Internet Query Files (IQY) were used to deliver a new variant of Paradise ransomware , as reported by Last Line . The said file type has not been associated with this ransomware family before.
In the past, IQY files were typically used in other malware campaigns such as the Necurs botnet that distributes IQY files to deliver FlawedAmmy RAT. Bebloh and Ursnif also spreads via IQY and PowerShell.
[Read: Same Old yet Brand-new: New File Types Emerge in Malware Spam Attachments ]
IQY files are used by Microsoft Excel. The files have URLs and other components necessary for making queries on the internet. According to Last Line researchers, IQY may not be as well-known as other Microsoft Office file formats, but it can still be weaponized.  The attack does not use any vulnerability in Microsoft Excel, so even fully patched systems are exposed to risk.
IQY can be used to download an Excel formula that could exploit system processes such as PowerShell and CMD. It can also evade detection, since it’s a legitimate Excel file type.
The ransomware is distributed through a spam campaign with IQY attachments. Once the attachment is opened, the file retrieves a malicious Excel formula from the threat actors’ command and control (C&C) server. The formula has a command that will run a PowerShell command, which downloads an executable.
The researchers observed that the activity, which targets an organization in Asia, lasted for less than two days.
Ransomware has always been a prevalent threat that seems to only grow through the years. As reported in the Trend Micro 2019 Annual Security Roundup , the detection of ransomware-related threats increased by over 6 million last year; from over 55 million in 2018 to over 61 million in 2019.
Ransomware’s success can be attributed to its constant evolution — threat actors continually develop ransomware features and leverage new file types to stealthily appear like non-malicious files and evade detection.
[Read: Ransomware: Past,  Present, and Future ]
Enterprises and users can follow a few best practices to defend against ransomware. Since ransomware is usually distributed through malicious emails, employees should avoid downloading attachments and clicking on embedded links from unverified sources. Users should also perform regular backups of important files to minimize disruption in case of an infection.
Trend Micro offers powerful protection across all layers. Through pre-execution machine learning and dynamic sandbox analysis, Trend Micro™ Email Security can keep ransomware at bay before it enters the system. Trend Micro™ Deep Discovery™ Inspector detects and blocks ransomware on the network, stopping it from spreading to endpoints and servers. Trend Micro™ Deep Security™ protects physical, virtual, and cloud servers. For endpoints, Trend Micro Apex One™ provides advanced automated threat detection and response to threats, including ransomware.
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In the first half of this year, cybersecurity strongholds were surrounded by cybercriminals waiting to pounce at the sight of even the slightest crack in defenses to ravage valuable assets. View the report
The upheavals of 2020 challenged the limits of organizations and users, and provided openings for malicious actors. A robust cybersecurity posture can help equip enterprises and individuals amid a continuously changing threat landscape. View the 2020 Annual Cybersecurity Report
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