Cybervergent, a foremost technology company providing automated cybersecurity solutions, in its Quarterly Brief has revealed a troubling trend in the financial sector that shows a spike in attacks utilising the deceptive Remote Control and Surveillance Access Trojan (Remcos RAT) in Q1, 2024.

The findings affirm a stark forewarning to the financial institutions and organisations in the African continent, urging heightened vigilance and proactive measures to mitigate potential escalating risks.

Previously marketed as a legitimate software, Remcos got co-opted by malicious actors and is now a prevalent tool in cybercrime campaigns. This remote access tool grants attackers hidden entry into victims’ devices, allowing them to seize control, pilfer sensitive data, and even introduce stealth backdoors to compromise entire systems. The capabilities of Remcos are diverse and frightening, ranging from disabling vital security features like User Account Control (UAC) to covertly recording user activities.

“As vigilant cybersecurity gatekeepers, we have observed a significant surge in attacks leveraging the Remcos RAT malware,” said Gbolabo Awelewa, the Chief Solutions Officer, Cybervergent. “Financial institutions are particularly targeted due to the sensitive nature of their data and assets. Organisations must remain diligent and adopt proactive monitoring measures to safeguard against such threats.”

The proactive approach adopted by Cybervergent’s Cyber Operations Centre involves meticulous analysis of attacker tactics, constant updating of threat intelligence, and implementing robust endpoint security solutions. These measures are designed to detect, prevent, and neutralise Remote Access Trojans like Remcos, ensuring the continued security and compliance of organisations in the face of evolving cyber threats.

“Our mission is to fortify our clients’ defenses and ensure the seamless operation of their organisations,” added Gbolabo. “By staying ahead of emerging attack vectors and vulnerabilities, we empower businesses to take proactive measures and protect their valuable assets.”

Looking ahead, Adetokunbo Omotosho, Chief Executive Officer of Cybervergent emphasised the firm’s focus on empowering organisations to navigate the complexities of cybersecurity and compliance with dexterity and confidence.

“Cybervergent’s Assurance and Compliance Team has demonstrated unparalleled leadership in the cybersecurity domain, achieving significant milestones and delivering transformative solutions. Our journey through Q1 reflects a deep commitment to advancing the state of cybersecurity compliance, paving the way for a secure and resilient digital future for organisations in Africa and across the world”, he added.

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The frequency of high-severity incidents with direct human involvement exceeded two per day in 2023, according to the Kaspersky Managed Detection and Response (MDR) team.

In the latest MDR Analyst Report, they observed this trend across all industries with financial, IT, government, and industrial sectors at the top of the list.

The annual Managed Detection and Response (MDR) Analyst Report provides information about the reported incidents, their nature, and their distribution by industry and geographic region.

It also highlights the most common tactics, techniques and tools attackers used in the past year. These results are based on analysis of MDR incidents detected by the Kaspersky Security Operations Center (SOC).

According to the report, 22.9% of all detected high-severity incidents were recorded in the government sector. IT companies came second (15.4%), closely followed by financial and industrial companies that reported 14.9% and 11.8% of incidents, respectively.

Regarding the nature of these incidents, nearly 25% of them were driven by humans. Just over 20% involved various types of ‘cyber exercises’, which had been previously classified by Kaspersky as targeted attacks but designated as ‘cyber exercises’ upon explicit confirmation by the customer.

The percentage of malware attacks resulting in serious consequences dipped slightly in 2023 compared to previous years, accounting for just over 12% of the total reported critical incidents.

This decline represents the smallest share of high severity incidents in recent years and can be attributed to the “commoditization of attacks”.

This trend reflects the widespread adoption of previously developed tools, originally designed for conducting targeted campaigns which, due to deliberate or accidental leaks, have become common. These tools are now being repurposed in attempts to implement fully automated attack scenarios.

The 2023 MDR’s report, also found that the proportion of incidents involving the detection of targeted attack artefacts, publicly available critical vulnerabilities and the use of social engineering was around 4-5%.

“In 2023, Kaspersky detected a smaller number of high-severity incidents, but observed a simultaneous increase in the number of medium and low severity ones. This redistribution of occurrences is associated with the detection of malware without visible traces of active human participation in attacks, which can be explained by the “commoditization of tools”.

However, it’s important to understand that the low number of high-severity incidents does not necessarily indicate low damage. Targeted attacks are now planned more carefull, and become more dangerous.

Therefore, we recommend the use of effective automated cybersecurity solutions managed with the help of experienced SOC analysts,” comments Sergey Soldatov, Head of Security Operations Center at Kaspersky.

To enhance protection against advanced attacks, companies are advised to implement effective cybersecurity solutions and hire qualified practitioners to manage them or adopt managed security services such as Managed Detection and Response (MDR) and Incident Response.

These products cover the entire incident management cycle from threat identification to continuous protection and remediation. These services will help protect against evasive cyberattacks, investigate incidents and provide additional expertise even if a company lacks security workers.