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A cybercrime group operating since mid-2019 has breached the email accounts of high-ranking executives at more than 150 companies, cyber-security firm Group-IB reported today.

The group, codenamed PerSwaysion, appears to have targeted the financial sector primarily, which accounted for more than half of its victims; although, victims have been recorded at companies active across other verticals as well.

PerSwaysion operations were not sophisticated, but have been extremely successful, nonetheless. Group-IB says the hackers didn't use vulnerabilities or malware in their attacks but instead relied on a classic spear-phishing technique.

They sent boobytrapped emails to executives at targeted companies in the hope of tricking high-ranking executives into entering Office 365 credentials on fake login pages.

Group-IB said PerSwaysion's entire scheme could be narrowed down to a simple three-step process:
  1. Victims receive an email containing a clean PDF file as an email attachment. If victims open the file, they'd be asked to click a link to view the actual content.
  2. The link would redirect users to a Microsoft Sway (newsletter service) page, where a similar file would ask the victim to click on another link.
  3. This last link redirects the executive to a page mimicking the Microsoft Outlook login page, where hackers would collect the victim's credential
 
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