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October 30, 2024

Post-Exploitation Activities on Fortinet Devices: A Network-Based Analysis

This blog explores recent findings from Darktrace's Threat Research team on active exploitation campaigns targeting Fortinet appliances. This analysis focuses on the September 2024 exploitation of FortiManager via CVE-2024-47575, alongside related malicious activity observed in June 2024.
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
Adam Potter
Senior Cyber Analyst
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30
Oct 2024

Introduction: Uncovering active exploitation of Fortinet vulnerabilities

As part of the Darktrace Threat Research team's routine analysis of October's Patch Tuesday vulnerabilities, the team began searching for signs of active exploitation of a critical vulnerability (CVE-2024-23113) affecting the FortiGate to FortiManager (FGFM) protocol.[1]

Although the investigation was prompted by an update regarding CVE 2024-23113, results of the inquiry yielded evidence of widespread exploitation of Fortinet devices in both June and September 2024 potentially via multiple vulnerabilities including CVE 2024-47575. Analysts identified two clusters of activity involving overlapping indicators of compromise (IoCs), likely constituting unique campaigns targeting Fortinet appliances.

This blog will first highlight the finding and analysis of the network-based indicators of FortiManager post-exploitation activity in September, likely involving CVE 2024-47575. The article will then briefly detail a similar pattern of malicious activity observed in June 2024 that involved similar IoCs that potentially comprises a distinct campaign targeting Fortinet perimeter devices.

Fortinet CVE Disclosures

FortiManager devices allow network administrators to manage Fortinet devices on organizations’ networks.[2] One such subset of devices managed through this method are Fortinet firewalls known as FortiGate. These manager and firewall devices communicate with each other via a custom protocol known as FortiGate to FortiManager (FGFM), whereby devices can perform reachability tests and configuration-related actions and reporting.[3] By default, FortiManager devices operate this protocol via port 541.[4]

Fortinet Product Security Incident Response Team released multiple announcements revealing vulnerabilities within the daemon responsible for implementing operability of the FGFM service. Specifically, CVE 2024-23113 enables attackers to potentially perform arbitrary remote command execution through the use of a specially crafted format string to a FortiGate device running the “fgfm daemon”.[5][6]  Similarly, the exploitation of CVE 2024-47575  could also allow remote command execution due to a missing authentication mechanism when targeting specifically FortiManager devices.[7][8]  Given how prolific both FortiGate and FortiManager devices are within the global IT security ecosystem, Darktrace analysts hypothesized that there may have been specific targeting of such devices within the customer base using these vulnerabilities throughout mid to late 2024.

Campaign Analysis

In light of these vulnerability disclosures, Darktrace’s Threat Research team began searching for signs of active exploitation by investigating file download, lateral movement or tooling activity from devices that had previously received suspicious connections on port 541. The team first noticed increases in suspicious activity involving Fortinet devices particularly in mid-September 2024. Further analysis revealed a similar series of activities involving some overlapping devices identified in June 2024. Analysis of these activity clusters revealed a pattern of malicious activity against likely FortiManager devices, including initial exploitation, payload retrieval, and exfiltration of probable configuration data.

Below is an overview of malicious activity we have observed by sector and region:

Sector and region affected by malicious activity on fortigate devices
The sectors of affected customers listed above are categorized according to the United Kingdom’s Standard Industrial Classification (SIC).

Initial Exploitation of FortiManager Devices

Across many of the observed cases in September, activity began with the initial exploitation of FortiManager devices via incoming connectivity over TLS/SSL. Such activity was detected due to the rarity of the receiving devices accepting connections from external sources, particularly over destination port 541. Within nearly all investigated incidents, connectivity began with the source IP, 45.32.41[.]202, establishing an SSL session with likely FortiManager devices.  Device types were determined through a combination of the devices’ hostnames and the noted TLS certificate issuer for such encrypted connections.

