Adversaries are taking advantage of weak
security fundamentals and a lack of countermeasures to carry out
cyberattacks
WATERLOO, ON, Sept. 27,
2024 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX), (TSX:
OTEX) today released the results of its 2024 Threat Hunter
Perspective. The report found that the collaboration and
coordination taking place between nation-states and cybercrime
rings to target global supply chains and further geopolitical
motives has become a signature trend in the threat landscape.
For CISOs, the question isn't whether attacks will happen, but
what form they'll take and how enterprises can prepare. According
to Cybersecurity Ventures, the cost of cybercrime is projected to
reach $9.5 trillion in 2024 and is
expected to increase to $10.5
trillion by 2025. To understand the current threat
landscape, CISOs need to know not just the types of threats but
also who is behind them, when they might occur, why they're
happening, and how they're executed. Connecting these dots helps
threat hunters gain a clearer picture of the risks organizations
face, enabling more effective preparation and response.
"Our threat intelligence and experienced threat hunting team
have found that nation-states are not slowing down and, as notable
events like the U.S. presidential election get closer, every
organization in the global supply chain needs to be on high alert
for advanced and multiple cyberattacks," said Muhi Majzoub,
executive vice president and chief product officer, OpenText.
"Based on the report's findings, enterprises need to be prepared
for large-scale attacks, making adversarial signals, threat
intelligence and defense capabilities more important than
ever."
Highlights from this year's report, which explores comprehensive
findings from OpenText threat intelligence and hunters on the front
lines of cybersecurity, include:
- Organized crime rings are supporting attacks by
nation-states—possibly through direct collaboration or
coordination—by attacking the same targets at the same time.
- Russia has been seen to
collaborate with malware-as-a-service gangs including Killnet,
Lokibot, Ponyloader and Amadey.
- China has entered into similar
relationships with the Storm0558, Red Relay, and Volt Typhoon
cybercrime rings, typically to support its geopolitical agenda in
the South China Sea.
- The top threats include Killnet (DDoS attacks), Lokibot
(info-stealing malware) and Cobalt Strike (penetration testing tool
used by APT groups)
- Attackers are keyed in on specific events, especially major
holidays, military aid to Ukraine,
turning the upcoming U.S. presidential election into a time of
imminent peril. Nation-states also target specific days of the week
for cyberattacks:
- Russian cyberattack activity typically follows a Monday through
Friday schedule with spikes within 48 hours of an adversarial
announcement.
- Chinese attacks don't follow a set schedule, though any data
exfiltration is typically slated for Friday afternoons or
Saturdays, when it's more likely to be missed, with the data broken
into smaller chunks to further reduce suspicion.
- Evasion, misdirection and masquerading are helping adversaries
get around defenses designed for direct attacks. Many attacks are
taking advantage of weak security fundamentals, with victims
increasing their vulnerability by not taking basic countermeasures.
- Nations with weaker cyber defense infrastructure, like the
Democratic Republic of Congo,
Argentina, Iran, Nigeria, Sudan, Venezuela and Zimbabwe, have all been compromised,
broadening the range of potential sources for a large-scale
attack.
- Global supply chains offer another indirect means of inflicting
damage where the attacker might target the operations of a port or
transportation network to disrupt a military aid shipment to have
an indirect but significant impact on the primary target.
Additional Resources:
- To read the full report and methodology, click here.
- For further insights into the report, read our blog post.
About OpenText Cybersecurity
OpenText Cybersecurity
provides comprehensive security solutions for companies and
partners of all sizes. From prevention, detection and response to
recovery, investigation and compliance, our unified/end-to-end
platform helps customers build cyber resilience via a holistic
security portfolio. Powered by actionable insights from our
real-time and contextual threat intelligence, OpenText
Cybersecurity customers benefit from high efficacy products, a
compliant experience and simplified security to help manage
business risk.
About OpenText
OpenText™ is the leading Information
Management software and services company in the world. We
help organizations solve complex global problems with a
comprehensive suite of Business Clouds, Business AI, and Business
Technology. For more information about OpenText (NASDAQ/TSX:
OTEX), please visit us at www.opentext.com.
Connect with us:
OpenText CEO Mark Barrenechea's
blog
Twitter | LinkedIn
Certain statements in this press release may contain words
considered forward-looking statements or information under
applicable securities laws. These statements are based
on OpenText's current expectations, estimates, forecasts and
projections about the operating environment, economies, and markets
in which the company operates. These statements are subject to
important assumptions, risks and uncertainties that are difficult
to predict, and the actual outcome may be materially different.
OpenText's assumptions, although considered reasonable by the
company at the date of this press release, may prove to be
inaccurate and consequently its actual results could differ
materially from the expectations set out herein. For additional
information with respect to risks and other factors which could
occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and other securities filings with the SEC and other
securities regulators. Readers are cautioned not to place undue
reliance upon any such forward-looking statements, which speak only
as of the date made. Unless otherwise required by applicable
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update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Further,
readers should note that we may announce information using our
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calls, webcasts and the social media channels identified on the
Investors section of our website (https://investors.opentext.com).
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blog, Twitter account or LinkedIn account. The information posted
through such channels may be material. Accordingly, readers should
monitor such channels in addition to our other forms of
communication.
Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned
by OpenText. One or more patents may cover this product(s). For
more information, please
visit https://www.opentext.com/patents.
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