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Mitigating Ransomware’s Impact – Investigative Cybercrime Series: Vol 1

Arete Analysis

Cybersecurity Trends

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We’re thrilled to partner with Cyentia in this first major installment focused on ransomware trends, and the financial exposure faced by past and future victims. This portion of the data contains nearly 1,300 completed ransomware engagements, including demands and payments totaling $797.7M and $218.4M, respectively. We explore specifics on ransom demands and payments, victims’ industry and implemented controls, likelihood to pay, reasons for payment, and more! In the future, we will dive deep into attacker actions, intrusion methods, and malware families.

Victims of ransomware often find themselves in an unenviable position, not unlike that of someone who needs to buy a car, but has no knowledge of a vehicle’s actual value, common sales and negotiation tactics, or their full range of alternatives. We seek to equip readers with exactly this information in the context of ransomware, and in so doing chip away at attackers’ bottom lines while helping organizations better weather—or repel—the next attack.

If you have any stake at all in reducing risk posed by ransomware, you’re probably getting excited about hard data from the frontlines. Spoiler alert: there’s some good news ahead. What are we waiting for?!

Back to Blog Posts

Article

CMS Vulnerability Leads to ClickFix Campaign

Threat actors compromised at least 700 education and technology websites in a recent ClickFix campaign by exploiting a critical SQL injection flaw (CVE-2026-26980) in the Ghost content management system (CMS). Adversaries combined the vulnerability with the ClickFix social engineering tactic to steal admin keys and inject a malicious JavaScript that delivers a fake Cloudflare or CAPTCHA verification pop-up, tricking victims into copying and pasting a malicious command into their systems.

What’s Notable and Unique

  • Rather than targeting the end user first, this campaign is unique in its initial exploitation of the system, followed by social engineering attempts. This hybrid attack style is likely being leveraged to bypass traditional defenses.

  • This recent campaign also highlights how trusted web properties can be weaponized at scale and coupled with unpatched CMS vulnerabilities. Rather than using the CMS compromise to perpetrate a single attack, threat actors turned it into a supply-chain attack that ultimately affected over 700 trusted websites.

Analyst Comments

As network defenders and their tools enhance threat detection capabilities, adversaries increasingly seek methods to bypass these defenses. By combining vulnerability exploitation, social engineering techniques, and staging for ancillary attacks, this campaign successfully bypassed traditional defenses and inflicted significant impact. Defending against hybrid cyberattacks requires comprehensive security controls beyond simply patching vulnerabilities. Organizations should focus on limiting movement within the environment, detecting abuse of trusted applications, and preventing end-user manipulation.

Sources

  • 700+ education and tech websites hijacked in huge ClickFix malware campaign

  • Under the engineering hood: Why Malwarebytes chose WordPress as its CMS

  • Think before you Click(Fix): Analyzing the ClickFix social engineering technique

  • Ghost CMS Vulnerability Exploited to Infect 700 Sites With ClickFix Malware

Article

Threat Actors Leverage Fake JPEG Files for Initial Access

In a recent campaign, researchers observed threat actors using fake JPEG image files as a delivery mechanism to initiate the deployment of additional malicious components. The false JPEG files are typically distributed via phishing emails or other social engineering-based lures, and are actually PowerShell-based malware that deploys a trojanized version of ConnectWise ScreenConnect to establish and maintain persistence in the compromised environment. 

What’s Notable and Unique

  • This campaign leverages JPEG images as the initial lure, where the images are not merely decoys but part of the infection workflow. Victims are typically led to download or open an image that triggers hidden execution logic or redirects them to a payload-delivery sequence that initiates later stages of the intrusion chain. 

  • The attack chain is designed to blend into legitimate environments, making detection more difficult. Execution typically relies on scripted or native Windows components, often including PowerShell or other living-off-the-land binaries, enabling fileless or near-fileless execution and reducing forensic artifacts on disk.

  • The multistage design ensures that the initial JPEG does not directly contain the full payload but instead triggers retrieval or decryption steps that progressively assemble the final malicious components in memory.

Analyst Comments

This campaign illustrates how threat actors continue to blur the line between legitimate file handling and malicious execution chains, indicating potential overlap with remote management or administrative tooling. The use of JPEG-based staging combined with script-based execution reflects a broader evolution toward a stealth-first intrusion design, in which file formats serve as triggers rather than payload containers.