Due to the encrypted nature of the connection, it was not possible to ascertain the exploit used in the analyzed cases. However, given the similarity of activities targeting FortiManager devices and research conducted by outside firms, attackers likely utilized CVE 2024-47575.[9] For example, the source IP initiating the SSL sessions also has been referenced by Mandiant as engaging in CVE 2024-47575 exploitation. In addition to a consistent source IP for the connections, a similar JA3 hash was noted across multiple examined accounts, suggesting a similarity in source process for the activity.

In most cases observed by Darktrace, the incoming connectivity was followed by an outgoing connection on port 443 to the IP 45.32.41[.]202. Uncommon reception of encrypted connections over port 541, followed by the initiation of outgoing SSL connections to the same endpoint would suggest probable successful exploitation of FortiManager CVEs during this time.

Model alert logs highlighting the incoming connectivity over port 541 to the FortiManager devices followed by outgoing connection to the external IP.
Figure 1: Model alert logs highlighting the incoming connectivity over port 541 to the FortiManager devices followed by outgoing connection to the external IP.

Payload Retrieval

Investigated devices commonly retrieved some form of additional content after incoming connectivity over port 541. Darktrace’s Threat Research team noted how affected devices would make HTTP GET requests to the initial exploitation IP for the URI: /dom.js. This URI, suggestive of JavaScript content retrieval, was then validated by the HTTP response content type. Although Darktrace could see the HTTP content of the connections, usage of destination port 443 featured prominently during these HTTP requests, suggesting an attempt at encryption of the session payload details.

Figure 2: Advanced Search HTTP log to the exploitation IP noting the retrieval of JavaScript content using the curl user agent.

Cyber AI Analyst investigation into the initial exploitation activity. This incident emphasizes the rare external connectivity over port 443 requesting JavaScript content following the incoming connections over port 541.
Figure 3: Cyber AI Analyst investigation into the initial exploitation activity. This incident emphasizes the rare external connectivity over port 443 requesting JavaScript content following the incoming connections over port 541.

The operators of the campaign also appear to have used a consistent user agent for payload retrieval: curl 8.4.0. Usage of an earlier version of the curl (version 7 .86.0) was only observed in one instance. The incorporation of curl utility to establish HTTP connections therefore suggests interaction with command-line utilities on the inspected Fortinet hosts. Command-line interaction also adds validity to the usage of exploits such as CVE 2024-47575 which enable unauthenticated remote command execution. Moreover, given the egress of data seen by the devices receiving this JavaScript content, Darktrace analysts concluded that this payload likely resulted in the configuration aggregation activity noted by external researchers.

Data Exfiltration

Nearly all devices investigated during the September time period performed some form of data exfiltration using the HTTP protocol. Most frequently, devices would initiate these HTTP requests using the same curl user agent already observed during web callback activity.  Again, usage of this tool heavily suggests interaction with the command-line interface and therefore command execution.

The affected device typically made an HTTP POST request to one or both of the following two rare external IPs: 104.238.141[.]143 and 158.247.199[.]37. One of the noted IPs, 104.238.141[.]143, features prominently within external research conducted by Mandiant during this time. These HTTP POST requests nearly always sent data to the /file endpoint on the destination IPs. Analyzed connections frequently noted an HTTP mime type suggestive of compressed archive content. Some investigations also revealed specific filenames for the data sent externally: “.tm”. HTTP POST requests occurred without a specified hostname. This would suggest the IP address may have already been cached locally on the device from a running process or the IP address was hardcoded into the details of unwarranted code running on the system. Moreover, many such POSTs occurred without a GET request, which can indicate exfiltration activity.

Model alert logs noting both the connection to the IP 158.247.199[.]37 over port 443 without a hostname, and the unusual activity metric describing how the request was made without a prior HTTP GET request. Such activity can indicate malicious data exfiltration.
Figure 4: Model alert logs noting both the connection to the IP 158.247.199[.]37 over port 443 without a hostname, and the unusual activity metric describing how the request was made without a prior HTTP GET request. Such activity can indicate malicious data exfiltration.

