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Big Tech Troubles: Tough Market Conditions Cause 150,00 Job Cuts

Big Tech Troubles: Tough Market Conditions Causes 150,00 Job Cuts


The tech industry has been hit by a wave of layoffs, with over 150,000 workers losing their jobs at major companies like Microsoft, Tesla, Cisco, and Intel. As the market adapts to new economic realities, tech firms are restructuring to reduce costs and align with evolving demands. Below are key instances of these workforce reductions.

Major Workforce Reductions

Intel: To save $10 billion by 2025, Intel has announced layoffs affecting 15,000 employees—approximately 15% of its workforce. The company is scaling back on marketing, capital expenditures, and R&D to address significant financial challenges in a competitive market.

Tesla: Tesla has reduced its workforce by 20,000 employees, impacting junior staff and senior executives alike. Departments like the Supercharging team were hit hardest. According to Bloomberg, these layoffs may account for up to 20% of Tesla's workforce.

Cisco: Cisco has laid off 10,000 employees in two rounds this year—a 5% reduction in February followed by another 7%. CEO Chuck Robbins noted that these changes aim to focus on areas like cybersecurity and AI while adapting to a “normalized demand environment.”

Restructuring Across the Sector

SAP: Enterprise software giant SAP is undergoing a restructuring process affecting 8,000 employees, roughly 7% of its global workforce. This initiative seeks to streamline operations and prioritize future growth areas.

Uber: Since the COVID-19 pandemic, Uber has laid off 6,700 employees, closing some business units and shifting focus away from ventures like self-driving cabs. These adjustments aim to stabilize operations amid shifting market demands.

Economic Shifts Driving Layoffs

Dell: In its second round of layoffs in two years, Dell has cut 6,000 jobs due to declining PC market demand. Additional cuts are anticipated as the company seeks to address cost pressures in a tough economic environment.

These layoffs reflect broader economic shifts as tech companies streamline operations to navigate challenges and focus on strategic priorities like AI, cybersecurity, and operational efficiency.

Mac Users Targeted by Hackers Through Microsoft App Security Flaw

 


During the past couple of weeks, Cisco Talos, one of the world's most respected cybersecurity companies known for its cutting-edge cybersecurity products, has discovered at least eight security vulnerabilities. As a result of these bugs, researchers have found that the cameras and microphones of users of those applications may be accessed by attackers who exploit them for malicious purposes. In addition to this, a vulnerability like this could be exploited to steal other types of sensitive information, which can have a detrimental effect on the security of the system as well. 

It has been reported that many widely used Microsoft apps, including Word, Outlook, Excel, OneNote, Teams, and others, have been affected. To carry out this attack, malicious libraries to gain access to the user's entitlements and permissions are injected into Microsoft apps so that hackers can access a user's entitlements and permissions. According to the problem, this result is caused by the fact that Microsoft apps work with the Transparency and Consent framework on macOS, which allows applications to manage their permissions on a system with the Transparency Consent framework. 

The security vulnerability found in Microsoft's Mac apps made it possible for hackers to spy on Mac users without their knowledge. A security researcher from Cisco Talos posted a blog post explaining how attackers could exploit the vulnerability in Windows and what Microsoft has been doing to fix the problem. According to Cisco Talos, a security company, Microsoft's macOS apps, like Outlook, Word, Teams, OneNote, and Excel, contain a major flaw that renders them unusable. By taking advantage of this vulnerability, attackers can inject malicious libraries into these apps, which will give them access to the permissions and entitlements granted by the user. 

According to Apple's macOS framework, permission-based data collection relies on the Transparency, Consent, and Control framework, which is composed of three components. As a result, macOS will request permission from the user before running new apps and display prompts when an app asks for sensitive information, for example, contacts, photos, webcam data, etc. when the user wants to grant permission from the computer. It is important to understand that the severity of these vulnerabilities varies depending on the app and its permissions. 

