Federal Trade Commission Breach Incident Score: Analysis & Impact (ILLFED1765936610)

In this Rankiteo incident briefing, we review the Federal Trade Commission breach identified under incident ID ILLFED1765936610.

The analysis begins with a detailed overview of Federal Trade Commission's information like the linkedin page: https://www.linkedin.com/company/federal-trade-commission, the number of followers: 42360, the industry type: Government Administration and the number of employees: 1211 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 766 and after the incident was 749 with a difference of -17 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 Federal Trade Commission and their customers.

Illusory Systems (Nomad) recently reported "Nomad Token Bridge Hack", a noteworthy cybersecurity incident.

Hackers exploited a vulnerability in Illusory Systems' (Nomad) Token Bridge cryptocurrency smart contract solution, leading to the theft of $186 million in cryptocurrency funds from users.

The disruption is felt across the environment, affecting Token Bridge smart contracts, cryptocurrency wallets, and exposing Cryptocurrency funds, plus an estimated financial loss of $186 million.

In response, teams activated the incident response plan, moved swiftly to contain the threat with measures like Shut down the bridge after assets were drained, and began remediation that includes Implementation of a comprehensive cybersecurity plan as part of FTC settlement, while recovery efforts such as Return of $37 million safeguarded by white hat hackers to users continue.

The case underscores how Completed (FTC settlement reached), teams are taking away lessons such as Failure to implement secure coding practices, lack of automated fraud monitoring, inadequate security staffing, and misrepresentation of security capabilities led to catastrophic financial loss, and recommending next steps like Implement secure coding practices, conduct thorough security testing, establish automated fraud monitoring, hire adequate security staff, and avoid misrepresenting security capabilities.

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 Exploit Public-Facing Application (T1190) with high confidence (95%), supported by evidence indicating exploited a vulnerability in Nomad’s Token Bridge smart contract solution. Under the Exfiltration tactic, the analysis identified Exfiltration Over Alternative Protocol (T1048) with high confidence (90%), with evidence including draining user funds ($186M stolen), and cryptocurrency transferred across blockchains. Under the Defense Evasion tactic, the analysis identified Masquerading (T1036) with moderate to high confidence (80%), supported by evidence indicating misrepresented its security practices as high security and security first and Impair Defenses: Disable or Modify Tools (T1562.001) with moderate to high confidence (70%), supported by evidence indicating no automated fraud monitoring, circuit breakers, or kill switches. Under the Impact tactic, the analysis identified Data Encrypted for Impact (T1486) with moderate confidence (50%), supported by evidence indicating cryptocurrency funds drained (financial impact) and Data Manipulation: Stored Data Manipulation (T1565.001) with moderate to high confidence (80%), supported by evidence indicating token Bridge smart contracts emptied of assets. These correlations help security teams understand the attack chain and develop appropriate defensive measures based on the observed tactics and techniques.