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April 2, 2024

Darktrace's Investigation of Raspberry Robin Worm

Discover how Darktrace is leading the hunt for Raspberry Robin. Explore early insights and strategies in the battle against cyber threats.
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
Alexandra Sentenac
Cyber Analyst
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02
Apr 2024

Introduction

In the face of increasingly hardened digital infrastructures and skilled security teams, malicious actors are forced to constantly adapt their attack methods, resulting in sophisticated attacks that are designed to evade human detection and bypass traditional network security measures.  

One such example that was recently investigated by Darktrace is Raspberry Robin, a highly evasive worm malware renowned for merging existing and novel techniques, as well as leveraging both physical hardware and software, to establish a foothold within organization’s networks and propagate additional malicious payloads.

What is Raspberry Robin?

Raspberry Robin, also known as ‘QNAP worm’, is a worm malware that was initially discovered at the end of 2023 [1], however, its debut in the threat landscape may have predated this, with Microsoft uncovering malicious artifacts linked to this threat (which it tracks under the name Storm-0856) dating back to 2019 [4]. At the time, little was known regarding Raspberry Robin’s objectives or operators, despite the large number of successful infections worldwide. While the identity of the actors behind Raspberry Robin still remains a mystery, more intelligence has been gathered about the malware and its end goals as it was observed delivering payloads from different malware families.

Who does Raspberry Robin target?

While it was initially reported that Raspberry Robin primarily targeted the technology and manufacturing industries, researchers discovered that the malware had actually targeted multiple sectors [3] [4]. Darktrace’s own investigations echoed this, with Raspberry Robin infections observed across various industries, including public administration, finance, manufacturing, retail education and transportation.

How does Raspberry Robin work?

Initially, it appeared that Raspberry Robin's access to compromised networks had not been utilized to deliver final-stage malware payloads, nor to steal corporate data. This uncertainty led researchers to question whether the actors involved were merely “cybercriminals playing around” or more serious threats [3]. This lack of additional exploitation was indeed peculiar, considering that attackers could easily escalate their attacks, given Raspberry Robin’s ability to bypass User Account Control using legitimate Windows tools [4].

However, at the end of July 2022, some clarity emerged regarding the operators' end goals. Microsoft researchers revealed that the access provided by Raspberry Robin was being utilized by an access broker tracked as DEV-0206 to distribute the FakeUpdates malware downloader [2]. Researchers further discovered malicious activity associated with Evil Corp TTPs (i.e., DEV-0243) [5] and payloads from the Fauppod malware family leveraging Raspberry Robin’s access [8]. This indicates that Raspberry Robin may, in fact, be an initial access broker, utilizing its presence on hundreds of infected networks to distribute additional payloads for paying malware operators. Thus far, Raspberry Robin has been observed distributing payloads linked to FIN11, Clop Gang, BumbleBee, IcedID, and TrueBot on compromised networks [12].

Raspberry Robin’s Continued Evolution

Since it first appeared in the wild, Raspberry Robin has evolved from "being a widely distributed worm with no observed post-infection actions [...] to one of the largest malware distribution platforms currently active" [8]. The fact that Raspberry Robin has become such a prevalent threat is likely due to the continual addition of new features and evasion capabilities to their malware [6] [7].  

Since its emergence, the malware has “changed its communication method and lateral movement” [6] in order to evade signature detections based on threat intelligence and previous versions. Endpoint security vendors commonly describe it as heavily obfuscated malware, employing multiple layers of evasion techniques to hinder detection and analysis. These include for example dropping a fake payload when analyzed in a sandboxed environment and using mixed-case executing commands, likely to avoid case-sensitive string-based detections.  

In more recent campaigns, Raspberry Robin further appears to have added a new distribution method as it was observed being downloaded from archive files sent as attachments using the messaging service Discord [11]. These attachments contained a legitimate and signed Windows executable, often abused by attackers for side-loading, alongside a malicious dynamic-link library (DLL) containing a Raspberry Robin sample.

Another reason for the recent success of the malware may be found in its use of one-day exploits. According to researchers, Raspberry Robin now utilizes several local privilege escalation exploits that had been recently disclosed, even before a proof of concept had been made available [9] [10]. This led cyber security professionals to believe that operators of the malware may have access to an exploit seller [6]. The use of these exploits enhances Raspberry Robin's detection evasion and persistence capabilities, enabling it to propagate on networks undetected.

