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Introduction

With the increasing reliance on digital technologies in the banking industry, cyber threats have become a significant concern. Cyberlaw plays a crucial role in safeguarding the banking sector from cybercrimes and ensuring the security and integrity of financial systems.

The banking industry has witnessed a rapid digital transformation, enabling convenient services and greater access to financial resources. However, this digitalisation also exposes the industry to cyber threats, necessitating the formulation and implementation of effective cyber law frameworks.

Recent Trends in the Banking Industry

Digital Transformation: The banking industry has embraced digital technologies, such as mobile banking, internet banking, and financial apps, to enhance customer experience and operational efficiency.

Open Banking: The concept of open banking has gained prominence, enabling data sharing between banks and third-party service providers, which introduces new cyber risks.

How Cyber Law Helps the Banking Sector

The banking sector and cyber crime share an unspoken synergy due to the mass digitisation of banking services. Thanks to QR codes, UPI and online banking payments, India is now home to 40% of global online banking transactions. Some critical aspects of the cyber law and banking sector are as follows:

Data Protection: Cyberlaw mandates banks to implement robust data protection measures, including encryption, access controls, and regular security audits, to safeguard customer data.

Incident Response and Reporting: Cyberlaw requires banks to establish incident response plans, promptly report cyber incidents to regulatory authorities, and cooperate in investigations.

Customer Protection: Cyberlaw enforces regulations related to online banking fraud, identity theft, and unauthorised transactions, ensuring that customers are protected from cybercrimes.

Legal Framework: Cyberlaw provides a legal foundation for digitalisation in the banking sector, assuring customers that regulations protect their digital transactions and data.

Cybersecurity Training and Awareness: Cyberlaw encourages banks to conduct regular training programs and create awareness among employees and customers about cyber threats, safe digital practices, and reporting procedures.

RBI Guidelines

The RBI, as India’s central banking institution, has issued comprehensive guidelines to enhance cyber resilience in the banking industry. These guidelines address various aspects, including:

Technology Risk Management

Cyber Security Framework

IT Governance

Cyber Crisis Management Plan

Incident Reporting and Response

Recent Trends in Banking Sector Frauds and the Role of Cyber Law

Phishing Attacks: Cyberlaw helps banks combat phishing attacks by imposing penalties on perpetrators and mandating preventive measures like two-factor authentication.

Insider Threats: Cyberlaw regulations emphasise the need for stringent access controls, employee background checks, and legal consequences for insiders involved in fraudulent activities.

Ransomware Attacks: Cyberlaw frameworks assist banks in dealing with ransomware attacks by enabling legal actions against hackers and promoting preventive measures, such as regular software updates and data backups.

Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs)

Draft of Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs) issued by the Reserve Bank of India (RBI). The directions provide guidelines and requirements for PSOs to improve the safety and security of their payment systems, with a focus on cyber resilience. These guidelines for PSOs include mobile payment service providers like Paytm or digital wallet payment platforms.

Here are the highlights-

The Directions aim to improve the safety and security of payment systems operated by PSOs by providing a framework for overall information security preparedness, with an emphasis on cyber resilience.

The Directions apply to all authorised non-bank PSOs.

PSOs must ensure adherence to these Directions by unregulated entities in their digital payments ecosystem, such as payment gateways, third-party service providers, vendors, and merchants.

The PSO’s Board of Directors is responsible for ensuring adequate oversight over information security risks, including cyber risk and cyber resilience. A sub-committee of the Board may be delegated with primary oversight responsibilities.

PSOs must formulate a Board-approved Information Security (IS) policy that covers roles and responsibilities, measures to identify and manage cyber security risks, training and awareness programs, and more.

PSOs should have a distinct Board-approved Cyber Crisis Management Plan (CCMP) to detect, contain, respond, and recover from cyber threats and attacks.

A senior-level executive, such as a Chief Information Security Officer (CISO), should be responsible for implementing the IS policy and the cyber resilience framework and assessing the overall information security posture of the PSO.

PSOs need to define Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) to identify potential risk events and assess the effectiveness of security controls. The sub-committee of the Board is responsible for monitoring these indicators.

PSOs should conduct a cyber risk assessment when launching new products, services, technologies, or significant changes to existing infrastructure or processes.

PSOs, including inventory management, identity and access management, network security, application security life cycle, security testing, vendor risk management, data security, patch and change management life cycle, incident response, business continuity planning, API security, employee awareness and training, and other security measures should implement various baseline information security measures and controls.

PSOs should ensure that payment transactions involving debit to accounts conducted electronically are permitted only through multi-factor authentication, except where explicitly permitted/relaxed.

Conclusion

The relationship between cyber law and the banking industry is crucial in ensuring a secure and trusted digital environment. Recent trends indicate that cyber threats are evolving and becoming more sophisticated. Compliance with cyber law provisions and adherence to guidelines such as those provided by the RBI is essential for banks to protect themselves and their customers from cybercrimes. By embracing robust cyber law frameworks, the banking industry can foster a resilient ecosystem that enables innovation while safeguarding the interests of all stakeholders or users.

