise is too small to be a target for malicious actors. MSMEs hardly ever perform a cyber-risk assessment, but when they do, they may run into a number of internal problems, such as cyberattacks brought on by inadequate networking security, online fraud, ransomware assaults, etc. Tackling cyber threats in MSMEs is critical mainly because of their high level of dependance on digital technologies and the growing sophistication of cyber attacks. Protecting them from cyber threats is essential, as a security breach can have devastating consequences, including financial loss, reputational damage, and operational disruptions.
Key Cyber Threats that MSMEs are facing
MSMEs are most vulnerable to are phishing attacks, ransomware, malware and viruses, insider threats, social engineering attacks, supply chain attacks, credential stuffing and brute force attacks and Distributed Denial of Service (DDoS) Attacks. Some of these attacks are described as under-
- Insider threats arise from employees or contractors who intentionally or unintentionally compromise security. It involves data theft, misuse of access privileges, or accidental data exposure.
- Social engineering attacks involve manipulating individuals into divulging confidential information or performing actions that compromise security by pretexting, baiting, and impersonation.
- Supply chain attacks exploit the trust in relationships between businesses and their suppliers and introduce malware, compromise data integrity, and disrupt operations.
- Credential stuffing and brute force attacks give unauthorized access to accounts and systems, leading to data breaches and financial losses.
Challenges Faced by MSMEs in Cybersecurity
The challenges faced by MSMEs in cyber security are mainly due to limited resources and budget constraints which leads to other issues such as a lack of specialized expertise as MSMEs often lack the IT support of cyber security experts. Awareness and training are needed to mitigate poor understanding of cyber threats and their complexity in nature. Vulnerabilities in the supply chain are present as they rely on third-party vendors and partners often, introducing potential supply chain vulnerabilities. Regulatory compliance is often complex and is taken seriously only when an issue crops up but it needs special attention especially with the DPDP Act coming in. The lack of an incident response plan leads to delayed and inadequate responses to cyber incidents, increasing the impact of breaches.
Best Practices for Tackling Cyber Threats for MSMEs
To effectively tackle cyber threats, MSMEs should adopt a comprehensive approach such as:
- Implementing and enforcing strong access controls by using MFA or 2FA and password policies. Limiting employee access as role based and updating the same as and when needed.
- Regularly apply security patches and use automated patch management solutions to prevent exploitation of known vulnerabilities.
- Conduct employee training and awareness programs and promote a security-first approach for the employees and assessing employee readiness to identify improvement areas.
- Implement network security measures by using firewalls and intrusion detection systems. Using secure Wi-Fi networks via strong encryptions and changing default credentials for the router are recommended, as is segmenting networks to limit lateral movement within the network in case of a breach.
- Regular data backup ensures that in case of an attack, data loss can be recovered and made available in secure offsite locations to protect it from unauthorized access.
- Developing an incident response plan that outlines the roles, responsibilities and procedure for responding to cyber incidents with regular drills to ensure readiness and clear communication protocols for incident reporting to regulators, stakeholders and customers.
- Implement endpoint security solutions using antivirus and anti-malware softwares. Devices should be against unauthorized access and implement mobile device management solutions enforcing security policies on employee-owned devices used for work purposes.
- Cyber insurance coverage will help in transferring financial risks in case of cyber incidents. It should have comprehensive coverage including business interruptions, data restoration, legal liabilities and incident response costs.
Recommended Cybersecurity Solutions Tailored for MSMEs
- A Managed Security Service Provider offers outsourced cybersecurity services, including threat monitoring, incident response, and vulnerability management that may be lacking in-house.
- Cloud-Based Security Solutions such as firewall as a service and Security Information and Event Management , provide scalable and cost-effective protection for MSMEs.
- Endpoint Detection and Response (EDR) Tools detect and respond to threats on endpoints, providing real-time visibility into potential threats and automating incident response actions.