Darktrace’s Coverage of Raspberry Robin

Through two separate investigations carried out by Darktrace’s Threat Research team, first in late 2022 and then in November 2023, it became evident that Raspberry Robin was capable of integrating new functionalities and tactics, techniques and procedures (TTPs) into its attacks. Darktrace DETECT™ provided full visibility over the evolving campaign activity, allowing for a comparison of the threat across both investigations. Additionally, if Darktrace RESPOND™ was enabled on affected networks, it was able to quickly mitigate and contain emerging activity during the initial stages, thwarting the further escalation of attacks.

Raspberry Robin Initial Infection

The most prevalent initial infection vector appears to be the introduction of an infected external drive, such as a USB stick, containing a malicious .LNK file (i.e., a Windows shortcut file) disguised as a thumb drive or network share. When clicked, the LNK file automatically launches cmd.exe to execute the malicious file stored on the external drive, and msiexec.exe to connect to a Raspberry Robin command-and-control (C2) endpoint and download the main malware component. The whole process leverages legitimate Windows processes and is therefore less likely to raise any alarms from more traditional security solutions. However, Darktrace DETECT was able to identify the use of Msiexec to connect to a rare endpoint as anomalous in every case investigated.

Little is currently known regarding how the external drives are infected and distributed, but it has been reported that affected USB drives had previously been used for printing at printing and copying shops, suggesting that the infection may have originated from such stores [13].

A method as simple as leaving an infected USB on a desk in a public location can be a highly effective social engineering tactic for attackers. Exploiting both curiosity and goodwill, unsuspecting individuals may innocently plug in a found USB, hoping to identify its owner, unaware that they have unwittingly compromised their device.

As Darktrace primarily operates on the network layer, the insertion of a USB endpoint device would not be within its visibility. Nevertheless, Darktrace did observe several instances wherein multiple Microsoft endpoints were contacted by compromised devices prior to the first connection to a Raspberry Robin domain. For example, connections to the URI '/fwlink/?LinkID=252669&clcid=0x409' were observed in multiple customer environments prior to the first Raspberry Robin external connection. This connectivity seems to be related to Windows attempting to retrieve information about installed hardware, such as a printer, and could also be related to the inserting of an external USB drive.

Figure 1: Device Event Log showing an affected device making connections to Microsoft endpoints, prior to contacting the Raspberry Robin C2 endpoint ‘vqdn[.]net’.
Figure 1: Device Event Log showing an affected device making connections to Microsoft endpoints, prior to contacting the Raspberry Robin C2 endpoint ‘vqdn[.]net’.

Raspberry Robin Command-and-Control Activity

In all cases investigated by Darktrace, compromised devices were detected making HTTP GET connections via the unusual port 8080 to Raspberry Robin C2 endpoints using the new user agent 'Windows Installer'.

The C2 hostnames observed were typically short and matched the regex /[a-zA-Z0-9]{2,4}.[a-zA-Z0-9]{2,6}/, and were hosted on various top-level domains (TLD) such as ‘.rocks’, ‘.pm’, and ‘.wf’. On one customer network, Darktrace observed the download of an MSI file from the Raspberry Robin domain ‘wak[.]rocks’. This package contained a heavily protected malicious DLL file whose purpose was unknown at the time.  

However, in September 2022, external researchers revealed that the main purpose of this DLL was to download further payloads and enable lateral movement, persistence and privilege escalation on compromised devices, as well as exfiltrating sensitive information about the device. As worm infections spread through networks automatically, exfiltrating device data is an essential process for threat actor to keep track of which systems have been infected.

On affected networks investigated by Darktrace, compromised devices were observed making C2 connections that contained sensitive device information, including hostnames and credentials, with additional host information likely found within the data packets [12].

Figure 2: Model Breach Event Log displaying the events that triggered the the ‘New User Agent and Suspicious Request Data’ DETECT model breach.
Figure 2: Model Breach Event Log displaying the events that triggered the the ‘New User Agent and Suspicious Request Data’ DETECT model breach.

As for C2 infrastructure, Raspberry Robin leverages compromised Internet of Things (IoT) devices such as QNAP network attached storage (NAS) systems with hijacked DNS settings [13]. NAS devices are data storage servers that provide access to the files they store from anywhere in the world. These features have been abused by Raspberry Robin operators to distribute their malicious payloads, as any uploaded file could be stored and shared easily using NAS features.

