Research Summary

FIN7, also known by aliases such as Carbanak, Sangria Tempest, Carbon Spider, and GOLD NIAGARA, is a highly sophisticated cybercriminal group originating from Eastern Europe and Russia, active since at least 2013. The group has a notorious reputation for targeting the financial, hospitality, retail, technology, and media sectors. FIN7 employs advanced phishing techniques and custom malware to steal payment card data, deploy ransomware, and conduct extensive cyber espionage.

Despite significant law enforcement actions, including the arrest and conviction of several members, FIN7 remains a formidable threat. The group's operations are marked by their complexity, scale, and adaptability. They utilize an extensive network of over 4,000 domains for phishing and malware campaigns aimed at prominent global brands such as Meta, Microsoft, and Reuters. FIN7's infrastructure is obfuscated through the use of corporate fronts and rented infrastructure, complicating efforts to attribute and dismantle their operations.

FIN7's tactics, techniques, and procedures (TTPs) include sophisticated phishing campaigns, the deployment of custom malware like Carbanak and Gracewire, and the execution of complex ransomware attacks using strains such as REvil, DarkSide, and Ryuk. The group has been observed using advanced evasion techniques to bypass endpoint detection and response (EDR) systems, including the development of tools like AvNeutralizer.

Their primary motivation is financial gain, focusing on sectors rich in valuable data and assets. FIN7 conducts extensive reconnaissance to identify vulnerabilities and potential targets, often executing well-coordinated attacks across multiple countries, including the United States, United Kingdom, Germany, France, and Australia. Their persistent presence and ability to innovate make them a significant adversary in the cybersecurity domain.

In conclusion, FIN7's continued evolution, sophisticated attack methods, and financial motivations pose a substantial threat to global cybersecurity. Organizations must remain vigilant, employing robust security measures to protect against FIN7's sophisticated and persistent attacks. By understanding their TTPs and maintaining updated threat intelligence, organizations can better defend against this persistent threat actor.

Assessment Rating

Rating: HIGH

The assessment rating for FIN7 is HIGH due to their sophisticated and persistent attack methods, the scale of their operations, and their targeting of critical sectors such as finance, hospitality, retail, technology, and media. Their ability to adapt and innovate poses a significant risk to organizations worldwide, with the potential for significant financial and reputational damage.

Findings

1. Sophisticated Phishing Techniques: FIN7 uses advanced phishing campaigns, including shell domains that morph into phishing sites, targeting major brands to capture sensitive user information.
2. Custom Malware Deployment: The group employs custom malware such as Carbanak and Gracewire to steal payment card data, deploy ransomware, and conduct cyber espionage.
3. Ransomware Deployment: FIN7 has been linked to various ransomware strains, including REvil, DarkSide, Ryuk, and Cl0p, demonstrating collaboration with other ransomware groups.
4. Persistent Threat: Despite arrests and law enforcement efforts, FIN7 continues to operate and evolve, posing a persistent and resilient threat.
5. Financial Motivation: FIN7's primary motivation is financial gain, targeting sectors with valuable data and assets through credit card fraud and POS system attacks.
6. Global Reach and Scale: FIN7 operates on a large scale, utilizing an extensive network of over 4,000 domains, targeting organizations across multiple countries.
7. Advanced Evasion Techniques: The group develops and employs advanced evasion techniques, such as EDR bypass tools like AvNeutralizer, to avoid detection.
8. Diverse Attack Vectors: FIN7 employs a variety of attack types, including spearphishing, drive-by compromises, malicious browser extensions, and ransomware.
9. Resilient Infrastructure: The use of rented infrastructure and corporate fronts complicates attribution and takedown efforts.

Origin and Attribution

FIN7 is believed to originate from Eastern Europe and Russia. The group has been linked to various cybercriminal activities, including payment card fraud, ransomware deployment, and cyber espionage. Law enforcement agencies have attributed several high-profile attacks to FIN7, and multiple members have been arrested and convicted in Russian courts.

Countries Targeted

1. United States: Primary target for financial and retail sector attacks, FIN7 has targeted numerous organizations in the U.S.
2. United Kingdom: Active in targeting financial services and media organizations.
3. Germany: FIN7 has conducted operations focusing on financial institutions.
4. France: Recent campaigns have targeted cultural institutions like the Louvre Museum.
5. Australia: Targeted organizations in the hospitality sector.
6. Global: FIN7's operations have a broad reach, affecting organizations worldwide.

