In a recent email-based malware campaign, the X-Labs team observed threat actors delivering the well-known information stealer FormBook using Horus Protector, a malware distribution service designed to evade detection.

First identified by SonicWall last year, Horus Protector is a relatively new service for distributing malware. The attack chain begins with phishing emails containing malicious Microsoft Word documents as attachments. Upon execution, these documents initiate the deployment of FormBook, leveraging Horus Protector’s obfuscation capabilities to bypass security defences. This campaign highlights the ongoing evolution of commodity malware delivery systems and the continued reliance on social engineering via document-based lures.

FormBook Attack Chain

FormBook Attack Chain

Analysing the email sample:

Fig. 1 - Email sample

The email contains an attached Microsoft Word document, structured as a compressed file. After extracting its contents, we find the targeted file, Panama.rtf, located within the _rels directory.

Fig. 2 - Extracted Word document content

Fig. 3 - OpenXML relation to RTF file

Upon examining the RTF file, we find an embedded object, Client.vbe, along with a potential exploit for a remote code execution vulnerability in the Equation Editor of Microsoft Office (CVE-2017-11882). However, this vulnerability is not exploited during the execution of the file.

Fig.4 - Extracting the VBE file

Analysing the VBE file

The VBE is a Visual Basic Encoded script file that can be decoded into a readable Visual Basic Script (VBS) format. Upon decoding, we observed a series of obfuscated code blocks and variable declarations.

Fig. 5 - Obfuscations in VBS snippet

The decoded Visual Basic Script is organized into several components, originally labelled in French, which have been translated as follows:

Constants and Configuration
Management of Scripts Files
Registry Management
Managing Scheduled Tasks
Utility Functions
Payload Execution
Security Detection
Main Logic

Overview of Visual Basic script functionality:

The Constants and Configuration component includes an embedded VBS which is obfuscated by being hex encoded four times. During runtime it will be written to disk under the user’s AppData directory as lJlpBAHduOhBIlJ.vbs. This is later executed by a scheduled task. lJlpBAHduOhBIlJ.vbs creates a loop that will iterate 10,000 times checking via WMI queries whether PowerShell is running. If PowerShell is not detected, it is launched in minimized mode and executes commands stored in the registry.

Fig. 6 - Extract from deobfuscated embedded VBS

The Management of Scripts Files component is responsible for writing lJlpBAHduOhBIlJ.vbs to disk.

The Registry Management component consists of two sub procedures, EBD and MOX.

EBD creates multiple entries used to store key values. These include a reference to RegAsm.exe, a command to forcefully terminate the process conhost, a PowerShell command to dynamically load a .NET assembly, and registry keys to store two .NET compiled binaries. These entries are obfuscated through hex and base64 encoding.

MOX adds registry entries to store the FormBook PE file (which is embedded under the ‘Main Logic’ component). It splits the binary into 20,000-character segments, reverses each segment as a string, and stores them across multiple registry keys. This technique enables the script to store data larger than typical registry value limits by fragmenting it across multiple keys.

The registry entries created by these two subroutines are used to check for running processes, retrieving payload components, and executing commands.

Fig. 7 - Deobfuscated sub procedure for creating registry entries

For persistence the Managing Scheduled Tasks component creates a scheduled task to execute the dropped lJlpBAHduOhBIlJ.vbs every minute.

The Utility Functions component provides routines to decode hex-encoded strings and determines the path where lJlpBAHduOhBIlJ.vbs is written.

The Payload Execution module executes a hex-encoded PowerShell command that loads an executable (retrieved from the registry) directly into memory.

The Security Detection module checks for the presence of Windows Defender using WMI queries. The execution flow of the attack will be altered depending on the result of this check.

Finally, the Main Logic subroutine ties together all the components of the script: it initializes paths, modifies the registry, writes the secondary VBS file to disk, creates a scheduled task, and ensures the malicious payload - the embedded FormBook PE file, is either scheduled for later execution or launched immediately if certain conditions are met.

Fig. 8 - Sub procedure Main

Word Document Execution and Observation:

During dynamic analysis of the Word document we observed the following behaviour:
1- The initial Word document attachment targets the embedded RTF file.

2- The RTF file has an embedded object Client.vbe which is executed.

