Incident Score: Analysis & Impact (BANCLO1775212236)
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Rankiteo Score Impact Analysis
Key Highlights From The Incident Analysis
- Timeline of Cloudflare's Cyber Attack and lateral movement inside company's environment.
- Overview of affected data sets, including SSNs and PHI, and why they materially increase incident severity.
- How Rankiteo’s incident engine converts technical details into a normalized incident score.
- How this cyber incident impacts Cloudflare Rankiteo cyber scoring and cyber rating.
- Rankiteo’s MITRE ATT&CK correlation analysis for this incident, with associated confidence level.
Full Incident Analysis Transcript
In this Rankiteo incident briefing, we review the Cloudflare breach identified under incident ID BANCLO1775212236.
The analysis begins with a detailed overview of Cloudflare's information like the linkedin page: https://www.linkedin.com/company/cloudflare, the number of followers: 1140726, the industry type: Computer and Network Security and the number of employees: 6899 employees
After the initial compromise, the video explains how Rankiteo's incident engine converts technical details into a normalized incident score. The incident score before the incident was 796 and after the incident was 783 with a difference of -13 which is could be a good indicator of the severity and impact of the incident.
In the next step of the video, we will analyze in more details the incident and the impact it had on Cloudflare and their customers.
On 01 January 2024, Major Philippine Banks disclosed Phishing issues under the banner "Sophisticated Phishing Campaign Targets Philippine Bank Users via Trusted Platforms".
Since early 2024, a highly adaptive phishing campaign has targeted customers of major Philippine banks, exploiting legitimate online services to bypass security measures.
The disruption is felt across the environment, affecting Customer Banking Portals, and exposing Login Credentials and One-Time Passwords (OTPs), with nearly 400+ records at risk.
Formal response steps have not been shared publicly yet.
The case underscores how Ongoing, teams are taking away lessons such as The campaign highlights the growing sophistication of phishing attacks, including the abuse of trusted platforms, real-time data exfiltration, and the use of valid SSL certificates to enhance legitimacy. Defenders must adapt to evolving social engineering tactics and the exploitation of legitimate services, and recommending next steps like Enhance email security to detect and block phishing attempts leveraging trusted platforms, Implement multi-factor authentication (MFA) to reduce reliance on OTPs and Monitor for unauthorized transactions in real-time.
Finally, we try to match the incident with the MITRE ATT&CK framework to see if there is any correlation between the incident and the MITRE ATT&CK framework.
The MITRE ATT&CK framework is a knowledge base of techniques and sub-techniques that are used to describe the tactics and procedures of cyber adversaries. It is a powerful tool for understanding the threat landscape and for developing effective defense strategies.
MITRE ATT&CK® Correlation Analysis
Rankiteo's analysis has identified several MITRE ATT&CK tactics and techniques associated with this incident, each with varying levels of confidence based on available evidence. Under the Initial Access tactic, the analysis identified Phishing (T1566) with high confidence (95%), with evidence including highly adaptive phishing campaign has targeted customers, and phishing emails were sent from compromised accounts, Phishing: Spearphishing Link (T1566.002) with high confidence (90%), with evidence including distributed over 900 malicious links, and victims were redirected through multiple layers, and Valid Accounts (T1078) with moderate to high confidence (85%), supported by evidence indicating phishing emails were sent from compromised accounts, often sourced from stolen credential databases. Under the Execution tactic, the analysis identified User Execution (T1204) with high confidence (90%), supported by evidence indicating victims entered login credentials and one-time passwords (OTPs) and User Execution: Malicious Link (T1204.001) with moderate to high confidence (85%), with evidence including distributed over 900 malicious links, and victims were redirected through multiple layers. Under the Credential Access tactic, the analysis identified Input Capture: Keylogging (T1056.001) with moderate to high confidence (80%), supported by evidence indicating victims entered login credentials and one-time passwords (OTPs), Adversary-in-the-Middle (T1557) with moderate to high confidence (85%), supported by evidence indicating fake banking pages...pull real assets from legitimate bank servers, and Steal Application Access Token (T1528) with moderate to high confidence (70%), supported by evidence indicating oTPs...instantly transmitted to attackers via Telegram bots. Under the Defense Evasion tactic, the analysis identified Subvert Trust Controls: Install Root Certificate (T1553.004) with moderate to high confidence (75%), supported by evidence indicating hosting phishing infrastructure under valid SSL certificates, Masquerading (T1036) with high confidence (90%), supported by evidence indicating exploiting legitimate online services...Google Business, AMP CDN, Cloudflare Workers, Masquerading: Match Legitimate Name or Location (T1036.005) with moderate to high confidence (85%), supported by evidence indicating fake banking pages...pull real assets from legitimate bank servers, and Impair Defenses: Disable or Modify Tools (T1562.001) with moderate confidence (60%), supported by evidence indicating evading secure email gateways. Under the Collection tactic, the analysis identified Email Collection: Local Email Collection (T1114.001) with moderate to high confidence (70%), supported by evidence indicating phishing emails were sent from compromised accounts and Command and Scripting Interpreter: PowerShell (T1059.001) with moderate confidence (50%), supported by evidence indicating real-time financial fraud...OTPs transmitted to attackers via Telegram bots. Under the Exfiltration tactic, the analysis identified Exfiltration Over C2 Channel (T1041) with high confidence (90%), supported by evidence indicating oTPs...instantly transmitted to attackers via Telegram bots and Transfer Data to Cloud Account (T1537) with moderate to high confidence (80%), supported by evidence indicating oTPs...transmitted to attackers via Telegram bots. Under the Impact tactic, the analysis identified Financial Theft (T1657) with high confidence (95%), supported by evidence indicating real-time financial fraud...allowing unauthorized transactions within minutes. These correlations help security teams understand the attack chain and develop appropriate defensive measures based on the observed tactics and techniques.
Sources & References
- Cloudflare Rankiteo Cyber Incident Details: https://www.rankiteo.com/company/cloudflare/incident/BANCLO1775212236
- Cloudflare CyberSecurity Rating page: https://www.rankiteo.com/company/cloudflare
- Cloudflare Rankiteo Cyber Incident Blog Article: https://blog.rankiteo.com/banclo1775212236-cloudflare-major-philippine-banks-cyber-attack-january-2024/
- Cloudflare CyberSecurity Score History: https://www.rankiteo.com/company/cloudflare/history
- Cloudflare CyberSecurity Incident Source: https://gbhackers.com/philippine-banking-credentials/
- Rankiteo A.I CyberSecurity Rating methodology: https://www.rankiteo.com/Images/rankiteo_algo.pdf
- Rankiteo TPRM Scoring methodology: https://static.rankiteo.com/model/rankiteo_tprm_methodology.pdf