Incident Score: Analysis & Impact (FII1770717211)
The details regarding individual company incidents & reports gives you full view from every side.
Rankiteo Score Impact Analysis
Key Highlights From The Incident Analysis
- Timeline of FIIG Securities'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 FIIG Securities 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 FIIG Securities breach identified under incident ID FII1770717211.
The analysis begins with a detailed overview of FIIG Securities's information like the linkedin page: https://www.linkedin.com/company/fiig-securities, the number of followers: 11981, the industry type: Financial Services and the number of employees: 80 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 718 and after the incident was 397 with a difference of -321 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 FIIG Securities and their customers.
On 02 June 2023, FIIG Securities disclosed Ransomware issues under the banner "FIIG Securities Fined AU$2.5M for Prolonged Cybersecurity Failures Leading to Major Data Breach".
Australian fixed-income firm FIIG Securities was fined AU$2.5 million by the Federal Court for failing to protect client data from cyber threats over a four-year period, culminating in a 2023 ransomware attack that exposed sensitive personal and financial information.
The disruption is felt across the environment, and exposing 385GB of data, with nearly 18,000 clients records at risk, plus an estimated financial loss of AU$2.5M fine + AU$500K enforcement costs.
In response, teams activated the incident response plan, and began remediation that includes Implementation of a compliance program overseen by an independent cybersecurity expert, while recovery efforts such as Partial system restoration, but critical data permanently lost continue.
The case underscores how Completed (Federal Court ruling), teams are taking away lessons such as Cybersecurity requires continuous monitoring and cannot be a 'set and forget' approach. Basic measures like MFA, regular patching, and incident response plans are critical to preventing or mitigating breaches, and recommending next steps like Implement mandatory cybersecurity training for staff, Enforce multi-factor authentication (MFA) and privileged access management and Regularly update and patch software, with advisories going out to stakeholders covering ASIC emphasized the need for continuous cybersecurity monitoring and alignment of protections with data sensitivity and business scale.
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 Valid Accounts (T1078) with high confidence (90%), supported by evidence indicating compromised credentials used to infiltrate FIIG’s network and Exploit Public-Facing Application (T1190) with moderate confidence (60%), supported by evidence indicating poorly configured firewalls and irregular software patching. Under the Execution tactic, the analysis identified Command and Scripting Interpreter: PowerShell (T1059.001) with moderate to high confidence (80%), supported by evidence indicating powerShell scripts used by ALPHV/BlackCat group and System Services: Service Execution (T1569.002) with moderate to high confidence (70%), supported by evidence indicating cobalt Strike used to disable security features. Under the Persistence tactic, the analysis identified Valid Accounts (T1078) with moderate to high confidence (80%), supported by evidence indicating hacker remained undetected for nearly three weeks. Under the Privilege Escalation tactic, the analysis identified Valid Accounts (T1078) with moderate to high confidence (80%), supported by evidence indicating inadequate privileged access management. Under the Defense Evasion tactic, the analysis identified Impair Defenses: Disable or Modify Tools (T1562.001) with high confidence (90%), supported by evidence indicating cobalt Strike used to disable security features, Indicator Removal: Clear Windows Event Logs (T1070.001) with moderate to high confidence (70%), supported by evidence indicating poorly configured SIEM system, and Impair Defenses: Disable or Modify System Firewall (T1562.004) with moderate to high confidence (70%), supported by evidence indicating poorly configured firewalls. Under the Credential Access tactic, the analysis identified Valid Accounts (T1078) with high confidence (90%), supported by evidence indicating compromised credentials used for initial access. Under the Discovery tactic, the analysis identified Account Discovery (T1087) with moderate to high confidence (70%), supported by evidence indicating hacker remained undetected for nearly three weeks and File and Directory Discovery (T1083) with moderate to high confidence (80%), supported by evidence indicating 385GB of data exfiltrated. Under the Collection tactic, the analysis identified Data from Local System (T1005) with high confidence (90%), supported by evidence indicating 385GB of data exfiltrated, including PII and financial info. Under the Exfiltration tactic, the analysis identified Exfiltration Over C2 Channel (T1041) with high confidence (90%), supported by evidence indicating 385GB of data exfiltrated by ALPHV/BlackCat. Under the Impact tactic, the analysis identified Data Encrypted for Impact (T1486) with high confidence (90%), supported by evidence indicating files encrypted by ransomware, critical data permanently lost and Data Destruction (T1485) with moderate to high confidence (80%), supported by evidence indicating wiped backups, critical data permanently lost. These correlations help security teams understand the attack chain and develop appropriate defensive measures based on the observed tactics and techniques.
Sources & References
- FIIG Securities Rankiteo Cyber Incident Details: https://www.rankiteo.com/company/fiig-securities/incident/FII1770717211
- FIIG Securities CyberSecurity Rating page: https://www.rankiteo.com/company/fiig-securities
- FIIG Securities Rankiteo Cyber Incident Blog Article: https://blog.rankiteo.com/fii1770717211-fiig-securities-ransomware-may-2023/
- FIIG Securities CyberSecurity Score History: https://www.rankiteo.com/company/fiig-securities/history
- FIIG Securities CyberSecurity Incident Source: https://thecyberexpress.com/fiig-cyberattack-au2-5m-fine-fiig-securities/
- 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