3- Registry values are created and modified.

4- VBS file is created in the %AppData% directory.

5- A scheduled task is created to run PowerShell and execute the dropped VBS file.

Figures demonstrating system changes:

Fig. 9 - Dropped lJlpBAHduOhBIlJ.vbs

Fig. 10 - Scheduled task

Fig. 11 - Registry keys created

Fig. 12 - Sub registry keys storing FormBook payload

Deploying FormBook

PowerShell is launched with a command which initiates a multi-stage in-memory deployment of FormBook. It first accesses a .NET assembly stored in the registry under the value “s”, and invokes method b of class b.b, which functions as the primary loader. This loader then executes a secondary DLL retrieved from the registry value “r,” functioning as the injector. The injector reassembles the final FormBook payload from the values stored under the “donn” sub registry keys - segment1 to segment29 as illustrated in Figure 12. A legitimate Windows executable, defined in the registry under the value “i”, is the target for process hollowing. In this sample, the payload is injected into a suspended RegAsm.exe process, allowing FormBook to execute under the context of a trusted system binary.

Fig. 13 - PowerShell script to initiate multi-stage deployment in memory

Fig. 14 - Loader calling injector

Fig. 15 - Injector reassembling payload from registry values

By executing the payload within the memory space of RegAsm.exe, FormBook effectively conceals its malicious activities, making detection more challenging. Once active, it can harvest sensitive data from the victim’s system and exfiltrate it to its designated command-and-control (C2) servers.

Conclusion:

The Horus Protector distribution service leverages Visual Basic Scripts to stealthily deliver malware. The campaign detailed in this blog focuses on how users are lured to click on weaponised Word Document attachments. Opening the document triggers malicious activity through the execution of an embedded object within the RTF file. The embedded object, a VBE file, invokes PowerShell to perform several actions: it drops a VBS file into the %AppData% directory, modifies registry values, performs system checks and schedules a task to run the PowerShell command every minute. By utilizing PowerShell as a Living-off-the-Land (LotL) technique, the script ultimately injects the malicious FormBook payload directly into memory, masquerading as a legitimate native process. This approach significantly hinders detection by conventional security solutions.

Protection Statement:

Forcepoint customers are protected against this threat at the following stages of attack:

Stage 2 (Lure) – Emails and malicious attachments are identified and blocked by Forcepoint Email Security.
Stage 6 (Call Home) – C2 servers are blocked.

NGFW Protection Statement:

The malicious attachments are blocked by the GTI file reputation service if it is enabled.

IOCs:

