Incident Score: Analysis & Impact (DOMDBS1770325487)
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Rankiteo Score Impact Analysis
Key Highlights From The Incident Analysis
- Timeline of DBS Bank's Ransomware 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 DBS Bank 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 DBS Bank breach identified under incident ID DOMDBS1770325487.
The analysis begins with a detailed overview of DBS Bank's information like the linkedin page: https://www.linkedin.com/company/dbs-bank, the number of followers: 1077201, the industry type: Banking and the number of employees: 33756 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 784 and after the incident was 682 with a difference of -102 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 DBS Bank and their customers.
DBS recently reported "Ransomware Attack on Printing Vendor Exposes DBS and Bank of China Customer Data", a noteworthy cybersecurity incident.
In April 2024, Singapore faced a significant cybersecurity breach when a ransomware attack on a printing vendor exposed sensitive customer data from DBS and the Bank of China’s Singapore branch (BOC).
The disruption is felt across the environment, and exposing Names, addresses, loan account numbers, with nearly 11200 records at risk.
Formal response steps have not been shared publicly yet.
The case underscores how teams are taking away lessons such as Ransomware groups prioritize data theft over encryption for long-term extortion. Supply chain vulnerabilities, particularly with smaller vendors, pose significant risks. A layered security approach aligned with frameworks like NIST is critical, and recommending next steps like Implement a layered security approach (e.g., NIST framework), Enhance third-party vendor cybersecurity assessments and Deploy Endpoint Detection and Response (EDR) and Identity Access Management (IAM) tools.
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 Supply Chain Compromise (T1195) with high confidence (90%), supported by evidence indicating attack with significant impact with customers data leaks via third-party vendor and Compromise Software Supply Chain (T1195.002) with moderate to high confidence (80%), supported by evidence indicating ransomware attack on a printing vendor exposed sensitive customer data. Under the Reconnaissance tactic, the analysis identified Active Scanning (T1595) with moderate to high confidence (70%), supported by evidence indicating attacks can begin with weeks or months of reconnaissance and Gather Victim Org Information (T1591) with moderate to high confidence (80%), supported by evidence indicating high-value targets such as Banks (DBS, Bank of China). Under the Credential Access tactic, the analysis identified Steal Application Access Token (T1528) with moderate confidence (50%), supported by evidence indicating neither bank reported compromised login credentials (implies possible token abuse). Under the Collection tactic, the analysis identified Data from Local System (T1005) with high confidence (90%), supported by evidence indicating stolen data including names, addresses, and loan account numbers and Data from Network Shared Drive (T1039) with moderate to high confidence (70%), supported by evidence indicating data breach via third-party vendor (printing vendor). Under the Exfiltration tactic, the analysis identified Exfiltration Over C2 Channel (T1041) with moderate to high confidence (80%), supported by evidence indicating data exfiltration such as Yes, 11,200 records exposed and Exfiltration Over Web Service (T1567) with moderate confidence (60%), supported by evidence indicating ransomware groups prioritize data theft over encryption. Under the Impact tactic, the analysis identified Data Encrypted for Impact (T1486) with moderate to high confidence (70%), supported by evidence indicating ransomware attack (type of malware that encrypts or locks data), Defacement (T1491) with lower confidence (40%), supported by evidence indicating double-extortion (threatening data leaks), and Data Destruction (T1485) with moderate confidence (50%), supported by evidence indicating some variants, like wipers, destroy data even after payment. Under the Defense Evasion tactic, the analysis identified Obfuscated Files or Information (T1027) with moderate confidence (60%), supported by evidence indicating aI-powered ransomware further complicates defenses by adapting during attacks and Impair Defenses: Disable or Modify Tools (T1562.001) with moderate confidence (50%), supported by evidence indicating bypass defenses before striking (reconnaissance period). These correlations help security teams understand the attack chain and develop appropriate defensive measures based on the observed tactics and techniques.
Sources & References
- DBS Bank Rankiteo Cyber Incident Details: https://www.rankiteo.com/company/dbs-bank/incident/DOMDBS1770325487
- DBS Bank CyberSecurity Rating page: https://www.rankiteo.com/company/dbs-bank
- DBS Bank Rankiteo Cyber Incident Blog Article: https://blog.rankiteo.com/domdbs1770325487-dbs-printing-vendor-ransomware-april-2025/
- DBS Bank CyberSecurity Score History: https://www.rankiteo.com/company/dbs-bank/history
- DBS Bank CyberSecurity Incident Source: https://www.businesstimes.com.sg/startups-tech/technology/ransomware-attack-hit-vendor-dbs-what-ransomware-attack-and-how-does-it-affect-companies
- 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