As tensions rise in the Middle East, CyberCube issues a call to action to cyber insurance companies, urging them to use threat intelligence analysis to assess and manage potential cyber operational risks from Iranian threat actors.
A new blog written by William Altman, director of cyberthreat intelligence services at CyberCube, points out that U.S. and Israeli military strikes against Iran increase the possibility of retaliation in cyberspace.
CyberCube’s blog explains: “To date, no specific counter-cyber attacks have been confirmed by Iran or affiliated groups directly linked to this operation. However, security community commentators have warned that Iran-aligned actors may conduct cyber operations, including ransomware, against U.S. or allied targets in retaliation.”
With this in mind, the firm analyzed a portfolio of approximately 1,000 large U.S. companies, classifying them into risk levels based on their exposure to APT33, MuddyWater, and Fox Kitten, three prominent Iranian state-aligned cyber groups that target U.S. businesses and critical infrastructure.
CyberCube said its analysis was conducted through Portfolio Threat Actor Intelligence (PTI), which uses artificial intelligence to map the behavior of cyber threat actors and the techniques they most often target.
PTI found that 12% of large U.S. companies with more than $1 billion in revenue were most likely to be targeted by Iranian cyber threat actors across seven key industries including banking, finance, energy and utilities, oil and gas, healthcare, telecommunications and the public sector.
These include 28 U.S. health organizations and 13 U.S. energy and utility companies.
As such, CyberCube urges cyber insurance companies to use threat intelligence analysis to better understand the risks posed by Iranian cyber threat actors.
Insurers should use threat intelligence tools, such as PTI solutions, to identify portfolio companies that should be prioritized for action amid ongoing activity and focus on educating insureds on targeted security improvements that are consistent with relevant threat actor techniques, the company said.
It also recommends including the highest-risk entities in threat-related portfolio stratification and stress testing exercises to help quantify potential losses during ongoing cyber activity.
CyberCube concluded: “With the right solutions and proactive threat intelligence, cyber insurers can take decisive steps to increase portfolio resilience, protect customers and reduce the risk of loss.”
William Altman commented: “Insurers should expect to fall within the cyber playbook observed in Iran. U.S. government guidance has repeatedly warned that Iranian government-affiliated cyber threat actors are targeting less secure networks and Internet-connected devices, necessitating heightened vigilance against U.S. critical infrastructure and interest entities.”
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