There are several ways in which Microsoft Teams, which is a popular tool for professional communication, could be exploited to capture conversations or access sensitive information, for instance. As another example, the report notes that Microsoft Outlook may be used to send unauthorized emails and, ultimately, cause data breaches, according to the report. With the help of TCC, apps must request certain entitlements to access certain features such as the camera, microphone, location services, and other features on the smartphone. 

A majority of apps do not even have to ask for permission to run without these entitlements, preventing access to unauthorized users. Cisco Talos' discovery of the exploit, however, shows that malicious actors are capable of injecting malicious code into Microsoft apps, which then hijacks the permissions that were granted to those apps previously. It means that an attacker with the correct skills can successfully inject code into a software application such as Microsoft Teams or Outlook and gain access to a Mac computer's camera or microphone, allowing them to record audio or take photos without the user's knowledge to do so. 

It was found by Cisco Talo that Microsoft has made an acknowledgement of these security flaws in its applications and has classified them as low risk, in response to Cisco Talo's findings. Additionally, some of Microsoft's applications, including Teams and OneNote, have been updated to address the problem with library validation in these applications. As for other vulnerable apps from Microsoft, such as Excel, PowerPoint, Word, and Outlook, the company has not yet taken action to fix them. Security Concerns Raised Over Vulnerabilities in Microsoft Apps for macOS Recent findings by cybersecurity experts at Cisco Talos have brought to light significant vulnerabilities in popular Microsoft applications for macOS. 

These flaws, discovered in apps such as Outlook, Teams, Word, and Excel, have alarmed users and security professionals alike, as they allow hackers to potentially spy on Mac users by bypassing Apple's stringent security measures. The issue revolves around macOS's Transparency, Consent, and Control (TCC) framework, which is designed to protect users by requiring explicit consent before apps can access sensitive data, such as cameras, microphones, or contacts. However, Cisco Talos researchers uncovered that eight widely used Microsoft apps contained vulnerabilities that could be exploited by attackers to bypass the TCC system. 

This means that hackers could potentially leverage the permissions already granted to these apps to spy on users, send unauthorized emails, or even record videos—all without the user’s knowledge or consent. The researchers expressed concerns about Microsoft’s decision to disable certain security features, such as library validation. This safeguard was originally intended to prevent unauthorized code from being loaded onto an app. 

However, Microsoft’s actions have effectively circumvented the protections offered by the hardened runtime, potentially exposing users to unnecessary security risks. Despite addressing some vulnerabilities, Microsoft has not yet fully resolved the issues across all its macOS applications, leaving apps like Excel, PowerPoint, Word, and Outlook still susceptible to attacks. This partial response has led to further concerns among security experts, who question the rationale behind disabling security measures like library validation when there’s no clear need for additional libraries to be loaded. 

The Cisco Talos team also pointed out that Apple could enhance the security of the TCC framework. One suggestion is to introduce prompts for users whenever third-party plugins are loaded into apps that have already been granted sensitive permissions. This added layer of security would help ensure that users are fully aware of any unusual or unauthorized activities within their applications. Given the current state of these vulnerabilities, both Microsoft and Apple may need to take more proactive steps to protect their users from potential threats. 

As digital communication tools continue to play a critical role in our daily lives, the importance of robust security measures cannot be overstated. In the meantime, Mac users who rely on Microsoft applications are advised to remain vigilant. Keeping their software up to date and monitoring for any unusual activities can help minimize the risk of exploitation. While these companies work on strengthening their defenses, user awareness and caution remain key to navigating the ever-evolving landscape of cybersecurity threats.

Cisco Patches NX-OS Zero-Day Exploited by Chinese Attackers

 

Cisco patched a NX-OS zero-day, identified as CVE-2024-20399 (CVSS score of 6.0), which the China-linked group Velvet Ant used to deploy previously unidentified malware as root on vulnerable switches. 

The bug exists in the CLI of Cisco NX-OS Software; an authenticated, local attacker can exploit it to execute arbitrary commands as root on the underlying operating system of the affected device. 

