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Q1 2021 Crimeware Report: Post-Mortem Analysis of a Dumpster Fire

Arete Analysis

Cybersecurity Trends

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For many in the cybersecurity community, the months leading up to the end of 2020 were a dumpster fire. While doctors and nurses tirelessly cared for pandemic victims in hospitals across the world, our cybersecurity colleagues stood in the digital trenches, slugging it out to defend those same hospitals from ransomware and other nefarious threats. Often against impossible odds, including shoe-string budgets and outdated infrastructures, these teams fought the good fight. And still, the ransomware fire burned on.

At Arete, we understand the precarious, cost-benefit tightrope you walk on a quarterly, if not daily, basis when it comes to making decisions on cybersecurity. We aren’t here to sell you snake oil — for one, it doesn’t exist. For two, we stand by the fact that our data, experience, and expert insights can help tip the scales in your favor — whether you need help with incident response, negotiation, or restoration.

We’ve analyzed and tracked definitive data from more than 1,500 incident response and forensics cases over 12 months to provide unique visibility into the state of ransomware, including average payments, initial access vectors, data exfiltrations rates, and impact by sector and organizational size. What’s more, we’ve drawn out nuances from this detailed corpus of trench-fighting and created after-action reports that allow us to predict how actors will behave according to circumstance.

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Article

Arete's 2026 Q1 Crimeware Report

Harness Arete’s unique data and expertise on extortion and ransomware to inform your response to the evolving threat landscape.

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.