CM October 2021

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INSIGHT GONE PHISHING If fear increases our sensitivity to risk, why were cyber criminals so successful during the COVID-19 pandemic? AUTHOR – Leanne Salisbury * Advancing the credit profession / www.cicm.com / October 2021 / PAGE 16
INSIGHT AUTHOR – Leanne Salisbury FEAR can often lead to a heightened sense of risk and result in a rise in protective measures being deployed. But it can also have the opposite result, and make people react without fully thinking through a plan and considering the potential outcome. The onset of the pandemic took many – businesses, individuals and even officials – by surprise and meant certain key decisions had to be taken quickly, under pressure. For organisations, the fear of the evolving global situation and what it would mean for the future of their business was compounded with the responsibility to maintain both operations and functioning remote workforce. The change to the working environment happened almost overnight following the announcement of the first lockdown, and many businesses needed to completely transform their ways of working to allow for safe and efficient home working. The increase in remote working using home Wi-Fi to connect to company virtual private networks (VPNs), coupled with growing fears about the situation, created a perfect storm to allow for heightened cyber exploitation and attack. The National Cyber Security Centre (NCSC) reported that as soon as the pandemic started, cyber criminals increasingly used COVID-19 related themes as an invasion tactic. MANIPULATING FEAR Cyber threat actors (can be groups or individuals who aim to gain unauthorised access to information systems for malicious intent) understand how to manipulate fear. They use social engineering methods to get a targeted individual to carry out a specific action or sequence of actions in order for them to steal information or gain access to private systems. Activity carried out by threat actors included COVID-19-themed phishing emails or malicious applications, often masquerading as trusted entities. Common examples include false National Health Service (NHS), GOV.UK or World Health Organization (WHO) emails. The aims of such attacks are consistent with other cyber-attacks in terms of process: there is a deployment of ransomware and/or malware for the purposes of espionage, data exfiltration and then ultimately, financial gain for the criminal. By masquerading as a trusted entity, the threat actor can create a sense of authority and play on the fear of people as they look for security and assurance from trusted institutions. To create the impression of authenticity, these cyber threat actor groups can spoof sender information in an email to make it appear as if it comes from a trusted source. Capitalising on working from home arrangements, threat actors also send emails appearing to come from their company’s human resources (HR) department with advice for the employee to open an attachment. Advancing the credit profession / www.cicm.com / October 2021 / PAGE 17 continues on page 18 >
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CM October 2021

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