Coalition Space - Office Space, Coworking, HQ, Virtual Offices Breach Incident Score: Analysis & Impact (FBICOAPLA1766711007)

In this Rankiteo incident briefing, we review the Coalition Space - Office Space, Coworking, HQ, Virtual Offices breach identified under incident ID FBICOAPLA1766711007.

The analysis begins with a detailed overview of Coalition Space - Office Space, Coworking, HQ, Virtual Offices's information like the linkedin page: https://www.linkedin.com/company/coalition, the number of followers: 474, the industry type: Leasing Non-residential Real Estate and the number of employees: 7 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 753 and after the incident was 701 with a difference of -52 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 Coalition Space - Office Space, Coworking, HQ, Virtual Offices and their customers.

A newly reported cybersecurity incident, "Business Email Compromise (BEC) and Funds Transfer Fraud (FTF) Incidents - 2024 Trends", has drawn attention.

Coalition Insurance reported that 60% of cyber claims in 2024 were related to BEC and FTF incidents, with 29% of BEC events resulting in FTF.

The disruption is felt across the environment, plus an estimated financial loss of ['$35,000 (average BEC loss)', '$185,000 (average FTF loss)', '$9.3 million (single FTF incident recovered)', '$31 million (total recovered in 2024)'].

In response, while recovery efforts such as Fund recovery efforts ($31 million recovered in 2024) continue.

The case underscores how teams are taking away lessons such as Email attacks remain a major vector due to their ease of execution and effectiveness. AI and deepfakes are increasingly used to enhance phishing attacks. Financial institutions are improving fraud detection for large transactions, reducing FTF severity. Cyber insurance and risk management tools are evolving to simplify access and understanding for businesses, and recommending next steps like Use filtered email services to detect malicious files and links, Train employees to recognize phishing attempts and Implement multi-factor authentication (MFA) for financial transactions.

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.

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 email-Based Cyberattacks Dominate 2024 Claims, and 60% of cyber claims in 2024 were related to BEC and FTF, Phishing: Spearphishing Attachment (T1566.001) with moderate to high confidence (80%), supported by evidence indicating threat actors using AI-enhanced phishing and deepfake audio/video, and Phishing: Spearphishing Link (T1566.002) with moderate to high confidence (80%), supported by evidence indicating use filtered email services to detect malicious files and links. Under the Credential Access tactic, the analysis identified Brute Force (T1110) with moderate to high confidence (70%), supported by evidence indicating social engineering to impersonate executives or trusted entities and Unsecured Credentials: Email Account Compromise (T1552.007) with high confidence (90%), supported by evidence indicating business Email Compromise (BEC) accounted for 60% of cyber claims. Under the Execution tactic, the analysis identified User Execution (T1204) with moderate to high confidence (85%), with evidence including 29% of BEC attacks led to fraudulent transfers, and employees tricked via phishing. Under the Defense Evasion tactic, the analysis identified Masquerading (T1036) with moderate to high confidence (80%), supported by evidence indicating deepfake audio/video to impersonate executives and Hide Artifacts: Email Hiding Rules (T1564.008) with moderate to high confidence (70%), supported by evidence indicating bEC attacks often involve compromised email accounts. Under the Exfiltration tactic, the analysis identified Exfiltration Over Alternative Protocol (T1048) with moderate to high confidence (80%), with evidence including $9.3 million fraudulent transfer recovered, and fTF claims averaging $185,000. Under the Impact tactic, the analysis identified Data Encrypted for Impact (T1486) with moderate to high confidence (70%), supported by evidence indicating ransomware remained the most damaging attack type and Financial Theft (T1657) with high confidence (95%), with evidence including $35,000 average BEC loss, and $185,000 average FTF loss. These correlations help security teams understand the attack chain and develop appropriate defensive measures based on the observed tactics and techniques.