“This vulnerability is due to insufficient validation of arguments that are passed to specific configuration CLI commands. An attacker could exploit this vulnerability by including crafted input as the argument of an affected configuration CLI command.” reads the advisory issued by Cisco. “A successful exploit could allow the attacker to execute arbitrary commands on the underlying operating system with the privileges of root.” 

The IT giant emphasised that only hackers with Administrator privileges can successfully exploit this vulnerability on a Cisco NX-OS system. In April 2024, researchers informed the Cisco Product Security Incident Response Team (PSIRT) that the vulnerability was actively exploited in the wild. Sygnia, a cybersecurity firm, discovered the attacks in April 2024 and reported them to Cisco. The bug impacts the following devices: 

  • MDS 9000 Series Multilayer Switches (CSCwj97007) 
  • Nexus 3000 Series Switches (CSCwj97009) 
  • Nexus 5500 Platform Switches (CSCwj97011) 
  • Nexus 5600 Platform Switches (CSCwj97011) 
  • Nexus 6000 Series Switches (CSCwj97011) 
  • Nexus 7000 Series Switches (CSCwj94682) * 
  • Nexus 9000 Series Switches in standalone NX-OS mode (CSCwj97009) 

Cisco recommends that customers keep track of the credentials used by administrative users network-admin and vdc-admin. Cisco offers the Cisco Software Checker to help customers assess whether their devices are susceptible to this issue. 

In late 2023, Sygnia researchers responded to a critical organization's problem, which they traced to the same China-linked threat actor 'Velvet Ant.' The cyberspies used customised malware on F5 BIG-IP appliances to get persistent access to the target organization's internal network and steal sensitive data.

Guarding Against SQL Injection: Securing Your Cisco Firepower Management Center

Guarding Against SQL Injection: Securing Your Cisco Firepower Management Center

A vulnerability in the web-based management interface of Cisco Firepower Management Center (FMC) Software could allow an authenticated, remote attacker to conduct SQL injection attacks on an affected system.

This vulnerability exists because the web-based management interface does not adequately validate user input. An attacker could exploit this vulnerability by authenticating to the application and sending crafted SQL queries to an affected system. 

A successful exploit could allow the attacker to obtain any data from the database, execute arbitrary commands on the underlying operating system, and elevate privileges to root. To exploit this vulnerability, an attacker would need at least Read Only user credentials.

Cisco has released software updates that address this vulnerability. There are no workarounds that address this vulnerability

What Is SQL Injection?

SQL injection is a type of security vulnerability that occurs when an attacker manipulates input data to execute arbitrary SQL queries against a database. In the case of Cisco FMC Software, an authenticated attacker can exploit this vulnerability by sending crafted SQL queries to the web-based management interface.

Impact

Successful exploitation of this vulnerability can have severe consequences:

Data Extraction: The attacker can retrieve sensitive data from the database, including user credentials, configuration details, and logs.

Command Execution: By injecting malicious SQL queries, the attacker can execute arbitrary commands on the underlying operating system.

Privilege Escalation: If the attacker gains access to the database, they can potentially elevate their privileges to root.

Mitigation efforts by Cisco

Cisco has published free software upgrades to address the vulnerability mentioned in this advisory. Customers with service contracts that include regular software updates should receive security fixes through their usual update channels.

Customers can only install and receive support for software versions and feature sets for which they have acquired a license.

Cisco has promptly addressed this issue by releasing software updates. Organizations using Cisco FMC Software should take the following steps:

  • Update: Apply the relevant security fixes provided by Cisco. Ensure that your FMC Software is running the latest version.
  • Authentication: Limit access to the FMC interface. Only authorized users should have access, and unnecessary accounts should be disabled.
  • Monitoring: Implement monitoring and intrusion detection systems to detect any suspicious activity related to SQL injection attempts.

Cisco Duo raises awareness over a breach in third-party data security, revealing the exposure of SMS MFA logs.

 

In the ever-evolving landscape of cybersecurity, safeguarding sensitive information and ensuring secure access to corporate networks are paramount concerns for organizations worldwide. Recently, Cisco Duo, a leading provider of multi-factor authentication (MFA) and Single Sign-On services, found itself grappling with a significant breach that shed light on the evolving threats confronting modern enterprises. 