Introduction

The digital realm is evolving at a rapid pace, revolutionising cyberspace at a breakneck speed. However, this dynamic growth has left several operational and regulatory lacunae in the fabric of cyberspace, which are exploited by cybercriminals for their ulterior motives. One of the threats that emerged rapidly in 2024 is proxyjacking, in which vulnerable systems are exploited by cyber criminals to sell their bandwidth to third-party proxy servers. This cyber threat poses a significant threat to organisations and individual servers. 

Proxyjacking is a kind of cyber attack that leverages legit bandwidth sharing services such as Peer2Profit and HoneyGain. These are legitimate platforms but proxyjacking occurs when such services are exploited without user consent. These services provide the opportunity to monetize their surplus internet bandwidth by sharing with other users. The model itself is harmless but provides an avenue for numerous cyber hostilities.  The participants install net-sharing software and add the participating system to the proxy network, enabling users to route their traffic through the system. This setup intends to enhance privacy and provide access to geo-locked content. 

The Modus Operandi

These systems are hijacked by cybercriminals, who sell the bandwidth of infected devices. This is achieved by establishing Secure Shell (SSH) connections to vulnerable servers. While hackers rarely use honeypots to render elaborate scams, the technical possibility of them doing so cannot be discounted. Cowrie Honeypots, for instance, are engineered to emulate UNIX systems. Attackers can use similar tactics to gain unauthorized access to poorly secured systems. Once inside the system, attackers utilise legit tools such as public docker images to take over proxy monetization services. These tools are undetectable to anti-malware software due to being genuine software in and of themselves. Endpoint detection and response (EDR) tools also struggle with the same threats.

The Major Challenges 

Limitation Of Current Safeguards – current malware detection software is unable to distinguish between malicious and genuine use of bandwidth services, as the nature of the attack is not inherently malicious. 

Bigger Threat Than Crypto-Jacking – Proxyjacking poses a bigger threat than cryptojacking, where systems are compromised to mine crypto-currency. Proxyjacking uses minimal system resources rendering it more challenging to identify. As such, proxyjacking offers perpetrators a higher degree of stealth because it is a resource-light technique, whereas cryptojacking can leave CPU and GPU usage footprints.

Role of Technology in the Fight Against Proxyjacking

Advanced Safety Measures- Implementing advanced safety measures is crucial in combating proxyjacking. Network monitoring tools can help detect unusual traffic patterns indicative of proxyjacking. Key-based authentication for SSH can significantly reduce the risk of unauthorized access, ensuring that only trusted devices can establish connections. Intrusion Detection Systems and Intrusion Prevention Systems can go a long way towards monitoring unusual outbound traffic.

Robust Verification Processes- sharing services must adopt robust verification processes to ensure that only legitimate users are sharing bandwidth. This could include stricter identity verification methods and continuous monitoring of user activities to identify and block suspicious behaviour. 

Policy Recommendations

Verification for Bandwidth Sharing Services – Mandatory verification standards should be enforced for bandwidth-sharing services, including stringent Know Your Customer (KYC) protocols to verify the identity of users. A strong regulatory body would ensure proper compliance with verification standards and impose penalties. The transparency reports must document the user base, verification processes and incidents. 

Robust SSH Security Protocols – Key-based authentication for SSH across organisations should be mandated, to neutralize the risk of brute force attacks. Mandatory security audits of SSH configuration within organisations to ensure best practices are complied with and vulnerabilities are identified will help. Detailed logging of SSH attempts will streamline the process of identification and investigation of suspicious behaviour. 

Effective Anomaly Detection System – Design a standard anomaly detection system to monitor networks. The industry-wide detection system should focus on detecting inconsistencies in traffic patterns indicating proxy-jacking. Establishing mandatory protocols for incident reporting to centralised authority should be implemented. The system should incorporate machine learning in order to stay abreast with evolving attack methodologies.

Framework for Incident Response – A national framework should include guidelines for investigation, response and remediation to be followed by organisations. A centralized database can be used for logging and tracking all proxy hacking incidents, allowing for information sharing on a real-time basis. This mechanism will aid in identifying emerging trends and common attack vectors. 

Whistleblower Incentives – Enacting whistleblower protection laws will ensure the proper safety of individuals reporting proxyjacking activities. Monetary rewards provide extra incentives and motivate individuals to join whistleblowing programs. To provide further protection to whistleblowers, secure communication channels can be established which will ensure full anonymity to individuals. 

Conclusion

Proxyjacking represents an insidious and complicated threat in cyberspace. By exploiting legitimate bandwidth-sharing services, cybercriminals can profit while remaining entirely anonymous. Addressing this issue requires a multifaceted approach, including advanced anomaly detection systems, effective verification systems, and comprehensive incident response frameworks. These measures of strong cyber awareness among netizens will ensure a healthy and robust cyberspace. 

