Hundreds of organizations worldwide are facing a common threat: the possibility of falling victim to the Cl0p ransomware group. This notorious group has been targeting unsuspecting victims by exploiting the latest vulnerability in enterprise managed file transfer (MFT) software, MOVEit Transfer. Their attacks have been carried out using a SQL injection vulnerability. This is not the first time that the Cl0p ransomware group has used such tactics. In February 2023, they claimed responsibility for over 130 attacks by exploiting a zero-day vulnerability in Fortra GoAnywhere MFT (CVE-2023-0669). Additionally, in December 2020, they exploited zero-day vulnerabilities in Accellion’s outdated file-transfer application software, leading to data theft from more than 100 companies.
What sets the Cl0p ransomware group apart from others is their decision not to deploy their own malicious software in their campaigns. Instead, they rely on exploiting existing vulnerabilities in software applications used by their victims. This strategy allows them to gain unauthorized access to sensitive information and hold it hostage for ransom.
The rise of the Cl0p ransomware group and their successful exploitation of vulnerabilities highlight the importance of effective vulnerability management. According to the Flashpoint Cyber Threat Intelligence Index, approximately 34% of vulnerabilities reported in May posed a significant security risk, with over 56% being remotely exploitable. These numbers emphasize the need for proactive security measures to mitigate the risks associated with vulnerabilities.
In May alone, a total of 1,983 new vulnerabilities were reported, with 323 of them going unnoticed by the Common Vulnerabilities and Exposures (CVE) and National Vulnerability Database (NVD) systems. This indicates that organizations may not be fully aware of the extent of vulnerabilities present in their systems. Of the vulnerabilities disclosed in May, approximately 34% were rated as high-to-critical in severity. This means that if these vulnerabilities were to be exploited, they could potentially lead to significant security breaches and pose a considerable risk to organizations and individuals alike. Furthermore, over 56% of the reported vulnerabilities were found to be remotely exploitable. This means that threat actors could execute malicious code regardless of the device’s physical location, increasing the potential impact and scope of cyberattacks.
To effectively manage vulnerabilities, organizations need to focus on actionable vulnerabilities classified as high severity. By doing so, vulnerability management teams can potentially reduce their workloads by nearly 88%. Actionable, high severity vulnerabilities are those that are remotely exploitable, have a public exploit, and have a viable solution. Prioritizing these vulnerabilities ensures that the most critical ones receive immediate attention and resources, enhancing overall cybersecurity posture.
The consequences of inadequate vulnerability management can be severe. For example, the NotPetya attack in 2017 targeted organizations worldwide by exploiting vulnerabilities in their IT systems. This attack caused widespread disruption, financial losses, and system outages. Similarly, the Triton/Trisis attack in the same year aimed to manipulate the safety systems of a petrochemical plant in Saudi Arabia. Although the attack did not succeed in causing harm, it highlighted the potential consequences of inadequate management of operational technology (OT) vulnerabilities, including safety risks and the possibility of industrial accidents. More recently, the Colonial Pipeline attack in 2021 exploited vulnerabilities in the company’s IT systems, leading to fuel shortages, price increases, and disruptions in the supply chain along the U.S. East Coast.
Vulnerability management encompasses both process vulnerabilities and policy vulnerabilities. Process vulnerabilities refer to bugs in IT and OT systems, while policy vulnerabilities vary depending on region and business. IT vulnerabilities include software vulnerabilities, network vulnerabilities, and human vulnerabilities. Software vulnerabilities are weaknesses in software programs, operating systems, or applications that can be exploited to gain unauthorized access, execute malicious code, or disrupt system functionality. Network vulnerabilities exist in network infrastructure and protocols, making it possible for attackers to intercept, manipulate, or eavesdrop on network communications. Human vulnerabilities involve exploiting individuals as a weak link in IT security, often through social engineering techniques.
To address vulnerabilities effectively, organizations need to implement a comprehensive vulnerability management program that includes regular monitoring and patching of software and systems, strict access controls, employee training on cybersecurity best practices, and ongoing risk assessments. By prioritizing vulnerability management, organizations can significantly reduce their risk of falling victim to cyberattacks and protect their sensitive data from malicious actors.