Date of Incident: May 2024
The Incident
In May 2024, a Singapore-based commodity trading group (Victim) discovered that files on a finance workstation had been encrypted and renamed with a [redacted] extension. A ransom note titled Read_Me.txt confirmed the worst: a ransomware payload had detonated.
Unsure of the attacker’s entry point — or whether other systems were affected — the company engaged Blackpanda’s On-Demand Incident Response (ODIR) service for immediate containment and clarity.
Attack Vector: Likely a Phishing Email That Triggered Local Infection
The organisation’s security team isolated the compromised device and initiated antivirus scans. However, lacking deep forensic tools and facing business continuity concerns, they escalated the incident through the Blackpanda ODIR channel.
Key findings included:
- Encrypted files on a single Windows workstation
- Ransomware payload identified as a variant of Phobos
- No outbound C2 connections or active network propagation detected
- Suspicious ZIP or EXE file likely delivered via phishing email
Blackpanda deployed immediately, performing disk imaging and memory capture and launching a forensic sweep of on-premise infrastructure.
“The quick escalation and response from Blackpanda helped us isolate and contain the incident before it affected other business systems. Their thoroughness gave us confidence that we avoided a major crisis.”
– Group IT Manager, Singapore Commodity Trading Firm
Response Outcome: Contained and Confirmed as Isolated
Blackpanda executed a cross-system review involving disk imaging, memory capture, and log correlation. Final findings:
- No evidence of lateral movement, credential theft, or privilege escalation
- No data exfiltration or beaconing activity observed
- Malware activity isolated to a single device
- Root cause linked to likely phishing email with a malicious attachment
A full report was delivered with validated containment and a recovery roadmap.
Cost Snapshot
IR-1 Status at Time of Breach: Not Subscribed
Missed Opportunity: IR-1 Would Have Cut Costs Over 9x
With IR-1 in place, the response would have cost nothing beyond the client’s prepaid subscription — providing the same rapid triage and peace of mind.
What IR-1 Would Have Delivered
- Instant activation with no hourly billing
- Full forensic containment, including disk imaging and memory analysis
- Threat attribution and regulatory-grade reporting
- Complimentary Attack Surface Management (ASM) for early detection
Post-Incident Recommendations
To strengthen future defenses, Blackpanda advised:
- Consistent OS patching and update schedules
- Stronger email filtering for attachments and malicious links
- Broader EDR deployment across remote and HQ systems
- Phishing awareness and simulation training for finance and operations teams
Already an IR-1 Customer? You’re Covered.
As an IR-1 subscriber, you’ve already secured the peace of mind that comes with knowing Asia’s leading cyber incident response team is on standby — 24/7, 365 days a year.
Unlike traditional responders, Blackpanda is uniquely positioned as a Lloyd’s of London–backed cyber incident underwriting entity. Through IR-1, we’ve productized digital forensics and incident response (DFIR) into a seamless SaaS-delivered assurance solution.
Your subscription includes:
- Always-on response access to Blackpanda’s elite DFIR team
- Integrated Attack Surface Management (ASM) technology at no additional cost
- Discounted, pre-integrated cyber insurance coverage available by Blackpanda for IR-1 customers
📧 To view your current ASM report or receive an automated cyber insurance quote, log in via your IR-1 platform.
Prefer a direct conversation? Contact us at customercare@blackpanda.com.
Cyber emergency? You’re already protected. IR-1 puts elite incident response just a few clicks away.
Frequently Asked Questions
- What is ODIR by Blackpanda?
ODIR (On-Demand Incident Response) is Blackpanda’s pay-per-incident DFIR service for organisations without IR-1 subscriptions.
- How much did this ransomware response cost?
The ODIR engagement cost USD 75,000 (150 hours @ USD 500/hr).
- What ransomware was identified in this case?
A Phobos ransomware variant, likely delivered via a phishing email.
- How does IR-1 compare to ODIR?
ODIR is billed hourly. IR-1 is a fixed-cost subscription (e.g., USD 8,000/year for 800 endpoints) offering unlimited incident coverage — saving 9x in this case.
- What did Blackpanda’s forensics confirm?
No lateral movement, no credential theft, no privilege escalation, no data exfiltration — ransomware was isolated to one device.