Interestingly, in many investigations, analysts noticed a lag period between the initial access and exploitation, and the exfiltration of data via HTTP. Such a pause, sometimes over several hours to over a day, could reflect the time needed to aggregate data locally on the host or as a strategic pause in activity to avoid detection. While not present within every compromise activity logs inspected, the delay could represent slight adjustments in behavior during the campaign by the threat actor.

Figure 5: Advanced search logs showing both the payload retrieval and exfiltration activity, emphasizing the gap in time between payload retrieval and exfiltration via HTTP POST request.

HTTP and file identification details identified during this time also directly correspond to research conducted by Mandiant. Not only do we see overlap in IPs identified as receiving the posted data (104.238.141[.]143) we also directly observed an overlap in filenames for the locally aggregated configuration data. Moreover, the gzip mime type identified in multiple customer investigations also corresponds directly to exfiltration activity noted by Mandiant researchers.

Advanced search logs noting the filename and URL of the posted data to one of the exfiltration IPs. The .tm filename corresponds to the locally stored file on affected FortiManager devices analyzed by external researchers.
Figure 6: Advanced search logs noting the filename and URL of the posted data to one of the exfiltration IPs. The .tm filename corresponds to the locally stored file on affected FortiManager devices analyzed by external researchers.

Activity detected in June 2024

Common indicators

Analysts identified a similar pattern of activity between June 23 and June 25. Activity in this period involved incoming connections from the aforementioned IP 45.32.41[.]202 on either port 541 or port 443 followed by an outgoing connection to the source. This behavior was then followed by HTTP POSTs to the previously mentioned IP address 158.247.199[.]37 in addition to the novel IP: 195.85.114[.]78  using same URI ‘/file’ noted above. Given the commonalties in indicators, time period, and observed behaviors, this grouping of exploitation attempts appears to align closely with the campaign described by Mandiant and may represent exploitation of CVE 2024-47575 in June 2024. The customers targeted in June fall into the same regions and sectors as seen those in the September campaign.

Deviations in behavior

Notably, Darktrace detected a different set of actions during the same June timeframe despite featuring the same infrastructure. This activity involved an initial incoming connection from 158.247.199[.]37 to an internal device on either port 541 or port 443. This was then followed by an outgoing HTTP connection to 158.247.199[.]37 on port 443 with a URI containing varying external IPs. Upon further review, analysts noticed the IPs listed may be the public IPs of the targeted victim, suggesting a potential form device registration by the threat actor or exploit validation. While the time period and infrastructure closely align with the previous campaign described, the difference in activity may suggest another threat actor sharing infrastructure or the same threat actor carrying out a different campaign at the same time. Although the IP 45.32.41[.]202 was contacted, paralleling activity seen in September, analysts did notice a different payload received from the external host, a shell script with the filename ver.sh.

Figure 7: AI Analyst timeline noting the suspicious HTTP behavior from a FortiManager device involving the IP 158.247.199[.] 37.

Darktrace's depth of detection and investigation

Darktrace detected spikes in anomalous behavior from Fortinet devices within the customer base between September 22 and 23, 2024. Following an in-depth investigation into affected accounts and hosts, Darktrace identified a clear pattern where one, or multiple, threat actors leveraged CVEs affecting likely FortiManager devices to execute commands on the host, retrieve malicious content, and exfiltrate sensitive data. During this investigation, analysts then identified possibly related activity in June 2024 highlighted above.

The gathering and exfiltration of configuration data from network security management or other perimeter hosts is a technique that can enable future access by threat actors. This parallels activity previously discussed by Darktrace focused on externally facing devices, such as Palo Alto Networks firewall devices.  Malicious entities could utilize stolen configuration data and potentially stored passwords/hashes to gain initial access in the future, irrespective of the state of device patching. This data can also be potentially sold by initial access brokers on illicit sites. Moreover, groups can leverage this information to establish persistence mechanisms within devices and host networks to enable more impactful compromise activity.

