FLIPSIDE

Flipside is a form of malware that has seen a significant increase in distribution and use over recent years, especially with the exponential adoption of APIs in the past decade. The surge in API usage has unfortunately also led to an upswing in API attacks, providing an avenue for this malicious software to infiltrate systems. Cybercriminals are exploiting AI for potential vulnerabilities, necessitating robust API protection strategies. Furthermore, the malware's distribution has spiked after its developer, known as "RastaFarEye" on the dark web, began offering it for lease on a Malware-as-a-Service (MaaS) basis. The impacts of Flipside have been far-reaching, with only about 24% of healthcare organizations able to disrupt a ransomware attack before the attackers encrypted their data, down from 34% in 2022. The complexity of these attacks is further compounded by the fact that actors can employ multiple tools for the same campaign, obscuring the true extent of their activity from purely malware-based analysis. The connections between cybercriminals and states like Russia have created murky situations that complicate the cybersecurity landscape. However, there is a silver lining in this otherwise grim scenario. While AI has given malware-makers a powerful tool, it can also be used to counteract these efforts. Developers can leverage AI, specifically GenAI, to write better, more secure code that could thwart hackers' attempts. Additionally, these unclear connections between state entities and cybercriminals may provide diplomatic opportunities to address and mitigate cyber threats. The U.S. government is also making strides in enhancing domestic tech capabilities, as evidenced by Microchip Technology receiving $162M to boost domestic chip production.