Tag Archive for: MFA

SEC social media hack highlights value of MFA

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Cryptocurrency markets fluctuated wildly on the evening of Monday 9 January after the US financial regulator, the Securities and Exchange Commission (SEC), briefly appeared to claim it had approved spot bitcoin exchange-traded funds (ETFs) for the first time.

The fake announcement was made via X, the service formerly known as Twitter, at around 9pm GMT on 9 January, and was widely reported at the time. It stated that the SEC had granted approval for bitcoin ETFs on all registered national securities exchanges, which it may yet do later this week, and will be a landmark moment for crypto assets should it happen.

The statement, which was swiftly retracted, was in fact the result of a compromise of the SEC’s X account, which was confirmed by chair Gary Gensler moments later.

“The @SECGov Twitter account was compromised, and an unauthorised tweet was posted,” said Gensler via X. “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”

Computer Weekly understands the SEC was able to regain control of the account within an hour.

Following an investigation overnight, a spokesperson for X, which has been beset with problems since its takeover by erratic billionaire Elon Musk, said: “We can confirm that the account @SECGov was compromised and we have completed a preliminary investigation.

“Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party.

“We can also confirm that the account did not have two-factor authentication [2FA, MFA] enabled at the time the account was compromised. We encourage all users to enable this extra layer of security,” they said.

ESET global cyber security adviser Jake Moore said: “This proves that accounts on X continue to be targeted, and if an official account is compromised, then serious consequences can follow. Cryptocurrency scams remain the focal point, and with social pressure on X, they can still reap huge gains.

“Legitimate third-party access compromise or targeted social engineering are still the most common ways to…

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Infostealer Malware Market Booms, as MFA Fatigue Sets In

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Malicious actors are finding success deploying information stealer (infostealer) malware, combining stolen credentials and social engineering to carry out high-profile breaches and leveraging multifactor authentication (MFA) fatigue attacks.

These were among the findings of a report from Accenture’s Cyber Threat Intelligence team (ACTI) surveying the infostealer malware landscape in 2022, which also noted a spike in the number of Dark Web advertisements for variety of new infostealer malware variants.

The marketplace for compromised credentials is also growing, according to the report, which takes an in-depth look at a Russian market site used by malicious groups RedLine, Raccoon Stealer, Vidar, Taurus, and AZORult to obtain credentials for sale.

Paul Mansfield, cyber-threat intelligence analyst at Accenture, explains the most important point to understand about the rise of the rise of infostealer malware is the threat to corporate networks.

“There are many examples throughout 2022 of infostealer malware being used to harvest the credentials which serve as an entry point for further attacks,” he says.

For Mansfield, the most concerning finding from the report was the damage that can be done at such little cost to the threat actor.

“The malware generally costs around $200 for one month plus a few other minor additional costs,” he notes. “During that time, they can steal a high volume of credentials from around the globe, pick out the most valuable for targeted attacks — of which there have been several high-profile examples in 2022 — and sell the rest in bulk to marketplaces for others to do the same.”

Ricardo Villadiego, co-founder and CEO of Lumu, says the rise of infostealer malware is a consequence of the ransomware-as-a-service business (RaaS) model boom.

“There are as many variants of infostealers as people willing to pay for the code,” he explains. “The people behind infostealer malware attacks range from individuals with low technical skills to groups allegedly sponsored by governments.”

He adds that what those groups of people have in common is the interest in gathering sensitive data (personal data from their computers, including login credentials, bank account details,…

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Grid Cards – MFA without the technical overhead

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This is part four of our MFA blog series for Cybersecurity Awareness Month. You can read up on blog one here, blog two here, and blog three here.

We already know the importance of multi-factor authentication (MFA) to secure access to resources for users in a world where passwords are the single largest attack vector. In a recent study, it was found that 81% of hacking-related breaches leveraged either stolen and/or weak passwords.

When thinking about MFA, many people automatically think about using mobile push notifications, SMS one time passcodes (OTP), and other mobile-centric authentication methods. But what about when frontline or field employees need access to critical resources and systems and don’t have access to a mobile device or where mobile devices are not allowed due to the sensitive nature of the data being accessed? Here are some scenarios where the use of mobile devices is not feasible:

  • Outsourced call centers with employees accessing systems connecting to sensitive data within your organization like customer PII.
  • Part-time customer service employees that handle critical customer data in order to provide a user with effective customer support.
  • Military field personnel that cannot use electronic forms of authentication due to the possibility of transmission interception.
  • Mobile emergency workers in emergency situations and it is not convenient or possible to carry mobile devices.

How do you enable MFA for these employees?

One way is the use of Physical keys like FIDO keys. But these can prove to be too expensive and inefficient to support. Keys can be lost or damaged and have to be replaced. When employees quit or new employees join, they need to be wiped and reconfigured.

What are Grid cards and how do they work?

Grid cards are an easy to use and cost effective way to provide MFA for users that cannot use mobile devices to log in to the required systems and applications. The Entrust Grid Card is a paper-based card that can be printed from a PDF file and contains a grid of rows and columns that consist of numbers and characters. As part of the MFA process, users are presented with a coordinate challenge and must respond with the information in the corresponding…

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Fintech Statrys Adds MFA To Further Strengthen Security

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(MENAFN– EIN Presswire)

Statrys MFA

Verma Pankaj CTO

mfa Statrys

In response to growing cyber security threats in Asia

We’re going the extra mile to make sure the Statrys account is safer than ever before. After all, the safety of our clients’ money is our top priority.” — Pankaj VermaHONG KONG, July 18, 2022 /EINPresswire.com / — Hong Kong-based Fintech Statrys  is introducing MFA on all its platforms to strengthen the security of its services. Statrys’s mission is to be the world’s ‘go-to’ payment platform for SMEs and entrepreneurs. The company provides virtual business accounts with all the features of a traditional bank offering but without the red tape and hassle.

This move is intended to ensure that the users’ accounts are always safe and under their control and access. The financial industry typically features in the top five sectors for severity and frequency of cyber-attacks. The 2022 IBM Security X-Force Threat Intelligence Index found that Asia has become the region most targeted by cyberattacks, with financial services and manufacturing organizations, in particular, experiencing nearly a combined 60% of attacks.

Hong Kong is an attractive target for cyberattacks as a leading global financial center. With more than USD 2 billion in transaction value , Statrys wants to ensure that further transactions are carried out without fear of fraud.

“We’re going the extra mile to make sure the Statrys account is safer than ever before. After all, the safety of our clients’ money is our top priority.’ — Pankaj Verma, Statrys’ Chief Technology Officer.

Adopting multiple-factor authentication helps Statrys secure access to the platform, protect users’ identities, and guarantee that the proper user carries out each transaction.

Multiple-factor authentication at Statrys is implemented at all platform and mobile app levels, ensuring that mobile security is just as reliable as other methods. MFA safeguards their account in case any of the devices are misplaced. Even if a password or other authentication method is compromised, it’s extremely rare that a hacker also has a second or third authentication factor.

By fully implementing…

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