Incident Score: Analysis & Impact (THEBARHSBLLONATMAR1774391436)
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Rankiteo Score Impact Analysis
Key Highlights From The Incident Analysis
- Timeline of HSBC'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 HSBC 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 HSBC breach identified under incident ID THEBARHSBLLONATMAR1774391436.
The analysis begins with a detailed overview of HSBC's information like the linkedin page: https://www.linkedin.com/company/hsbc, the number of followers: 4678879, the industry type: Financial Services and the number of employees: 192405 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 804 and after the incident was 795 with a difference of -9 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 HSBC and their customers.
HSBC UK recently reported "UK Banking Sector Faces Relentless Cyber Threats and IT Failures", a noteworthy cybersecurity incident.
The UK’s financial sector is grappling with escalating cybersecurity risks and frequent IT outages, with bank executives warning of severe consequences for market stability and public trust.
The disruption is felt across the environment, affecting Banking services, customer access to funds.
In response, and began remediation that includes Investing hundreds of millions of pounds to bolster IT systems, and stakeholders are being briefed through Public apologies from executives (e.g., Barclays UK CEO Vim Maru).
The case underscores how teams are taking away lessons such as Businesses should assume a cyberattack is a matter of *when*, not *if*. The financial sector must prioritize cybersecurity investments and resilience planning, and recommending next steps like Increase investment in IT systems, enhance monitoring and response capabilities, and prepare for inevitable cyber threats.
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 Exploit Public-Facing Application (T1190) with moderate confidence (60%), supported by evidence indicating escalating cybersecurity risks and frequent IT outages and External Remote Services (T1133) with moderate confidence (50%), supported by evidence indicating banking services, customer access to funds disrupted. Under the Impact tactic, the analysis identified Endpoint Denial of Service (T1499) with high confidence (90%), supported by evidence indicating 158 IT outages totaling 803 hours (33 days) of disruption and Service Stop (T1489) with moderate to high confidence (80%), supported by evidence indicating barclays outage on payday left customers unable to access funds. Under the Credential Access tactic, the analysis identified Brute Force (T1110) with moderate confidence (50%), supported by evidence indicating attacks described as relentless and increasingly sophisticated and Modify Authentication Process (T1556) with lower confidence (40%), supported by evidence indicating iT system vulnerabilities and frequent outages. Under the Defense Evasion tactic, the analysis identified Valid Accounts (T1078) with moderate confidence (60%), supported by evidence indicating no evidence of malicious intent confirmed by Barclays CEO and Impair Defenses: Disable or Modify Tools (T1562.001) with moderate confidence (50%), supported by evidence indicating iT outages affecting 1.2 million people. Under the Exfiltration tactic, the analysis identified Exfiltration Over C2 Channel (T1041) with lower confidence (40%), supported by evidence indicating criminals monetizing breaches more efficiently than ever. These correlations help security teams understand the attack chain and develop appropriate defensive measures based on the observed tactics and techniques.
Sources & References
- HSBC Rankiteo Cyber Incident Details: https://www.rankiteo.com/company/hsbc/incident/THEBARHSBLLONATMAR1774391436
- HSBC CyberSecurity Rating page: https://www.rankiteo.com/company/hsbc
- HSBC Rankiteo Cyber Incident Blog Article: https://blog.rankiteo.com/thebarhsbllonatmar1774391436-hsbc-nationwide-barclays-lloyds-marks-spencer-co-op-cyber-attack-january-2023/
- HSBC CyberSecurity Score History: https://www.rankiteo.com/company/hsbc/history
- HSBC CyberSecurity Incident Source: https://www.bbc.com/news/articles/c4g3372vl3yo
- 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