Uncover threat pattens before they strike your network

Network and endpoint management services are essential tools for network administrators and will remain a critical part of IT infrastructure. However, these devices are often configured as internet-facing systems, which can unintentionally expose organizations networks' to attacks. Internet exposure provides malicious groups with novel entry routes into target environments. Although threat actors can swap vulnerabilities to access target networks, the exploitation process leaves behind unusual traffic patterns, making their presence detectable with the right network detection tools.

By detecting the unusual patterns of network traffic which inevitably ensue from exploitation of novel vulnerabilities, Darktrace’s anomaly-based detection and response approach can continue to identify and inhibit such intrusion activities irrespective of exploit used. Eulogizing the principle of least privilege, configuration and asset management, and maintaining the CIA Triad across security operations will continue to help security teams boost their defense posture.

See how anomaly-based detection can enhance your security operations—schedule a personalized demo today.

Get a demo button for Darktrace

Credit to Adam Potter (Senior Cyber Analyst), Emma Foulger (Principal Cyber Analyst), Nahisha Nobregas (Senior Cyber Analyst), Hyeongyung Yeom (Principal Cyber Analyst & Analyst Team Lead, East Asia), Sam Lister (Senior Cyber Analyst)

Appendix

Model Alerts

  • Anomalous Connection / Posting HTTP to IP without Hostname
  • Anomalous Connection / Callback on Web Facing Device
  • Anomalous Server Activity / New Internet Facing Server
  • Anomalous Server Activity / Outgoing from Server

Cyber AI Analyst Incidents

  • Possible HTTP Command and Control
  • Possible HTTP Command and Control to Multiple Endpoints

IoCs

Indicator – Type - Description

104.238.141[.]143 -  IP Address  - C2 infrastructure

158.247.199[.]37 - IP Address - C2 infrastructure

45.32.41[.]202 - IP Address - C2 infrastructure

104.238.141[.]143/file – URL - C2 infrastructure

158.247.199[.]37/file  - URL - C2 infrastructure

45.32.41[.]202/dom.js – URL - C2 infrastructure

.tm – Filename - Gzip file

MITRE Attack Framework

  • Initial Access
    T1190 Exploiting Public-Facing Application
  • Execution:
    T1059 Command and Scripting Interpreter  (Sub-Techniques: T1059.004 Unix Shell, T1059.008 Network Device CLI)
  • Discovery:
    T1083 File and System Discovery
    T1057 Process Discovery
  • Collection:
    T1005 Data From Local System
  • Command and Control:
    T1071 Application Layer Protocols (Sub-Technique:
    T1071.001 Web Protocols)
    T1573  Encrypted Channel
    T1573.001  Symmetric Cryptography
    T1571 Non-Standard Port
    T1105 Ingress Tool Transfer
    T1572 Protocol Tunnelling 
  • Exfiltration:
    T1048.003 Exfiltration Over Unencrypted Non-C2 Protocol

References

{1} https://cloud.google.com/blog/topics/threat-intelligence/fortimanager-zero-day-exploitation-cve-2024-47575/

{2} https://docs.fortinet.com/document/fortimanager/6.4.0/ports-and-protocols/606094/fortigate-fortimanager-protocol#:~:text=The%20FortiGate%2DFortiManager%20(FGFM),by%20using%20the%20FGFM%20protocol.

{3)https://docs.fortinet.com/document/fortigate/6.4.0/ports-and-protocols/373486/fgfm-fortigate-to-fortimanager-protocol
{4} https://www.fortiguard.com/psirt/FG-IR-24-029
{5} https://www.fortiguard.com/psirt/FG-IR-24-423
{6}https://www.fortinet.com/content/dam/fortinet/assets/data-sheets/fortimanager.pdf

{7} https://doublepulsar.com/burning-zero-days-fortijump-fortimanager-vulnerability-used-by-nation-state-in-espionage-via-msps-c79abec59773

{8} https://darktrace.com/blog/post-exploitation-activities-on-pan-os-devices-a-network-based-analysis

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
Adam Potter
Senior Cyber Analyst

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February 1, 2026

ClearFake: From Fake CAPTCHAs to Blockchain-Driven Payload Retrieval

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What is ClearFake?