However, Darktrace found that QNAP servers are not the only devices being exploited by Raspberry Robin, with DETECT identifying other IoT devices being used as C2 infrastructure, including a Cerio wireless access point in one example. Darktrace recognized that this connection was new to the environment and deemed it as suspicious, especially as it also used new software and an unusual port for the HTTP protocol (i.e., 8080 rather than 80).

In several instances, Darktrace observed Raspberry Robin utilizing TOR exit notes as backup C2 infrastructure, with compromised devices detected connecting to TOR endpoints.

Figure 3: Raspberry Robin C2 endpoint when viewed in a sandbox environment.
Figure 3: Raspberry Robin C2 endpoint when viewed in a sandbox environment.
Figure 4: Raspberry Robin C2 endpoint when viewed in a sandbox environment.
Figure 4: Raspberry Robin C2 endpoint when viewed in a sandbox environment.

Raspberry Robin in 2022 vs 2023

Despite the numerous updates and advancements made to Raspberry Robin between the investigations carried out in 2022 and 2023, Darktrace’s detection of the malware was largely the same.

DETECT models breached during first investigation at the end of 2022:

  • Device / New User Agent
  • Anomalous Server Activity / New User Agent from Internet Facing System
  • Device / New User Agent and New IP
  • Compromise / Suspicious Request Data
  • Compromise / Uncommon Tor Usage
  • Possible Tor Usage

DETECT models breached during second investigation in late 2023:

  • Device / New User Agent and New IP
  • Device / New User Agent and Suspicious Request Data
  • Device / New User Agent
  • Device / Suspicious Domain
  • Possible Tor Usage

Darktrace’s anomaly-based approach to threat detection enabled it to consistently detect the TTPs and IoCs associated with Raspberry Robin across the two investigations, despite the operator’s efforts to make it stealthier and more difficult to analyze.

In the first investigation in late 2022, Darktrace detected affected devices downloading addition executable (.exe) files following connections to the Raspberry Robin C2 endpoint, including a numeric executable file that appeared to be associated with the Vidar information stealer. Considering the advanced evasion techniques and privilege escalation capabilities of Raspberry Robin, early detection is key to prevent the malware from downloading additional malicious payloads.

In one affected customer environment investigated in late 2023, a total of 12 devices were compromised between mid-September and the end of October. As this particular customer did not have Darktrace RESPOND, the Raspberry Robin infection was able to spread through the network unabated until the customer acted upon Darktrace DETECT’s alerts.

Had Darktrace RESPOND been enabled in autonomous response mode, it would have been able to take immediate action following the first observed connection to a Raspberry Robin C2 endpoint, by blocking connections to the suspicious endpoint and enforcing a device’s normal ‘pattern of life’.

By enforcing a pattern of life on an affected device, RESPOND would prevent it from carrying out any activity that deviates from this learned pattern, including connections to new endpoints using new software as was the case in Figure 5, effectively shutting down the attack in the first instance.

Model Breach Event Log showing RESPOND’s actions against connections to Raspberry Robin C2 endpoints.
Figure 5: Model Breach Event Log showing RESPOND’s actions against connections to Raspberry Robin C2 endpoints.

Conclusion

Raspberry Robin is a highly evasive and adaptable worm known to evolve and change its TTPs on a regular basis in order to remain undetected on target networks for as long as possible. Due to its ability to drop additional malware variants onto compromised devices, it is crucial for organizations and their security teams to detect Raspberry Robin infections at the earliest possible stage to prevent the deployment of potentially disruptive secondary attacks.

Despite its continued evolution, Darktrace's detection of Raspberry Robin remained largely unchanged across the two investigations. Rather than relying on previous IoCs or leveraging existing threat intelligence, Darktrace DETECT’s anomaly-based approach allows it to identify emerging compromises by detecting the subtle deviations in a device’s learned behavior that would typically come with a malware compromise.

By detecting the attacks at an early stage, Darktrace gave its customers full visibility over malicious activity occurring on their networks, empowering them to identify affected devices and remove them from their environments. In cases where Darktrace RESPOND was active, it would have been able to take autonomous follow-up action to halt any C2 communication and prevent the download of any additional malicious payloads.  