References 

• https://gridinsoft.com/blogs/what-is-proxyjacking/
• https://www.darkreading.com/cyber-risk/ssh-servers-hit-in-proxyjacking-cyberattacks
• https://therecord.media/hackers-use-log4j-in-proxyjacking-scheme

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Executive Summary:

One of the most complex threats that have appeared in the space of network security is focused on the packet rate attacks that tend to challenge traditional approaches to DDoS threats’ involvement. In this year, the British based biggest Internet cloud provider of Europe, OVHcloud was attacked by a record and unprecedented DDoS attack reaching the rate of 840 million packets per second. Targets over 1 Tbps have been observed more regularly starting from 2023, and becoming nearly a daily occurrence in 2024. The maximum attack on May 25, 2024, got to 2.5 Tbps, this points to a direction to even larger and more complex attacks of up to 5 Tbps. Many of these attacks target critical equipment such as Mikrotik models within the core network environment; detection and subsequent containment of these threats prove a test for cloud security measures.

Modus Operandi of a Packet Rate Attack:

A type of cyberattack where an attacker sends with a large volume of packets in a short period of time aimed at a network device is known as packet rate attack, or packet flood attack or network flood attack under volumetric DDoS attack. As opposed to the deliberately narrow bandwidth attacks, these raids target the computation time linked with package processing. 

Key technical characteristics include: 

• Packet Size: Usually compact, and in many cases is less than 100 bytes 
• Protocol: Named UDP, although it can also involve TCP SYN or other protocol flood attacks 
•  Rate: Exceeding 100 million packets per second (Mpps), with recent attacks exceeding 840 Mpps 
• Source IP Diversity: Usually originating from a small number of sources and with a large number of requests per IP, which testifies about the usage of amplification principles 
• Attack on the Network Stack : To understand the impact, let's examine how these attacks affect different layers of the network stack:

1. Layer 3 (Network Layer):

• Each packet requires routing table lookups and hence routers and L3 switches have the problem of high CPU usage. 
• These mechanisms can often be saturated so that network communication will be negatively impacted by the attacker.

2. Layer 4 (Transport Layer):

• Other stateful devices (e.g. firewalls, load balancers) have problems with tables of connections 
• TCP SYN floods can also utilize all connection slots so that no incoming genuine connection can be made.

3. Layer 7 (Application Layer): 

• Web servers and application firewalls may be triggered to deliver a better response in a large number of requests 
• Session management systems can become saturated, and hence, the performance of future iterations will be a little lower than expected in terms of their perceived quality by the end-user. 

Technical Analysis of Attack Vectors

Recent studies have identified several key vectors exploited in high-volume packet rate attacks:

1.MikroTik RouterOS Exploitation:

• Vulnerability: CVE-2023-4967
• Impact: Allows remote attackers to generate massive packet floods
• Technical detail: Exploits a flaw in the FastTrack implementation

2.DNS Amplification:

• Amplification factor: Up to 54x
• Technique: Exploits open DNS resolvers to generate large responses to small queries
• Challenge: Difficult to distinguish from legitimate DNS traffic

3.NTP Reflection:

• Command: monlist
• Amplification factor: Up to 556.9x
• Mitigation: Requires NTP server updates and network-level filtering

Mitigation Strategies: A Technical Perspective

1. Combating packet rate attacks requires a multi-layered approach:

• Hardware-based Mitigation:
• Implementation: FPGA-based packet processing
• Advantage: Can handle millions of packets per second with minimal latency
• Challenge: High cost and specialized programming requirements

2.Anycast Network Distribution:

• Technique: Distributing traffic across multiple global nodes
• Benefit: Dilutes attack traffic, preventing single-point failures
• Consideration: Requires careful BGP routing configuration

3.Stateless Packet Filtering:

• Method: Applying filtering rules without maintaining connection state
• Advantage: Lower computational overhead compared to stateful inspection
• Trade-off: Less granular control over traffic

4.Machine Learning-based Detection:

• Approach: Using ML models to identify attack patterns in real-time
• Key metrics: Packet size distribution, inter-arrival times, protocol anomalies
• Challenge: Requires continuous model training to adapt to new attack patterns

Performance Metrics and Benchmarking

When evaluating DDoS mitigation solutions for packet rate attacks, consider these key performance indicators:

• Flows per second (fps) or packet per second (pps) capability
• Dispersion and the latency that comes with it is inherent to mitigation systems.
• The false positive rate in the case of the attack detection
• Exposure time before beginning of mitigation from the moment of attack

Way Forward

The packet rate attacks are constantly evolving where the credible defenses have not stayed the same. The next step entails extension to edge computing and 5G networks for distributing mitigation closer to the attack origins. Further, AI-based proactive tools of analysis for prediction of such threats will help to strengthen the protection of critical infrastructure against them in advance.

In order to stay one step ahead in this, it is necessary to constantly conduct research, advance new technologies, and work together with other cybersecurity professionals. There is always a need to develop secure defenses that safeguard these networks.

Reference:

https://blog.ovhcloud.com/the-rise-of-packet-rate-attacks-when-core-routers-turn-evil/

https://cybersecuritynews.com/record-breaking-ddos-attack-840-mpps/

https://www.cloudflare.com/learning/ddos/famous-ddos-attacks/

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