- Security Awareness Training Platforms deliver interactive training sessions and simulations to educate employees about cybersecurity threats and best practices.
Conclusion
Addressing cyber threats in MSMEs requires a proactive and multi-layered approach that encompasses technical solutions, employee training, and strategic planning. By implementing best practices and leveraging cybersecurity solutions tailored to their specific needs, MSMEs can significantly enhance their resilience against cyber threats. As cyber threats continue to evolve, staying informed about the latest trends and adopting a culture of security awareness will be essential for MSMEs to protect their assets, reputation, and bottom line.
References:
- https://economictimes.indiatimes.com/small-biz/security-tech/security/cyber-security-pitfalls-and-how-negligence-can-be-expensive-for-msmes/articleshow/99508822.cms?from=mdr
- https://www.investopedia.com/financial-edge/0112/3-ways-cyber-crime-impacts-business.aspx
- https://www.financialexpress.com/business/sme-msme-tech-cisco-launches-new-tool-for-smbs-to-assess-their-cybersecurity-readiness-2538348/
- https://www.cloverinfotech.com/blog/small-businesses-big-problems-are-cyber-attacks-crushing-indias-msmes/
Related Blogs
Key points: Data collection, Protecting Children, and Awareness
Introduction
The evolution of technology has drastically changed over the period impacting mankind and their lifestyle. For every single smallest aspect, humans are reliable on the computers they have manufactured. The use of AI has almost hindered mankind, kids these days are more lethargic to work and write more sensibly on their own, but they are more likely interested in television, video games, mobile games, etc. School kids use AI just to complete their homework. Is it a good sign for the country’s future? The study suggests that Tools like ChatGPT is a threat to humans/a child’s potential to be creative and make original content requiring a human writer’s insight. Tools like ChatGPT can remove students’ artistic voices rather than using their unique writing style.
Does any of those browsers or search engines use your search history against you? or How do non-users tend to lose their private info on such a search engine?
Are there any safety measures that one’s the government of a particular country taking to protect their people’s rights?
Some of us might wonder how these two fancy-looking world merge and into, Arey they a boon or curse?
So here’s the top news getting flooded all over the world through the internet,
“Italian Agency impose strict measures on OpenAI’s ChatGPT”
Italy becomes the first Western European country to take serious measures about using Open AI ChatGPT. An Italian Data Protection agency named Garante has set mandates on ChatGPT. Garante has raised concerns about privacy violations and the inability to verify the age of users. Garate has also claimed that the AI ChatBot is violating the EU’s General Data Protection Regulation (GDPR). In a press release, Garante demanded OpenAI take necessary actions.
To begin with, Garante has demanded that OpenAI’s ChatGPT should increase its transparency and give a comprehensive statement about its data processing practices. OpenAI must specify between obtaining user consent for processing users’ data to train its AI model or may rely on a legitimate basis. OpenAI must maintain the privacy of users’ data.
In addition, ChatGPT should also take measures to prevent minors from accessing the technology at such an early stage of life, which could hinder their brain power. ChatGPT should add some age verification system to prevent minors from accessing explicit content. Moreover, Garante suggests that OpenAI should spread awareness among its users about their data being processed to train its AI model. Garante has set a deadline of April 30 for ChatGPT to complete the given tasks. Until then, its service should be banned in the country.
Child safety while surfing on ChatGpt
Italian agency demands age limitation to surf and an age verification method to exclude users under the age of 13, and parental authority should be required for users between the ages of 13 and 18. As this is a matter of security. Children might get exposed to explicit content invalidated to their age or explore illegitimate content. The AI chatbot doesn’t have the sense to determine which content is appropriate for the underage audience. Due to tools like chatbots, subjective things/information are already available to young students, leading to endangered irrespective of their future. As ChatGpt can hinder their potential and ability to create original and creative content for young minds. It is a threat motivation to humans’ motivation to write. Moreover, when students need time to think and analyze they get lethargic due to tools like ChatGPT, and the practice they need fades away.
