Incident Score: Analysis & Impact (N26REVWIS1776889641)
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 N26REVWIS1776889641.
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 729 and after the incident was 671 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 "Fraud Networks Exploit Fintech Platforms in France to Launder Stolen Funds", a noteworthy cybersecurity incident.
Organized fraud networks in France are deploying a sophisticated scheme to launder stolen money through fake business accounts on freelancer fintech platforms like Revolut, Wise, and N26.
The disruption is felt across the environment, affecting Fintech platforms (Revolut, Wise, N26), and exposing Personally Identifiable Information (PII), plus an estimated financial loss of $2.5 billion (credit transfer fraud losses in EEA, 2023).
In response, and began remediation that includes Monitoring MVNO IP addresses, sign-up velocity patterns, and device downgrades.
The case underscores how teams are taking away lessons such as Detection of mule accounts requires analysis of the full account lifecycle rather than isolated transactions. Fintech platforms must improve KYC processes and monitor for suspicious sign-up patterns, and recommending next steps like Monitor MVNO IP addresses, sign-up velocity patterns, and device downgrades between KYC and operational phases. Strengthen KYC processes and implement enhanced monitoring for account lifecycle anomalies.
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%), supported by evidence indicating phishing campaigns, such as fake mortgage consultation services, to collect victims PII and Valid Accounts: Cloud Accounts (T1078.004) with moderate to high confidence (80%), supported by evidence indicating stolen PII used to open accounts on fintech platforms (Revolut, Wise, N26). Under the Resource Development tactic, the analysis identified Acquire Infrastructure: Web Services (T1583.006) with moderate to high confidence (70%), supported by evidence indicating fake business accounts sold on dark web marketplaces for $200 to $1,000 each and Obtain Capabilities: Malware (T1588.001) with moderate confidence (60%), supported by evidence indicating sIM modem farms used to generate French IP addresses and phone numbers. Under the Credential Access tactic, the analysis identified Compromise Accounts (T1586) with moderate to high confidence (80%), supported by evidence indicating stolen PII used to open mule accounts on fintech platforms. Under the Defense Evasion tactic, the analysis identified Valid Accounts: Cloud Accounts (T1078.004) with moderate to high confidence (80%), supported by evidence indicating operators mask location using SIM modem farms to generate French IP addresses and Subvert Trust Controls: Code Signing (T1553.002) with moderate confidence (50%), supported by evidence indicating subnet continuity linking new login to original sign-up infrastructure. Under the Collection tactic, the analysis identified Gather Victim Identity Information: Credentials (T1589.001) with high confidence (90%), supported by evidence indicating phishing campaigns collect victims personal data (PII). Under the Command and Control tactic, the analysis identified Proxy: External Proxy (T1090.002) with moderate to high confidence (70%), supported by evidence indicating sIM modem farms used to mask location and generate French IP addresses. Under the Exfiltration tactic, the analysis identified Exfiltration Over C2 Channel (T1041) with moderate to high confidence (80%), supported by evidence indicating mule accounts enable fraudsters to move funds rapidly via instant payment rails. Under the Impact tactic, the analysis identified Resource Hijacking (T1496) with moderate to high confidence (80%), supported by evidence indicating fraud networks exploit fintech platforms to launder stolen funds and Financial Theft (T1657) with high confidence (90%), supported by evidence indicating credit transfer fraud losses in EEA reached $2.5 billion in 2023. 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/N26REVWIS1776889641
- N26 CyberSecurity Rating page: https://www.rankiteo.com/company/n26
- N26 Rankiteo Cyber Incident Blog Article: https://blog.rankiteo.com/n26revwis1776889641-n26-revolut-wise-cyber-attack-january-2023/
- N26 CyberSecurity Score History: https://www.rankiteo.com/company/n26/history
- N26 CyberSecurity Incident Source: https://cybersecuritynews.com/cybercriminals-exploit-french-fintech-accounts/
- 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