Are Cybercriminals Exploiting Trusted File Services for BEC Attacks?

Recently, Microsoft issued a grave warning about the alarming surge in Business Email Compromise (BEC) attacks that exploit legitimate file hosting services such as SharePoint, OneDrive, and Dropbox. Cybercriminals are increasingly using these popular platforms to evade traditional security measures, integrate seamlessly with regular network traffic, and mask their malicious activities—a sophisticated method known as living-off-trusted-sites (LOTS). By leveraging the inherent trust businesses place in these services, attackers have found a new vector to carry out their fraudulent schemes, significantly complicating detection and mitigation efforts for security professionals.

Rise of LOTS Attacks

Cyber attackers have skillfully transformed trusted file hosting services like SharePoint, OneDrive, and Dropbox into conduits for BEC attacks, starting a noticeable trend from mid-April 2024. LOTS involves the clever use of platforms that organizations commonly trust and rely upon, enabling attackers to bypass conventional security defenses without raising immediate alarms. This strategic exploitation allows cybercriminals to embed themselves within regular network activities, making their malicious actions much harder to identify and stop.

These trusted services have become prime targets for exploitation due to the implicit trust organizations place in them. Once compromised, they serve as ideal channels for fraud, letting attackers seamlessly blend in with legitimate traffic. This evasion technique significantly hampers traditional security measures’ ability to detect and neutralize malicious activities. By leveraging these platforms, attackers create an environment where illicit actions can proceed with minimal disruption, thereby complicating efforts to track and mitigate these threats effectively.

Phishing Campaign Dynamics

BEC attacks often commence with the compromise of a user within a trusted vendor environment. Once attackers gain access, they deploy malicious files and payloads on the compromised file hosting service, setting the stage for a broader phishing campaign. In this scenario, the compromised user acts as an entry point, distributing harmful content to intended targets through seemingly validated and secure channels. This method makes the initial breach appear legitimate and more challenging to detect by conventional security protocols.

Phishing emails crafted by these cybercriminals are designed to prompt recipients to sign in or re-authenticate using one-time passwords (OTPs). This tactic serves a dual purpose: it makes the phishing attempt appear credible and enables attackers to harvest sensitive credentials effectively. When the target user attempts to access the shared file, they are unknowingly redirected to a credential-stealing adversary-in-the-middle (AitM) phishing page. This redirection allows attackers to capture login information and 2FA tokens, providing them with full access to the victim’s accounts and further perpetuating their fraudulent activities.

Defense Evasion Techniques

Attackers take advantage of the integration capabilities that these platforms offer, embedding themselves within the trusted workflows of companies. This tactic allows them to conduct phishing and other malicious activities while evading detection. By exploiting these widely-used services, cybercriminals can carry out their operations more effectively, presenting a formidable challenge to IT security teams tasked with safeguarding their organizations. Therefore, businesses must be increasingly vigilant and proactive in enhancing their security measures to counteract this evolving threat.

Explore more

Jenacie AI Debuts Automated Trading With 80% Returns

We’re joined by Nikolai Braiden, a distinguished FinTech expert and an early advocate for blockchain technology. With a deep understanding of how technology is reshaping digital finance, he provides invaluable insight into the innovations driving the industry forward. Today, our conversation will explore the profound shift from manual labor to full automation in financial trading. We’ll delve into the mechanics

Chronic Care Management Retains Your Best Talent

With decades of experience helping organizations navigate change through technology, HRTech expert Ling-yi Tsai offers a crucial perspective on one of today’s most pressing workplace challenges: the hidden costs of chronic illness. As companies grapple with retention and productivity, Tsai’s insights reveal how integrated health benefits are no longer a perk, but a strategic imperative. In our conversation, we explore

DianaHR Launches Autonomous AI for Employee Onboarding

With decades of experience helping organizations navigate change through technology, HRTech expert Ling-Yi Tsai is at the forefront of the AI revolution in human resources. Today, she joins us to discuss a groundbreaking development from DianaHR: a production-grade AI agent that automates the entire employee onboarding process. We’ll explore how this agent “thinks,” the synergy between AI and human specialists,

Is Your Agency Ready for AI and Global SEO?

Today we’re speaking with Aisha Amaira, a leading MarTech expert who specializes in the intricate dance between technology, marketing, and global strategy. With a deep background in CRM technology and customer data platforms, she has a unique vantage point on how innovation shapes customer insights. We’ll be exploring a significant recent acquisition in the SEO world, dissecting what it means

Trend Analysis: BNPL for Essential Spending

The persistent mismatch between rigid bill due dates and the often-variable cadence of personal income has long been a source of financial stress for households, creating a gap that innovative financial tools are now rushing to fill. Among the most prominent of these is Buy Now, Pay Later (BNPL), a payment model once synonymous with discretionary purchases like electronics and