As threat actors evolve their techniques to exploit victims and breach target networks, the ClearFake campaign has emerged as a significant illustration of this continued adaptation. ClearFake is a campaign observed using a malicious JavaScript framework deployed on compromised websites, impacting sectors such as e‑commerce, travel, and automotive. First identified in mid‑2023, ClearFake is frequently leveraged to socially engineer victims into installing fake web browser updates.

In ClearFake compromises, victims are steered toward compromised WordPress sites, often positioned by attackers through search engine optimization (SEO) poisoning. Once on the site, users are presented with a fake CAPTCHA. This counterfeit challenge is designed to appear legitimate while enabling the execution of malicious code. When a victim interacts with the CAPTCHA, a PowerShell command containing a download string is retrieved and executed.

Attackers commonly abuse the legitimate Microsoft HTML Application Host (MSHTA) in these operations. Recent campaigns have also incorporated Smart Chain endpoints, such as “bsc-dataseed.binance[.]org,” to obtain configuration code. The primary payload delivered through ClearFake is typically an information stealer, such as Lumma Stealer, enabling credential theft, data exfiltration, and persistent access [1].

Darktrace’s Coverage of ClearFake

Darktrace / ENDPOINT first detected activity likely associated with ClearFake on a single device on over the course of one day on November 18, 2025. The system observed the execution of “mshta.exe,” the legitimate Microsoft HTML Application Host utility. It also noted a repeated process command referencing “weiss.neighb0rrol1[.]ru”, indicating suspicious external activity. Subsequent analysis of this endpoint using open‑source intelligence (OSINT) indicated that it was a malicious, domain generation algorithm (DGA) endpoint [2].

The process line referencing weiss.neighb0rrol1[.]ru, as observed by Darktrace / ENDPOINT.
Figure 1: The process line referencing weiss.neighb0rrol1[.]ru, as observed by Darktrace / ENDPOINT.

This activity indicates that mshta.exe was used to contact a remote server, “weiss.neighb0rrol1[.]ru/rpxacc64mshta,” and execute the associated HTA file to initiate the next stage of the attack. OSINT sources have since heavily flagged this server as potentially malicious [3].

The first argument in this process uses the MSHTA utility to execute the HTA file hosted on the remote server. If successful, MSHTA would then run JavaScript or VBScript to launch PowerShell commands used to retrieve malicious payloads, a technique observed in previous ClearFake campaigns. Darktrace also detected unusual activity involving additional Microsoft executables, including “winlogon.exe,” “userinit.exe,” and “explorer.exe.” Although these binaries are legitimate components of the Windows operating system, threat actors can abuse their normal behavior within the Windows login sequence to gain control over user sessions, similar to the misuse of mshta.exe.

EtherHiding cover

Darktrace also identified additional ClearFake‑related activity, specifically a connection to bsc-testnet.drpc[.]org, a legitimate BNB Smart Chain endpoint. This activity was triggered by injected JavaScript on the compromised site www.allstarsuae[.]com, where the script initiated an eth_call POST request to the Smart Chain endpoint.

Example of a fake CAPTCHA on the compromised site www.allstarsuae[.]com.
Figure 2: Example of a fake CAPTCHA on the compromised site www.allstarsuae[.]com.

EtherHiding is a technique in which threat actors leverage blockchain technology, specifically smart contracts, as part of their malicious infrastructure. Because blockchain is anonymous, decentralized, and highly persistent, it provides threat actors with advantages in evading defensive measures and traditional tracking [4].

In this case, when a user visits a compromised WordPress site, injected base64‑encoded JavaScript retrieved an ABI string, which was then used to load and execute a contract hosted on the BNB Smart Chain.

JavaScript hosted on the compromised site www.allstaruae[.]com.
Figure 3: JavaScript hosted on the compromised site www.allstaruae[.]com.