On April 1, 2024, Cisco Duo's security team sent out a warning to its extensive customer base regarding a cyberattack targeting their telephony provider, which handles the transmission of SMS and VoIP MFA messages. According to reports, threat actors leveraged employee credentials acquired through a sophisticated phishing attack to infiltrate the provider's systems. 

Following the breach, the attackers successfully obtained and extracted SMS and VoIP MFA message logs linked to specific Duo accounts, covering the timeframe from March 1, 2024, to March 31, 2024. The ramifications of this breach are deeply concerning. While the provider assured that the threat actors did not access the contents of the messages or utilize their access to send messages to customers, the stolen message logs contain data that could be exploited in targeted phishing campaigns. 

This poses a significant risk to affected organizations, potentially resulting in unauthorized access to sensitive information, including corporate credentials. In response to the breach, Cisco Duo swiftly mobilized, collaborating closely with the telephony provider to conduct a thorough investigation and implement additional security measures. The compromised credentials were promptly invalidated, and robust measures were instituted to fortify defenses and mitigate the risk of recurrence. 

Additionally, the provider furnished Cisco Duo with comprehensive access to all exposed message logs, enabling a meticulous analysis of the breach's scope and impact. Despite these proactive measures, Cisco Duo has urged affected customers to exercise heightened vigilance against potential SMS phishing or social engineering attacks leveraging the stolen information. Organizations are advised to promptly notify users whose phone numbers were contained in the compromised logs, educating them about the risks associated with social engineering tactics. 

Furthermore, Cisco has emphasized the importance of promptly reporting any suspicious activity and implementing proactive measures to mitigate potential threats. This incident serves as a stark reminder of the persistent and evolving threat landscape faced by organizations in today's digital age. As reliance on MFA and other security solutions intensifies, proactive monitoring, regular security assessments, and ongoing user education are indispensable components of an effective cybersecurity posture. 

Moreover, the Cisco Duo breach underscores the broader issue of supply chain vulnerabilities in cybersecurity. While organizations diligently fortify their internal defenses, they remain susceptible to breaches through third-party service providers. Hence, it is imperative for businesses to meticulously evaluate the security practices of their vendors and establish robust protocols for managing third-party risks. 

As the cybersecurity landscape continues to evolve, organizations must remain agile, adaptive, and proactive in their approach to cybersecurity. By prioritizing robust security measures, fostering a culture of cyber resilience, and fostering close collaboration with trusted partners, organizations can effectively mitigate risks and safeguard their digital assets in the face of evolving threats.

Cisco: Leadership Awareness Fuels the Booming Identity Market


The latest research conducted by Cisco Investments with venture capital firms reveals that most CISOs believe complexity in tools, number of solutions and technical glossaries are among the many barriers to zero trust. 

It has been observed that around 85% of the IT decision-makers are now setting identity and access management investments as their main priority, rather than any other security solution. This is stated in the CISO Survival Guide published by Cisco Investments, the startup division of Cisco, along with the venture capital firms Forgepoint Capital, NightDragon, and Team8.

Interviews with Cisco customers, chief information security officers, innovators, startup founders, and other experts led to the creation of the 'guide', which examined the cybersecurity market in relation to identity management, data protection, software supply chain integrity, and cloud migration.

From 30,000 feet up: More interoperability, less friction, and data that is genuinely relevant and understandable for decision-makers, according to interviewees, are the most essential requirements.

The main spending priorities of the report were fairly evenly distributed, with user and device identity, cloud identity, governance, and remote access receiving the most mentions from CISOs. 

Cloud security turned out to be the primary concern, with a focus on the newly emerging field of managing cloud infrastructure entitlements.

Demands of CISOs: Ease of Use, Holistic Platforms, CIEMs

The three main areas of identity access management, clouds, and data that CISOs believe are most concerning are:

  • The fragmented world of security silos is because of the lack of unified platforms for IAMs, identity governance and administration, and privileged access control. 
  • Enterprise clients are embracing cloud service providers' offerings for managing cloud infrastructure entitlements.
  • The CISOs were against the use of acronyms since they were bothered by the overuse of acronyms like CIEM.