Sources

  • OPERATION SILENTCANVAS : JPEG BASED MULTISTAGE POWERSHELL INTRUSION

Podcast

Cyber Risk and Insurance for Law Firms

In this episode of Bytes of Insight, host Vinny Sakore is joined by Laura Zaroski, Managing Director of the Law Firms Group at Gallagher, as they discuss the evolution of cyber risk for law firms. Tune in for firsthand insights on how to select the right cyber policy, the incident response process, and the nuances of ransom payments and sensitive data.

Article

Canvas Platform Compromised by ShinyHunters

In early May, the ShinyHunters threat group claimed responsibility for a large-scale cyberattack on the Canvas learning management platform, affecting almost 9,000 educational institutions worldwide. Instructure, the education technology company that owns Canvas, confirmed the intrusion and, on May 11th, announced that a settlement was reached with the threat actor. According to the statement, the settlement included return of the stolen data to Instructure, assurance of destruction of any copies of the data, and assurance that no Canvas users would be extorted for additional ransom payments. 

  • Unauthorized activity was first detected in Canvas on April 29th and was reportedly the result of cross-site scripting vulnerabilities. Leveraging the same vulnerability, the threat actor conducted a follow-up attack on May 7th, replacing the login screens of Canvas users at hundreds of institutions with a message from ShinyHunters, claiming responsibility for the attack and displaying a list of impacted schools and the threat actor’s contact information.  

  • By May 8th, neither Canvas nor Instructure was posted on ShinyHunter’s data leak site (DLS), and instead a vague “Press Statement” indicated that the group would not comment on the incident. On May 9th, Instructure shared another update, indicating that Canvas was “fully back online and available for use,” along with updates to the company’s FAQ page.  


Figure 1. Press statement on ShinyHunters DLS (Source: Arete) 

ShinyHunters: Not Just For Pokémon Anymore 

ShinyHunters is a predominantly English-speaking cybercriminal group first observed in 2020 that focuses on data exfiltration and extortion. During its early operational phase, the group carried out a series of data breaches targeting organizations, including Tokopedia, Wattpad, and Nitro PDF, establishing a reputation for compromising and monetizing large datasets. Over this period, ShinyHunters remained heavily centered on a “pay or leak” model, leveraging stolen data to pressure victims into ransom payments or selling the information on underground forums when demands were not met. 

As the group matured, it evolved beyond opportunistic database theft into a more sophisticated threat actor capable of executing complex, large-scale intrusion campaigns. ShinyHunters has since demonstrated an ability to target higher‑profile industries, including telecommunications, aviation, and enterprise software-as-a-service (SaaS) platforms, by leveraging advanced tactics such as social engineering, SaaS abuse, and supply chain compromise.  

The group went as far as to partner with two other threat groups to form the Scattered Lapsus$ Hunters (SLH) collective in early 2025. Playing to each group’s strengths, SLH leveraged compromised OAuth tokens from the Salesloft Drift integration in an advanced supply-chain attack that led to the exfiltration of data across hundreds of Salesforce instances. Despite multiple law enforcement actions and arrests linked to its members, the group has remained operational under the same branding for several years. This persistence highlights the group’s resilience and adaptability, suggesting an operational model that can evolve in response to external pressures. 

Analyst Comments 

Given the group’s track record, ShinyHunters is likely to continue conducting large-scale data theft and extortion operations while further engraining itself within the broader cybercriminal ecosystem. This recent incident highlights the disproportionate impact of cyberattacks against supply chain vendors like SaaS platforms, open-source ecosystems, MSPs, and cloud integrations, where a breach on one platform can affect thousands of organizations. Any organizations impacted by the recent Canvas incident should not attempt any communication with the threat actor and should continue to follow any future guidance posted on Instructure’s Incident Update & FAQ page.  

Sources 

  • Security Incident Update & FAQs  

  • Canvas login portals hacked in mass ShinyHunters extortion campaign 

  • ShinyHunters: A Threat Profile  

  • ShinyHunters  

  • Scattered LAPSUS$ Hunters: Anatomy of a Federated Cybercriminal Brand  

  • FBI warns of UNC6040, UNC6395 hackers stealing Salesforce data