Collection of User’s Data
According to some reports from the company’s privacy policy, OpenAI ChatGpt collects an assortment of additional data. The first two questions are for a free trial when a session starts. It asks for your Login, and SignUp through your Gmail account collects your IP address, browser type, and the data you put in the form of input, i.e. it collects data on the user’s interaction with the website, It also collects the user’s data like session time, cookies through third party may tend to sell it to an unspecified third party.
This snapshot shows that they have added a few things after Garante’s draft.
Conclusion
AI chatbot – Chatgpt is an advanced technology tool that makes work a little easier, but one surfing on such tools must stay aware of the information they are asking for. Such AI bots are trained to understand mankind, its job is to give a helping hand and not doltish. In case of this, some people tend to provide sensitive information unknowingly, young minds get exposed to explicit information. Such bots need to put some age limitations. Such innovations keep taking place, but it’s individuals’ responsibility what actions to be allowed to access their online connected device. Unlike the Italian Agency, which has taken some preventive measures to keep their user’s data safe, also looking at the adverse effect of such chatbots on a young mind.
Executive Summary:
A number of false information is spreading across social media networks after the users are sharing the mistranslated video with Indian Hindus being congratulated by Italian Prime Minister Giorgia Meloni on the inauguration of Ram Temple in Ayodhya under Uttar Pradesh state. Our CyberPeace Research Team’s investigation clearly reveals that those allegations are based on false grounds. The true interpretation of the video that actually is revealed as Meloni saying thank you to those who wished her a happy birthday.
Claims:
A X (Formerly known as Twitter) user’ shared a 13 sec video where Italy Prime Minister Giorgia Meloni speaking in Italian and user claiming to be congratulating India for Ram Mandir Construction, the caption reads,
“Italian PM Giorgia Meloni Message to Hindus for Ram Mandir #RamMandirPranPratishta. #Translation : Best wishes to the Hindus in India and around the world on the Pran Pratistha ceremony. By restoring your prestige after hundreds of years of struggle, you have set an example for the world. Lots of love.”
Fact Check:
The CyberPeace Research team tried to translate the Video in Google Translate. First, we took out the transcript of the Video using an AI transcription tool and put it on Google Translate; the result was something else.
The Translation reads, “Thank you all for the birthday wishes you sent me privately with posts on social media, a lot of encouragement which I will treasure, you are my strength, I love you.”
With this we are sure that it was not any Congratulations message but a thank you message for all those who sent birthday wishes to the Prime Minister.
We then did a reverse Image Search of frames of the Video and found the original Video on the Prime Minister official X Handle uploaded on 15 Jan, 2024 with caption as, “Grazie. Siete la mia” Translation reads, “Thank you. You are my strength!”
Conclusion:
The 13 Sec video shared by a user had a great reach at X as a result many users shared the Video with Similar Caption. A Misunderstanding starts from one Post and it spreads all. The Claims made by the X User in Caption of the Post is totally misleading and has no connection with the actual post of Italy Prime Minister Giorgia Meloni speaking in Italian. Hence, the Post is fake and Misleading.
- Claim: Italian Prime Minister Giorgia Meloni congratulated Hindus in the context of Ram Mandir
- Claimed on: X
- Fact Check: Fake
Overview:
A recent addition to the list of cybercrime is SharpRhino, a RAT (Remote Access Trojan) actively used by Hunters International ransomware group. SharpRhino is highly developed and penetrates into the network mask of IT specialists, primarily due to the belief in the tools’ legitimacy. Going under the genuine software installer, SharpRhino started functioning in mid-June 2024. However, Quorum Cyber discovered it in early August 2024 while investigating ransomware.
About Hunters International Group:
Hunters International emerged as one of the most notorious groups focused on ransomware attacks, having compromised over 134 targets worldwide in the first seven months of 2024. It is believed that the group is the rebranding of Hive ransomware group that was previously active, and there are considerable similarities in the code. Its focus on IT employees in particular demonstrates the fact that they move tactically in gaining access to the organizations’ networks.
