This research paper examines the resurgence of Excel 4.0 (XLM) macros as a malware delivery mechanism. It explains how attackers weaponize legacy macro functionality to bypass modern security controls and evade detection. The document walks through real-world infection chains, from phishing emails with malicious spreadsheets to payload execution. It highlights obfuscation techniques, detection challenges, and why XLM macros remain effective despite being deprecated. The paper concludes with mitigation strategies, including disabling legacy macros, strengthening email security, and applying behavioral detection to counter macro-based threats.

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