Moreover, the authors of the Cisco Investment Study note that “This trend imposes cycles for CISOs to vet and unpack these purportedly new categories, only for them to discover they are a rehash of existing solutions.”

Top Motivators Will Look for Management Solutions 

Apparently, some top motivators cited by CISCOs will be investing in identity management solutions for the management of user access privileges, identity compliance, and the swift expansion of companies' threat surfaces.

Here, we are mentioning some of the changes that the IT decision-makers look forward to in the next-generation identity platforms: 

  • Ease of integration (21% of those polled). 
  • Platform-based solution, versus single-point or endpoint offerings (15%). • Ratings from independent analysts (15%). 
  • Price (11%). 
  • Market adoption (11%). 
  • Simplicity of deployment and operations (10%). 
  • Ability to deploy at scale quickly (9%). 
  • Ability to add features easily (8%).     

Akira Ransomware Unleashes a New Wave of Attacks via Compromised Cisco VPNs

 


The Cisco Network Security Division is aware of reports suggesting that malicious individuals are infiltrating organizations through Cisco VPNs that are not configured for multi-factor authentication with the Akira ransomware threat. In some instances, threat actors are targeting organizations that do not configure multi-factor authentication for their VPN users. Some instances have been observed where threat actors are targeting organizations that are not doing so. 

It has been verified by several cybersecurity firms that Cisco VPN products are being targeted with ransomware, and there are reports that the perpetrators are members of a relatively new gang known as Akira who have perpetrated the attack. 

Typically, this ransomware campaign is targeted at corporate entities to gain sensitive information about them and make money through charging ransoms as a means of obtaining this sensitive information. All members of Akira have to do to access their accounts is to log in to the VPN service by using their Akira account details. 

As part of Cisco's investigation of similar attack tactics, the company has actively collaborated with Rapid7. Thanks to Rapid7 for providing Cisco with a valuable collaboration over the last few months. To provide secure, encrypted data transmission between users and corporate networks, Cisco VPN solutions are widely adopted across a wide range of industries, primarily by employees who work remotely and rely on these solutions to do so. 

The Akira Ransomware Attack 


As of March 2023, there have been multiple instances of the Akira ransomware. To attack VMware ESXi servers, the group developed an encryptor for Linux that, like many other ransomware gangs, targets this server type.

If the ransom demands are not met, the threat actors responsible for the Akira ransomware will employ a variety of extortion strategies and they will run a website using the Tor network (with an IP address ending in .onion) that lists victims and the information they have stolen from them. To begin negotiations, victims are instructed to contact the attackers via a TOR-based website, through a unique identifier provided in the ransom message, that can be used to contact them. 

It was first discovered by Sophos researchers in May that the ransomware gang was abusing VPN accounts to breach a network with the use of "VPN access using Single Factor authentication." A person known as 'Aura', who responded to multiple Akira attacks as part of the Akira operation, shared on Twitter further information about how he and other incident responders dealt with incidents that were carried out using Cisco VPN accounts that were not protected by multi-factor authentication. 

Akira is a malicious program that targets not only corporations but also educational institutions, real estate, healthcare, manufacturing, as well as the financial sector. As part of its encryption capabilities, the Linux versions of Akira ransomware make use of the Crypto++ library to enable the encryption process on the target device. Akira offers only a limited number of commands, but there are no options to shut down VMs before encrypting them using Akira. 

With the -n parameter of the command, there is still the possibility of the attacker modifying the encryption speed and the chance that the victim's data can be recovered. Consequently, if the encryption speed is high, there is a slim chance that the victim who is hiding the data will be able to recover it with the help of a decryption tool. 

The first indication of Akira's activities was picked up by a cybersecurity firm based in the US in March 2023, called Arctic Wolf. Their research shows that small and medium-sized businesses worldwide have been the main target of attackers and that they have paid particular attention to the US and Canada in particular. Akira, as well as Conti's operators, have also been linked between the researchers. 

