fin7

Executive Summary

FIN7, also known as the Carbanak Group, is a sophisticated cybercriminal organization notorious for its financially motivated attacks. Active since at least 2013, FIN7 has been linked to numerous high-profile breaches, primarily targeting the retail, hospitality, and financial sectors. This report provides an in-depth profile of FIN7, covering their background, targets, tools, tactics, and procedures (TTPs), recent activities, and indicators of compromise (IOCs).

##Background and History FIN7 emerged as a significant threat actor around 2013, initially focusing on point-of-sale (POS) systems to steal payment card data. Over time, the group’s operations expanded in scope and sophistication. Despite several arrests of key members in 2018, FIN7 has continued to evolve, indicating a robust organizational structure capable of withstanding law enforcement actions.

##Known Targets and Methods FIN7 predominantly targets industries where financial transactions are frequent and security measures may be less stringent. Key sectors include:

1. Retail

  • Method: Compromising POS systems to harvest payment card data.
  • Impact: Massive data breaches resulting in financial losses and reputational damage.

2. Hospitality

  • Method: Spear-phishing campaigns to gain initial access, followed by lateral movement within networks.
  • Impact: Theft of customer credit card information and personal data.

3. Financial Services

  • Method: Using sophisticated malware to infiltrate banking networks and ATMs.
  • Impact: Unauthorized transactions and significant financial theft.

Tools, Tactics, and Procedures (TTPs)

FIN7 employs a diverse array of tools and techniques to achieve their objectives. Key TTPs include:

1. Spear-Phishing Campaigns

  • Technique: Highly targeted phishing emails designed to trick recipients into opening malicious attachments or links.
  • Tools: Custom-crafted phishing lures tailored to the target’s business context.

2. Custom Malware

  • Tools: Carbanak, a sophisticated backdoor malware; Cobalt Strike, a penetration testing tool often repurposed for malicious use.
  • Functionality: These tools enable remote control of compromised systems, data exfiltration, and deployment of additional malware.

3. Lateral Movement

  • Technique: Once inside a network, FIN7 uses legitimate tools like PowerShell and Windows Management Instrumentation (WMI) for lateral movement.
  • Objective: To gain access to high-value targets within the network, such as financial systems and databases.

4. POS Malware

  • Tools: Custom POS malware designed to scrape payment card data directly from memory.
  • Deployment: Often deployed through compromised remote desktop connections or after gaining administrative access.

Recent Activities and Campaigns

Despite law enforcement efforts, FIN7 remains active and continues to adapt its strategies. Notable recent activities include:

1. COVID-19 Themed Phishing

  • Campaign: Leveraging the pandemic to craft convincing phishing emails related to health and safety updates, remote work policies, and financial relief programs.
  • Impact: Increased success rate in phishing campaigns due to the heightened sense of urgency and fear.

2. Targeted Ransomware Attacks

  • Campaign: Shifting focus to ransomware, with a dual extortion model where data is encrypted and threatened with public release.
  • Tools: Use of REvil (Sodinokibi) ransomware, indicating potential collaboration with other cybercriminal groups.

3. Supply Chain Attacks

  • Campaign: Compromising third-party service providers to gain access to multiple targets through a single breach.
  • Example: Attack on a major managed service provider (MSP), affecting numerous downstream clients.

Indicators of Compromise (IOCs)

To detect and mitigate the risk posed by FIN7, organizations should monitor for the following IOCs:

1. Email Indicators

  • Phishing Email Characteristics: Emails containing urgent requests, suspicious attachments, or links to unfamiliar domains.

2.Network Indicators

  • Command and Control (C2) Communications: Outbound traffic to known malicious domains or IP addresses associated with FIN7 infrastructure.
  • Lateral Movement Tools: Unusual use of administrative tools like PowerShell, WMI, and RDP.

3. Malware Signatures

  • Carbanak: Specific code signatures and behaviors associated with Carbanak malware.
  • POS Malware: Memory scraping activity on POS systems.

Mitigation Strategies

To defend against FIN7, organizations should implement the following strategies:

1. Enhanced Email Security

  • Action: Deploy advanced email filtering solutions and conduct regular phishing awareness training for employees.
  • Benefit: Reduces the risk of initial compromise through spear-phishing.

2. Endpoint Protection

  • Action: Use advanced endpoint detection and response (EDR) tools to monitor and respond to suspicious activities.
  • Benefit: Early detection of malware and anomalous behaviors.

3. Network Segmentation

  • Action: Implement network segmentation to limit lateral movement opportunities for attackers.
  • Benefit: Contains breaches and protects critical assets.

4. Regular Security Audits

  • Action: Conduct regular security audits and vulnerability assessments, focusing on POS systems and third-party vendors.
  • Benefit: Identifies and mitigates potential security weaknesses.

Conclusion

FIN7 remains a formidable adversary in the cyber threat landscape, continually adapting its methods to evade detection and maximize financial gain. By understanding their TTPs and implementing robust security measures, organizations can better defend against this persistent threat actor. Continuous monitoring, employee training, and proactive security practices are essential to mitigate the risks posed by FIN7 and similar cybercriminal groups.

Sources

  • FireEye Threat Intelligence: Detailed profiles and analysis of FIN7’s activities and TTPs.
  • Symantec Security Response: Reports on FIN7’s evolving strategies and recent campaigns.
  • Krebs on Security: Insights into high-profile breaches attributed to FIN7.
  • MITRE ATT&CK: Comprehensive database of FIN7’s known tactics, techniques, and procedures.
  • Dark Reading: Coverage of FIN7’s latest activities and industry impact.

By leveraging these sources, organizations can stay informed about the latest developments related to FIN7 and enhance their cybersecurity defenses accordingly.