What is FIN7/FIN8?

FIN7 and FIN8: The Notorious Cybercrime Warfare Waged by the Dynamic Duo

FIN7 and FIN8 are two prominent hacking groups that have earned a substantial degree of notoriety in the world of cybersecurity during recent years. Causing disturbances at the global level, these entities continue to pose significant threats to both companies and individuals across numerous industries, notably the retail and hospitality sectors.

The "FIN" in FIN7 and FIN8 stands for "financial," which implies their primary motivation ― financial gains. Even though these groups share this common monetary motivation, they differ substantially in their methods and victims to achieve such ends.

FIN7, also known as Carbanak Group, and sometimes referred to as JokerStash or Anunak, is a sophisticated hacking group known for executing successful cyberattacks on businesses for financial gain. Originating from Eastern Europe, possibly Russia, this group emerged as one of the biggest cyber threats globally. Since 2015, FIN7 is reported to have stolen over a billion dollars from more than 100 US and European companies, primarily targeting the restaurant, hospitality, and retail industries. They commit cyber heists using sophisticated methods such as spear-phishing emails, point-of-sale malware, and advanced persistent threat (APT) strategies, enabling them to penetrate deep into targeted networks, remain undetected, and steal valuable data.

An interesting facet of FIN7 is their sophisticated business operations. They work in a corporate-style structure, with separate teams responsible for operational activities, such as malware development, data extraction, and monetizing stolen info. Given their incessant barrage of hacking attempts and the enormous financial implications, it comes as no surprise that global cybersecurity companies and law enforcement agencies have FIN7 in their crosshairs. Despite these protective efforts, FIN7 has continued to advance its malicious activities.

On the other hand, FIN8, is a discrete cybercrime group that emerged in early 2016. Like FIN7, they also target entities in the retail and hospitality sectors but have a tighter focus on point-of-sale (POS) systems. Leveraging a variety of phishing techniques, they deploy POS malware named BadPOS, enabling them to gather payment card information from infected POS systems and sell it on the darknet.

FIN8's operations were dormant for a while but made a resurgence by deploying more advanced tactics to the already meticulous methodology. This reemergence reflected its adaptability, developing and refining its tactics, continuously formulating ways to bypass popular antivirus software and circumvent diverse security measures. To this day, they remain an active and formidable threat to businesses.

FIN7 and FIN8’s activities should serve as a potent reminder of the advanced cyber threats facing today's businesses. Their modi operandi underscore the necessity for continuous adaptivity and resilience in cybersecurity strategies. Organizations need to ensure they incorporate a multitude of defenses, from traditional antivirus software to more advanced efforts like machine learning and AI, to tackle the persistent advancements from these financially driven cybercrime groups.

While invisible to the naked eye, groups like FIN7 and FIN8 undertake sophisticated operations over the cyber space. As they amass financial bounty from organizations worldwide, businesses must remain vigilant, fortifying their critical IT infrastructure, continuously updating antivirus software, and regularly conducting cybersecurity awareness training for all employees. The fight against these sophisticated cybercriminals needs a consolidated effort from every fact of human society. Hence, continuous vigilance, robust security infrastructure, and awareness are the shining triage that could potentially negate these invisible but potent threats.

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