Conducting malware analysis on this instance, the Base64 decoded into a JavaScript loader. A POST request to bsc-testnet.drpc[.]org was then used to retrieve a hex‑encoded ABI string that loads and executes the contract. The JavaScript also contained hex and Base64‑encoded functions that decoded into additional JavaScript, which attempted to retrieve a payload hosted on GitHub at “github[.]com/PrivateC0de/obf/main/payload.txt.” However, this payload was unavailable at the time of analysis.

Darktrace’s detection of the POST request to bsc-testnet.drpc[.]org.
Figure 4: Darktrace’s detection of the POST request to bsc-testnet.drpc[.]org.
Figure 5: Darktrace’s detection of the executable file and the malicious hostname.

Autonomous Response

As Darktrace’s Autonomous Response capability was enabled on this customer’s network, Darktrace was able to take swift mitigative action to contain the ClearFake‑related activity early, before it could lead to potential payload delivery. The affected device was blocked from making external connections to a number of suspicious endpoints, including 188.114.96[.]6, *.neighb0rrol1[.]ru, and neighb0rrol1[.]ru, ensuring that no further malicious connections could be made and no payloads could be retrieved.

Autonomous Response also acted to prevent the executable mshta.exe from initiating HTA file execution over HTTPS from this endpoint by blocking the attempted connections. Had these files executed successfully, the attack would likely have resulted in the retrieval of an information stealer, such as Lumma Stealer.

Autonomous Response’s intervention against the suspicious connectivity observed.
Figure 6: Autonomous Response’s intervention against the suspicious connectivity observed.

Conclusion

ClearFake continues to be observed across multiple sectors, but Darktrace remains well‑positioned to counter such threats. Because ClearFake’s end goal is often to deliver malware such as information stealers and malware loaders, early disruption is critical to preventing compromise. Users should remain aware of this activity and vigilant regarding fake CAPTCHA pop‑ups. They should also monitor unusual usage of MSHTA and outbound connections to domains that mimic formats such as “bsc-dataseed.binance[.]org” [1].

In this case, Darktrace was able to contain the attack before it could successfully escalate and execute. The attempted execution of HTA files was detected early, allowing Autonomous Response to intervene, stopping the activity from progressing. As soon as the device began communicating with weiss.neighb0rrol1[.]ru, an Autonomous Response inhibitor triggered and interrupted the connections.

As ClearFake continues to rise, users should stay alert to social engineering techniques, including ClickFix, that rely on deceptive security prompts.

Credit to Vivek Rajan (Senior Cyber Analyst) and Tara Gould (Malware Research Lead)

Edited by Ryan Traill (Analyst Content Lead)

Appendices

Darktrace Model Detections

Process / New Executable Launched

Endpoint / Anomalous Use of Scripting Process

Endpoint / New Suspicious Executable Launched

Endpoint / Process Connection::Unusual Connection from New Process

Autonomous Response Models

Antigena / Network::Significant Anomaly::Antigena Significant Anomaly from Client Block

List of Indicators of Compromise (IoCs)

  • weiss.neighb0rrol1[.]ru – URL - Malicious Domain
  • 188.114.96[.]6 – IP – Suspicious Domain
  • *.neighb0rrol1[.]ru – URL – Malicious Domain

MITRE Tactics

Initial Access, Drive-by Compromise, T1189

User Execution, Execution, T1204

Software Deployment Tools, Execution and Lateral Movement, T1072

Command and Scripting Interpreter, T1059

System Binary Proxy Execution: MSHTA, T1218.005

References

1.        https://www.kroll.com/en/publications/cyber/rapid-evolution-of-clearfake-delivery

2.        https://www.virustotal.com/gui/domain/weiss.neighb0rrol1.ru

3.        https://www.virustotal.com/gui/file/1f1aabe87e5e93a8fff769bf3614dd559c51c80fc045e11868f3843d9a004d1e/community

4.        https://www.packetlabs.net/posts/etherhiding-a-new-tactic-for-hiding-malware-on-the-blockchain/

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Vivek Rajan
Cyber Analyst

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January 30, 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.  

6. 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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