Modus Operandi:
1. Typosquatting Technique
SharpRhino is mainly distributed by a domain that looks like the genuine Angry IP Scanner, which is a popular network discovery tool. The malware installer, labeled as ipscan-3.9.1-setup. It is a 32-bit Nullsoft installer which embeds a password protected 7z archive in it.
2. Installation Process
- Execution of Installer: When the victim downloads and executes the installer and changes the windows registry in order to attain persistence. This is done by generating a registry entry that starts a harmful file, Microsoft. AnyKey. exe, are fakes originating from fake versions of true legitimate Microsoft Visual Studio tools.
- Creation of Batch File: This drops a batch file qualified as LogUpdate at the installer.bat, that runs the PowerShell scripts on the device. These scripts are to compile C# code into memory to serve as a means of making the malware covert in its operation.
- Directory Creation: The installer establishes two directories that allow the C2 communication – C:\ProgramData\Microsoft: WindowsUpdater24 and LogUpdateWindows.
3. Execution and Functionality:
- Command Execution: The malware can execute PowerShell commands on the infected system, these actions may involve privilege escalation and other extended actions such as lateral movement.
- C2 Communication: SharpRhino interacts with command and control servers located on domains from platforms such as Cloudflare. This communication is necessary for receiving commands from the attackers and for returning any data of interest to the attackers.
- Data Exfiltration and Ransomware Deployment: Once SharpRhino has gained control, it can steal information and then proceed to encrypt it with a .locked extension. The procedure generally concludes with a ransom message, which informs users on how to purchase the decryption key.
4. Propagation Techniques:
Also, SharpRhino can spread through the self-copying method, this is the virus may copy itself to other computers using the network account of the victim and pretending to be trustworthy senders such as emails or network-shared files. Moreover, the victim’s machine may then proceed to propagate the malware to other systems like sharing in the company with other employees.
Indicators of Compromise (IOCs):
- LogUpdate.bat
- Wiaphoh7um.t
- ipscan-3.9.1-setup.exe
- kautix2aeX.t
- WindowsUpdate.bat
Command and Control Servers:
- cdn-server-1.xiren77418.workers.dev
- cdn-server-2.wesoc40288.workers.dev
- Angryipo.org
- Angryipsca.com
Analysis:
Graph:
Precautionary measures to be taken:
To mitigate the risks posed by SharpRhino and similar malware, organizations should implement the following measures:
- Implement Security Best Practices: It is important only to download software from official sites and avoid similar sites to confuse the user by changing a few letters.
- Enhance Detection Capabilities: Use technology in detection that can detect the IOCs linked to Sharp Rhino.
- Educate Employees: Educate IT people and employees on phishing scams and the requirement to check the origin of the application.
- Regular Backups: It is also important to back up important files from systems and networks in order to minimize the effects of ransomware attacks on a business.
Conclusion:
SharpRhino could be deemed as the evolution of the strategies used by organizations like Hunters International and others involved in the distribution of ransomware. SharpRhino primarily focuses on the audience of IT professionals and employs complex delivery and execution schemes, which makes it an extremely serious threat for corporate networks. To do so it is imperative that organizations have an understanding of its inner workings in order to fortify their security measures against this relatively new threat. Through the enforcement of proper security measures and constant enlightenment of organizations on the importance of cybersecurity, firms can prevent the various risks associated with SharpRhino and related malware. Be safe, be knowledgeable, and most importantly, be secure when it comes to cyber security for your investments.
Reference:
https://cybersecuritynews.com/sharprhino-ransomware-alert/
https://cybersecsentinel.com/sharprhino-explained-key-facts-and-how-to-protect-your-data/
https://www.dataprivacyandsecurityinsider.com/2024/08/sharprhino-malware-targeting-it-professionals/
