Incident Score: Analysis & Impact (N261776853591)
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 N26'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 N26 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 N26 breach identified under incident ID N261776853591.
The analysis begins with a detailed overview of N26's information like the linkedin page: https://www.linkedin.com/company/n26, the number of followers: 317501, the industry type: Financial Services and the number of employees: 1824 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 770 and after the incident was 712 with a difference of -58 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 N26 and their customers.
Revolut recently reported "Cybercriminals Exploit French Fintech Platforms to Launder Stolen Funds Across Europe", a noteworthy cybersecurity incident.
A sophisticated cybercrime operation is leveraging freelancer-focused fintech platforms in France to create verified mule accounts, facilitating the movement of stolen money across Europe.
The disruption is felt across the environment, affecting Fintech platforms (Revolut, Wise, N26), and exposing Personal data, personally identifiable information, plus an estimated financial loss of €2.5 billion in credit transfer fraud losses in the EEA (2024).
Formal response steps have not been shared publicly yet.
The case underscores how Ongoing, teams are taking away lessons such as Fintech platforms with fast onboarding and business-grade tools are vulnerable to exploitation for money laundering. Hybrid account functionality can be abused by cybercriminals. Phishing and stolen personal data are key enablers of fraudulent account creation, and recommending next steps like Enhance identity verification processes for fintech platforms. Implement stricter monitoring of business account sign-ups. Collaborate with law enforcement and cybersecurity firms to disrupt dark web marketplaces selling verified mule accounts. Educate users on phishing risks and safe data handling practices.
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 Phishing (T1566) with high confidence (90%), with evidence including phishing attacks that harvest victims’ personal data, and fake mortgage advice sites and Valid Accounts: Cloud Accounts (T1078.004) with moderate to high confidence (80%), supported by evidence indicating stolen personal data...used to open fintech accounts. Under the Credential Access tactic, the analysis identified Compromise Accounts (T1586) with moderate to high confidence (80%), supported by evidence indicating stolen personal data...used to open fintech accounts and Compromise Accounts: Email Accounts (T1586.002) with moderate to high confidence (70%), supported by evidence indicating phishing attacks that harvest victims’ personal data. Under the Defense Evasion tactic, the analysis identified Masquerading (T1036) with moderate to high confidence (80%), supported by evidence indicating hybrid nature of these accounts...allowing them to appear legitimate and Hide Artifacts: Email Hiding Rules (T1564.008) with moderate confidence (60%), supported by evidence indicating fake mortgage advice sites, tricking users into submitting sensitive information. Under the Lateral Movement tactic, the analysis identified Proxy (T1090) with moderate to high confidence (70%), supported by evidence indicating facilitating the movement of stolen money across Europe. Under the Collection tactic, the analysis identified Data from Information Repositories (T1213) with moderate to high confidence (80%), with evidence including harvest victims’ personal data, and stolen personal data...used to open fintech accounts. Under the Exfiltration tactic, the analysis identified Exfiltration Over C2 Channel (T1041) with moderate to high confidence (70%), with evidence including rapidly transferring illicit funds, and movement of stolen money across Europe and Exfiltration Over Web Service (T1567) with moderate to high confidence (80%), with evidence including cross-border transfer capabilities, and instant payment rails. Under the Impact tactic, the analysis identified Resource Hijacking (T1496) with high confidence (90%), supported by evidence indicating €2.5 billion in credit transfer fraud losses in the EEA (2024). These correlations help security teams understand the attack chain and develop appropriate defensive measures based on the observed tactics and techniques.
Sources & References
- N26 Rankiteo Cyber Incident Details: https://www.rankiteo.com/company/n26/incident/N261776853591
- N26 CyberSecurity Rating page: https://www.rankiteo.com/company/n26
- N26 Rankiteo Cyber Incident Blog Article: https://blog.rankiteo.com/n261776853591-n26-cyber-attack-january-2022/
- N26 CyberSecurity Score History: https://www.rankiteo.com/company/n26/history
- N26 CyberSecurity Incident Source: https://cyberpress.org/french-fintech-funds-routed/
- 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