Credit to Alexandra Sentenac, Cyber Analyst, Trent Kessler, Senior Cyber Analyst, Victoria Baldie, Director of Incident Management

Appendices

Darktrace DETECT Model Coverage

Device / New User Agent and New IP

Device / New User Agent and Suspicious Request Data

Device / New User Agent

Compromise / Possible Tor Usage

Compromise / Uncommon Tor Usage

MITRE ATT&CK Mapping

Tactic - Technique

Command & Control - T1090.003 Multi-hop Proxy

Lateral Movement - T1210 Exploitation of remote services

Exfiltration over C2 Data - T1041 Exfiltration over C2 Channel

Data Obfuscation - T1001 Data Obfuscation

Vulnerability Scanning - T1595.002 Vulnerability Scanning

Non-Standard Port - T1571 Non-Standard Port

Persistence - T1176 Browser Extensions

Initial Access - T1189 Drive By Compromise / T1566.002  Spearphishing Link

Collection - T1185 Man in the browser

List of IoCs

IoC - Type - Description + Confidence

vqdn[.]net - Hostname - C2 Server

mwgq[.]net - Hostname - C2 Server

wak[.]rocks - Hostname - C2 Server

o7car[.]com - Hostname - C2 Server

6t[.]nz - Hostname - C2 Server

fcgz[.]net - Hostname - Possible C2 Server

d0[.]wf - Hostname - C2 Server

e0[.]wf - Hostname - C2 Server

c4z[.]pl - Hostname - C2 Server

5g7[.]at - Hostname - C2 Server

5ap[.]nl - Hostname - C2 Server

4aw[.]ro - Hostname - C2 Server

0j[.]wf - Hostname - C2 Server

f0[.]tel - Hostname - C2 Server

h0[.]pm - Hostname - C2 Server

y0[.]pm - Hostname - C2 Server

5qy[.]ro - Hostname - C2 Server

g3[.]rs - Hostname - C2 Server

5qe8[.]com - Hostname - C2 Server

4j[.]pm - Hostname - C2 Server

m0[.]yt - Hostname - C2 Server

zk4[.]me - Hostname - C2 Server

59.15.11[.]49 - IP address - Likely C2 Server

82.124.243[.]57 - IP address - C2 Server

114.32.120[.]11 - IP address - Likely C2 Server

203.186.28[.]189 - IP address - Likely C2 Server

70.124.238[.]72 - IP address - C2 Server

73.6.9[.]83 - IP address - Likely C2 Server

References

[1] https://redcanary.com/blog/raspberry-robin/  

[2] https://www.bleepingcomputer.com/news/security/microsoft-links-raspberry-robin-malware-to-evil-corp-attacks/

[3] https://7095517.fs1.hubspotusercontent-na1.net/hubfs/7095517/FLINT%202022-016%20-%20QNAP%20worm_%20who%20benefits%20from%20crime%20(1).pdf

[4] https://www.bleepingcomputer.com/news/security/microsoft-finds-raspberry-robin-worm-in-hundreds-of-windows-networks/

[5] https://therecord.media/microsoft-ties-novel-raspberry-robin-malware-to-evil-corp-cybercrime-syndicate

[6] https://securityaffairs.com/158969/malware/raspberry-robin-1-day-exploits.html

[7] https://research.checkpoint.com/2024/raspberry-robin-keeps-riding-the-wave-of-endless-1-days/

[8] https://redmondmag.com/articles/2022/10/28/microsoft-details-threat-actors-leveraging-raspberry-robin-worm.aspx

[9] https://www.bleepingcomputer.com/news/security/raspberry-robin-malware-evolves-with-early-access-to-windows-exploits/

[10] https://www.bleepingcomputer.com/news/security/raspberry-robin-worm-drops-fake-malware-to-confuse-researchers/

[11] https://thehackernews.com/2024/02/raspberry-robin-malware-upgrades-with.html

[12] https://decoded.avast.io/janvojtesek/raspberry-robins-roshtyak-a-little-lesson-in-trickery/

[13] https://blog.bushidotoken.net/2023/05/raspberry-robin-global-usb-malware.html

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
Alexandra Sentenac
Cyber Analyst

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January 30, 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].

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.

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.

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.

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.

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
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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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