Sectors Targeted

1. Finance: FIN7 primarily targets financial institutions to steal payment card data and deploy ransomware.
2. Hospitality: Targeted hotels and restaurants to access payment systems and customer data.
3. Retail: Attacked retail organizations to steal payment card information.
4. Technology: Attacks on tech companies for intellectual property and user data.
5. Media: Targeted for sensitive information and potential influence operations.
6. Automotive: Recently expanded operations to target the automotive industry.

Motivation

FIN7's primary motivation is financial gain. The group targets sectors with valuable data and assets, using sophisticated techniques to steal payment card information, deploy ransomware for extortion, and conduct cyber espionage.

Attack Types

• Phishing and Spearphishing: Advanced phishing campaigns to gain initial access, including shell domains that morph into phishing sites.
• Malware Deployment: Use of custom malware like Carbanak and Gracewire to steal data and deploy ransomware.
• Ransomware: Deployment of ransomware strains such as REvil, DarkSide, Ryuk, and Cl0p to extort money from victims.
• Drive-by Compromise: Exploiting vulnerabilities in web browsers and plugins.
• Malicious Browser Extensions: Used to capture sensitive information.
• Malware Distribution via Malicious Ads: Distributing malware via malicious Google Ads campaigns.

Known Aliases

1. Carbanak - Mandiant
2. GOLD NIAGARA - CrowdStrike
3. ITG14 - IBM X-Force
4. Carbon Spider - CrowdStrike
5. ELBRUS - Recorded Future
6. Sangria Tempest - Microsoft
7. ATK32 - Various sources

Links to Other APT Groups

1. REvil: FIN7 has been linked to the REvil ransomware group through shared infrastructure and TTPs.
2. DarkSide: Connections to DarkSide through similar attack methods.
3. Cl0p Ransomware Group: Observed using similar tools and techniques, with increased collaboration.
4. Carbanak: Often associated due to similar tactics and overlapping infrastructure.

Breaches and Case Studies

1. U.S. Department of Justice Indictment - 2018 - Source

   • Description: The U.S. Department of Justice indicted three Ukrainian members of FIN7 for their involvement in cyberattacks targeting over 100 companies.
   • Actionable Takeaways: Organizations should enhance their phishing defenses and monitor for known FIN7 TTPs.

2. SentinelOne Report on AvNeutralizer - 2024 - Source

   • Description: SentinelOne reported on FIN7's continued development of the AvNeutralizer tool to bypass EDR systems.
   • Actionable Takeaways: Implement robust EDR solutions and regularly update threat intelligence feeds.

3. Louvre Museum Phishing Campaign - 2024 - SilentPush

   • Description: Targeted visitors to the Louvre Museum with phishing pages mimicking ticketing services.
   • Actionable Takeaways: Implement advanced email filtering and user education to prevent phishing attacks.

4. Meta Phishing Campaign - 2024 - SilentPush

   • Description: Used shell domains to redirect users to phishing pages targeting Meta services.
   • Actionable Takeaways: Monitor domain registrations and implement domain-based message authentication.

Forecast

Short-Term Forecast (3-6 months)

1. Expansion of Phishing Infrastructure

   • FIN7 is likely to continue expanding its phishing infrastructure, preparing for widespread operations. This includes setting up numerous fake websites mimicking legitimate companies to harvest credentials and distribute malware.
   • References:
     • Fletch's AI
     • FTI Cybersecurity
     • The Hacker News

2. Increased Collaboration with Other Ransomware Groups

   • FIN7 is expected to intensify collaboration with ransomware groups such as Cl0p, leveraging shared tools and techniques to enhance the effectiveness of their attacks.
   • References:
     • Arete Incident Response
     • Team Cymru

Long-Term Forecast (12-24 months)

1. Development of Advanced Evasion Techniques

   • Over the next 12-24 months, FIN7 is expected to continue developing and selling EDR evasion tools to other cybercriminals. This will likely lead to more sophisticated and coordinated ransomware attacks.
   • References:
     • Security Intelligence
     • SentinelOne