Indicators	Type
9ff5aab9a37c48d798ba88da195e0b1bec2b752d	.docx
d987081a9dc3c84879d47277f9a203d5ae5560e0	.docx
78e6af67a63dd355f78ab168f343777db0fb67e2	.docx
c8df1122b0ecad87c0ebe17b29241130d359830c	.vbe
6a430bdece4342b0cba7ea4f96851e07aa3c3842	.vbe
13d970ab6dfe2d757396e640caf7d009af1ecca6	.vbs
30d9962eb190827860348d69016ff8756b79cd1a	.exe
65a1efaec29d8501a4bd2ae3ab059b0a8cc0053f	.dll
3d95740cc2fa753a341cccb0b831379e4f15beb3	.exe
hxxp://www.praxis-it[.]nrw/rw7d/	FormBook C2
hxxp://www.auctionringer[.]online/4aby/	FormBook C2
hxxp://www.natividade[.]tech/xuyo/	FormBook C2
hxxp://www.link6-tesla-nd6[.]xyz/l25i/	FormBook C2
hxxp://www.coreost[.]site/r8ob/	FormBook C2
hxxp://www.keys4health[.]net/5jal/	FormBook C2
hxxp://www.mm018[.]xyz/d686/	FormBook C2
hxxp://www.xxxvideosbox[.]xyz/n8ev/	FormBook C2
hxxp://www.shroom-topia[.]shop/ty2t	FormBook C2
hxxp://www.enore[.]xyz/sdi5/	FormBook C2
hxxp://www.hellosweetie[.]net/x21a/	FormBook C2
hxxp://www.smfrityhvde[.]info/eck1/	FormBook C2
hxxp://www.atepl[.]info/lxq6/	FormBook C2
hxxp://www.shibsocial[.]xyz/ib5p/	FormBook C2
hxxp://conmoro[.]xyz/	FormBook C2
hxxp://desktitle[.]homes/	FormBook C2
hxxp://astrologerritesh[.]click/	FormBook C2
hxxp://xploitation[.]net/	FormBook C2
hxxp://fhm500166i[.]vip/	FormBook C2
hxxp://upx[.]sf[.]net/	FormBook C2
hxxp://eioo[.]org/	FormBook C2
hxxp://networkcomputing[.]tech/	FormBook C2
hxxp://lawrax[.]ltd/	FormBook C2
hxxp://glyms[.]app/	FormBook C2
hxxp://yenigercek[.]xyz/	FormBook C2
hxxp://giadungtot04[.]online/	FormBook C2
hxxp://mayaheonline[.]shop/	FormBook C2
hxxp://jicode[.]xyz/	FormBook C2
hxxp://hlkjhu[.]online/	FormBook C2
hxxp://siik18[.]boats/	FormBook C2
hxxp://hasan94tanriverdi[.]xyz/	FormBook C2
hxxp://glorifyer[.]store/	FormBook C2
hxxp://myhandyplanner[.]courses/	FormBook C2
hxxp://gunchenko[.]tech/	FormBook C2
hxxp://qdkinv[.]casino/	FormBook C2
hxxp://tipobetgirislinki[.]fit/	FormBook C2
hxxp://eja-online[.]org/	FormBook C2
hxxp://vsilmhxj[.]tokyo/	FormBook C2
hxxp://headset2[.]online/	FormBook C2
hxxp://ppostealeone[.]shop/	FormBook C2
hxxp://pembiayaan[.]xyz/	FormBook C2
hxxp://5s5zz[.]icu/	FormBook C2
hxxp://southpaw[.]info/	FormBook C2
hxxp://smfrityhvde[.]info/	FormBook C2
hxxp://sterlingproperties[.]net/	FormBook C2
hxxp://mulher777[.]info/	FormBook C2
hxxp://soportemx-findmy[.]click/	FormBook C2
hxxp://mrguider[.]pics/	FormBook C2
hxxp://optimuminvestment[.]net/	FormBook C2
hxxp://kekisi[.]xyz/	FormBook C2
hxxp://eferakiglobal[.]xyz/	FormBook C2
hxxp://lamorenadiving[.]net/	FormBook C2

Data Security Everywhere

Forcepoint DDR

Forcepoint DLP

Forcepoint Web Security

Forcepoint Cloud App Security

Risk-Adaptive Protection

Forcepoint DLP for Email

Data Classification

NGFW

SD-WAN

Forcepoint DSPM + DDR

Forcepoint x Varonis

Forcepoint x Cyera

How to Protect Your Data Everywhere

Veja nosso software Data Detection & Response (DDR) em ação

Forcepoint Data Security Cloud

Prevent Data Loss

Data Access Governance

Proteja o Uso da IA Generativa

Comprehensive Email Security

Automate Insider Risk Protection

Safeguard the Use of Gen AI

Proteja os Dados no ChatGPT

Serviços Financeiros

Healthcare

Manufacturing

Retail

Setor Público

Clustering in a Way No One Else Can Do

Pinpoint Accuracy and Transparent Reporting

Blogs

Webcasts

Podcasts

Relatórios de Analistas

Histórias de clientes

Biblioteca de Recursos

Treinamentos e Certificações

Cyber EDU

GUIA

Guia Prático do Executivo para Data Loss Prevention

GUIA

Forcepoint AI Mesh

RELATÓRIO DO ANALISTA

Gartner: 2025 Market Guide for Data Loss Prevention

RISK ASSESSMENT

Receba um Data Risk Assessment gratuito

Nossa Abordagem

Nossos Clientes

Sobre nós

Sala de Imprensa

Trabalhe Conosco

Contato

Forcepoint Trust Hub

O VAKIFBANK Fortalece a Postura de Segurança e os Relatórios de Conformidade

O Eczacıbaşı Holding Amplia a Segurança para a Nuvem para Proteger funcionários remotos

A Communisis Moderniza seu Forcepoint DLP com Risk-Adaptive Protection

Lydia McElligott