FIN11: Widespread Email Campaigns as Precursor for Ransomware and Data Theft

Genevieve Stark, Andrew Moore, Vincent Cannon, Jacqueline O’Leary, Nalani Fraser, and Kimberly Goody of FireEye write:

Mandiant Threat Intelligence recently promoted a threat cluster to a named FIN (or financially motivated) threat group for the first time since 2017. We have detailed FIN11’s various tactics, techniques and procedures in a report that is available now by signing up for Mandiant Advantage Free.

In some ways, FIN11 is reminiscent of APT1; they are notable not for their sophistication, but for their sheer volume of activity. There are significant gaps in FIN11’s phishing operations, but when active, the group conducts up to five high-volume campaigns a week. While many financially motivated threat groups are short lived, FIN11 has been conducting these widespread phishing campaigns since at least 2016.