The Armoury - January 2025

Welcome to The Armoury?

Cyber threats are getting sophisticated, and the number and style of threats are on the rise. We understand that your schedule is packed, but staying informed about cybersecurity is a top priority. With The Armoury, we've curated the most relevant and important content from trusted sources. Our team handpicks articles, news items, and tips that you need to know, saving you time and effort while ensuring you have the knowledge to protect yourself and your organisation.?

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Stay safe.?

Latest Cybersecurity News?

• Australia’s Big Four Banks Target Fraud with Advanced Technology. Australia’s largest banks—ANZ, NAB, Westpac, and CBA—are intensifying efforts to combat financial crime by deploying cutting-edge tools like AI, behavioural analytics, and BioCatch, an interbank fraud intelligence network. These technologies detect and close mule accounts used to transfer illicit funds. Results include Westpac’s 31% drop in scam-related losses and ANZ’s success with a specialised mule detection model. All banks are fortifying Australia’s financial system, preventing scams, and protecting customers from evolving fraud schemes. Source: Tech Business News Australia?
• FBI Urges Businesses to Disable Local Admin Accounts Amid Rising Cyber Threats. The FBI has issued a warning to businesses to disable local administrator accounts, citing rising cyber threats from North Korean IT workers infiltrating organisations. These workers gain unlawful system access to steal sensitive data, ransom corporate code, and harvest credentials. The FBI advises limiting admin privileges, monitoring network traffic, and enhancing identity verification during hiring processes. Threat actors have used AI and face-swapping technology during job interviews, emphasizing the need for stricter cybersecurity measures. Source: Forbes?

• Cyber Attacks Surge in Australia, Ranking Sixth Globally. Australia ranked sixth in global ransomware attacks in 2024, sharing 2% of incidents with nations like India and France, according to Check Point Software. Manufacturing and healthcare were key targets, with healthcare attacks rising 47%. Nation-state hackers and North Korea's cryptocurrency theft intensified threats. Most attacks exploited old vulnerabilities, highlighting the need for better patch management. The report urges Australian organisations to bolster cybersecurity against evolving and sophisticated threats. Source: Cyberdaily?

Cybersecurity Tips & Best Practices?

• Implement Time-Based Access: Restrict access to sensitive systems to specific time frames or business hours. This reduces the window of opportunity for attacks, especially in remote work environments.?

• Use a Unique Encryption for Your Communications: Consider implementing your own encryption for sensitive communications (e.g., email or file sharing). This adds an extra layer of protection on top of standard encryption methods.?

• Regularly Rotate Encryption Keys: To keep your encrypted data secure, routinely rotate encryption keys. This ensures that even if one key is compromised, the data remains secure under newer keys.?

Cybersecurity Awareness & Education

Did you know??

Cryptojacking is an attack where hackers secretly use a victim's computer power to mine cryptocurrency. This has become increasingly common, with reports showing a 400% increase in cryptojacking incidents in recent years as attackers seek to profit from unsuspecting users' devices.?

Cybersecurity FAQ?

How Does AI Enhance Cybersecurity??

AI is increasingly being integrated into cybersecurity for its ability to enhance protection, detect threats, and improve response times. Here are some key uses of AI in cybersecurity:?

1. AI-Driven Threat Hunting: AI can proactively search through large volumes of data to identify hidden cyber threats that traditional methods may miss, helping to find risks before they materialise.?
2. Contextual Risk Analysis: AI enhances risk assessments by analysing not only known threats but also the context surrounding them, such as the behaviour and intent of potential attackers, offering a deeper layer of protection.?
3. AI-Powered Deception Technology: AI can create “honeypots” or decoy systems to mislead cybercriminals. When attackers interact with these systems, AI can identify them and shut down their attempts.?
4. Dynamic Security Policies: AI can automatically adapt and apply new security measures based on real-time threat intelligence, ensuring that systems remain protected against the latest, evolving cyber threats.?
5. AI-Based Anomaly Detection in IoT Devices: AI can monitor Internet of Things (IoT) devices, detecting unusual activity or vulnerabilities that could be exploited, especially in environments where traditional security methods struggle to keep pace.?

Cybersecurity Event

Cloud Security Sydney?

Date: 12 February 2025? Location: Sydney, Australia?

Register?

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COSAC APAC 2025?

Date: 25-27 February 2025? Location: The Events Centre,727 Collins Street, Melbourne, VIC 3008?

Register?

Cybersecurity Trivia of the Month?

In 2018, the "Spectre" and "Meltdown" vulnerabilities were revealed, exposing critical flaws in modern computer processors made by Intel, AMD, and ARM. These security vulnerabilities, discovered by researchers, could allow attackers to access sensitive data, such as passwords and encryption keys, stored in computer memory. The flaws affected nearly every modern computer and smartphone, and the response involved widespread patches and updates, making it one of the largest and most complicated security fixes in history.?

Recent Ransomware Attack?

Clutch Industries Hit by Lynx Ransomware, 350GB Stolen?

Clutch Industries, an Australian auto parts manufacturer, has confirmed a cyber attack after the Lynx ransomware gang claimed to have stolen 350GB of data. The stolen information includes internal company operations, employee details, financial records, and engineering data. Lynx published the data, which also includes purchasing, stock, and sales information, although there appears to be limited personal data involved.?

The gang used double extortion tactics, encrypting the data and threatening to release it unless a ransom is paid. Clutch Industries has reported the incident to the Australian Cyber Security Centre and is actively upgrading its security systems to prevent future attacks.?

Lynx, a relatively new ransomware group, has targeted multiple organisations globally since its first attack in July 2024. The gang’s tactics continue to evolve, with Clutch Industries being one of their most recent victims, following Novati Constructions earlier in January. The company is investigating the breach.?

Cybersecurity Meme of the Month?

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