2. Targeting of Emerging Sectors and Markets

   • FIN7 is likely to expand its targeting to include emerging sectors such as technology and media and shift focus to emerging markets with less mature cybersecurity infrastructures.
   • References:
     • SilentPush
     • Team Cymru

Followup Research

1. What are the latest TTPs employed by FIN7 in 2024, and how have they evolved from previous years?
2. How effective are current EDR solutions in detecting and mitigating FIN7's custom tools like AvNeutralizer?
3. What are the potential links between FIN7 and other emerging ransomware groups in 2024?
4. How can organizations improve their phishing defenses to prevent initial access by FIN7?
5. How can threat intelligence sharing be improved to counter FIN7's activities?
6. What role do international collaborations play in disrupting FIN7's operations?

Recommendations, Actions and Next Steps

1. Enhance Phishing Defenses: Implement advanced email filtering solutions and conduct regular employee training to recognize phishing attempts.
2. Deploy Robust EDR Solutions: Utilize endpoint detection and response tools to detect and mitigate FIN7's custom malware and tools.
3. Regularly Update Threat Intelligence: Subscribe to threat intelligence feeds from authoritative sources to stay informed about FIN7's latest activities and TTPs.
4. Monitor Domain Registrations: Use threat intelligence feeds to monitor for suspicious domain registrations related to your organization.
5. Conduct Threat Hunting: Regularly perform threat hunting exercises to identify and respond to potential FIN7 activities within your network.
6. Implement Multi-Factor Authentication: Strengthen access controls by requiring multi-factor authentication for all critical systems.
7. Implement Network Segmentation: Segment critical systems and data to limit the impact of a potential FIN7 breach.
8. Collaborate with Threat Intelligence Providers: Engage with threat intelligence platforms to receive timely updates on FIN7's activities and infrastructure.

APPENDIX

References and Citations

1. U.S. Department of Justice Indictment
2. SentinelOne Report on FIN7
3. SilentPush Blog on FIN7
4. Fletch's AI FIN7 Threat Guide
5. Security Intelligence on FIN7 Selling EDR Evasion Tools
6. The Hacker News on FIN7 Infrastructure
7. Arete Incident Response on FIN7 and Cl0p

Mitre ATT&CK TTPs

1. T1566 - Phishing
2. T1059 - Command and Scripting Interpreter
3. T1176 - Browser Extensions
4. T1105 - Ingress Tool Transfer
5. T1547 - Boot or Logon Autostart Execution
6. T1189 - Drive-by Compromise
7. T1486 - Data Encrypted for Impact

Mitre ATT&CK Mitigations

1. M1021 - Restrict Web-Based Content
2. M1017 - User Training
3. M1049 - Antivirus/Antimalware
4. M1050 - Exploit Protection
5. M1030 - Network Segmentation
6. M1054 - Software Configuration

Considerations

Important Considerations

1. Adaptation to Law Enforcement Efforts

   • Despite arrests and law enforcement efforts, FIN7 has demonstrated a strong ability to adapt and continue its operations. This resilience suggests that the group will remain a significant threat, and organizations must stay vigilant and proactive in their cybersecurity strategies.
   • Reference: SentinelOne

2. Global Reach and Impact

   • FIN7's operations have a global reach, affecting multiple countries and sectors. The group's ability to conduct well-coordinated attacks across borders highlights the need for international cooperation and information sharing among cybersecurity professionals to effectively combat this threat.
   • Reference: Intel471

3. Evolving Attack Techniques

   • FIN7 continues to evolve its attack techniques, including the development of advanced evasion methods and new malware variants. Staying informed about these changes is critical for effective defense.
   • Reference: Security Intelligence

Less Important Considerations

1. Focus on Traditional Sectors

   • While FIN7's traditional focus on finance, hospitality, and retail remains important, the group's expansion into new sectors may reduce the relative importance of these traditional targets in the long term. Organizations in these sectors should still maintain strong defenses but be aware of the shifting threat landscape.
   • Reference: The Hacker News

2. Use of Legacy Malware

   • Although FIN7 has been known to use legacy malware like Carbanak, the group's continuous development of new tools and techniques suggests that reliance on older malware may decrease over time. Organizations should focus on detecting and mitigating newer threats rather than solely relying on defenses against known malware.
   • Reference: Krebs on Security

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