This document summarizes Trend Micro's findings on cyber threats related to the COVID-19 pandemic from March 1-27, 2020. The majority (69.5%) of COVID-19 related malicious URLs detected were hosted in the US, China, UK, Netherlands, and Germany. Most threats took the form of spam emails (65.7%) using coronavirus-themed lures like shipment notifications or health ministry updates. Emotet malware was prominently used in these campaigns. The number of threats is expected to grow as cybercriminals increasingly exploit pandemic fears. Trend Micro recommends multilayered security defenses to protect against these evolving threats.