There was a recent report from the SentinelOne WatchTower, shared privately with BleepingComputer, that looked at the same attack method and speculated that Akira may have exploited a newly discovered vulnerability in Cisco VPN software that may be able to bypass authentication in the absence of the multi-factor authentication mechanism. 

In leaked data posted on the Akira group's extortion page, SentinelOne found evidence that the ransomware group used Cisco VPN gateways. At least eight instances were observed that displayed Cisco VPN-related characteristics, which shows that the ransomware gang is continuing to use Cisco VPN gateways as part of their ongoing extortion scheme. 

Implementing VPNs Without MFA


As a general rule, when an attacker tries to target VPNs or any other type of network services or applications, the first stage of their attack is to exploit an exposed service or application. In many cases, attackers focus on the fact that there is no multi-factor authentication (MFA) or there is a known vulnerability in VPN software in the form of software that has multi-factor authentication. 

Once the attackers have gained access to a target network, they attempt to breach the network using LSASS dumps (Local Security Authority Subsystem Service) to obtain credentials that will enable them to move further within the network and raise privileges if necessary. 

There have also been reports that this group has been using other tools, such as Living-Off-The-Land Binaries (LOLBins) or Commercial Off-The-Shelf (COTS) tools, or creating minidump files, to gather further intelligence about or pivot within the target network, as well as using other tools commonly referred to as Living-Off-The-Land Binaries (LOLBins) or Commercial Off-The-Shelf tools (COTS). 

Moreover, SentinelOne researchers observed that Akira operators maintained access to compromised networks by using the legitimate open-source remote access tool RustDesk which works similarly to RustDesk. It has been announced that cybersecurity company Avast has released a free decryptor that can be used by victims of the Akira ransomware to restore their valuable data without having to pay a ransom.

It was decided by the threat actors to encrypt their encryptors by patching them. By doing so, they would prevent victims from using them to recover data that was encrypted by the newer version of the encryption. Business users prefer Cisco VPN products due to their reliability and ease of use. 

Data transmission between networks/users can be made more secure with this technique, which is relied upon by organizations. Those who work in a hybrid or remote environment are expected to comply with it as a matter of course. That is why there might be a desire on the part of threat actors to exploit the vulnerability. Data loss and computer extortion attempts from ransomware operators can be prevented by organizations remaining vigilant and ensuring foolproof digital security measures.

Free MortalKombat Ransomware Decryptor Released

An open-source universal decryptor for the newly discovered MortalKombat malware, which encrypts files, has been made available by the Romanian cybersecurity firm Bitdefender. The virus has been employed on dozens of victims in the United States, United Kingdom, Turkey, and the Philippines, as per a recent Cisco analysis.

Emails with malware ZIP attachments containing BAT loader scripts are sent to random users by MortalKombat distributors. When the script is run, it will download and run the Laplas Clipper and ransomware binaries on the computer.

Although it has been identified since 2010, Xorist is disseminated as a ransomware constructor, enabling online threat actors to design and alter their own variant of the malware. The MortalKombat decryptor is a standalone executable that doesn't require installation on affected devices. The user may optionally choose a specific place holding backed-up encrypted data. It offers to scan the entire filesystem to find files infected by MortalKombat.

In addition, Bitdefender said that the malware has a clipboard-monitoring feature that targets users of cryptocurrencies particularly. The emails include references to expired cryptocurrency payments and attachments that resemble CointPayments transaction numbers but conceal the malware payload. The ransomware, which encrypts all of a PC's data, including those in virtual machines and the recycle bin, is downloaded by the software after its launch. It takes the victim's background and replaces it with a Mortal Kombat 11 image, hence the name.

In a study by PCrisk, Cisco discovered a leaked version of the Xorist builder, where the builder interface options closely mirrored an actual Xorist ransomware building interface. The creator creates an executable ransomware file that the attackers can further modify. Notably, MortalKombat was used in recent attacks by an unidentified financially motivated malicious attacker as a part of a phishing operation targeted at multiple companies.