crn5000-inc2015 BPTW logo
Contact us today!
(918) 770-8738

Integrated Business Technologies Blog

Integrated Business Technologies has been serving the Broken Arrow area since 2007, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

How a Single Hacker Stole $100 Million From Two Major Tech Companies

An unfortunate fact about the modern business world is that any organization that utilizes technology is playing with fire. Cyber attacks can circumvent even the most well-protected networks through the company’s users. This is, unfortunately, something that business owners often don’t learn until they’re on the receiving end of an attack; just like the two companies that fell victim to phishing attempts that were supposedly operated by Evaldas Rimasauskas, a Lithuanian hacker who has been accused of stealing $100 million from them.

According to acting United States Attorney Joon H. Kim, “This case should serve as a wake-up call to all companies--even the most sophisticated--that they too can be victims of phishing attacks by cyber criminals.” These words apply to the business world for one major reason: the public doesn’t know who, specifically, the two affected companies are. All that we know is that one of them is a “multinational online social media company” and the other a “multinational technology company.”

Rimasauskas is facing charges of orchestrating a phishing attack that was supposed to convince the victims to wire transfer funds into accounts in Latvia and Cyprus. The U.S. Department of Justice explains that this feat was accomplished by building a company in Latvia with the same name as a computer manufacturer in Asia. The fake company then used its new identity to reach out to companies that had a known relationship with the Asian manufacturer or its services, claiming that there were balances that had yet to be paid. Following the wire transfer, Rimasauskas would then divvy up the funds for transfer to various global bank accounts.

These allegations have brought wire fraud charges against Rimasauskas that could potentially land him in prison for up to 20 years, as well as three more counts of money laundering, each also worth a maximum of 20 years each. To top it all off, he has a single count of aggravated identity theft with a minimum of two years in prison.

So, what can your business learn from this incident? Well, the first is that these victims were described as “multinational,” meaning that they are large countries that are easily recognizable. Companies as large as these certainly have the means to protect themselves from the odd phishing scammer, but the perpetrator was able to bypass these security standards by targeting the users directly.

The old adage, a chain is only as strong as its weakest link, still holds strong; and, in situations like these, that link is painfully clear. For smaller organizations, the need is only more important, as it becomes more critical to shore up this particular weakness. Larger organizations have more difficulty ensuring these high standards for all employees. It’s important that each and every member of your staff understand company security policies.

The second lesson that you can learn from this event comes from the process used by hackers to defraud businesses. Considering that many hackers will only want to put in the minimum amount of effort to hit their targets, it’s logical to assume they would rather go after an easier target than invest more effort with no possibility for a return. It’s simply a matter of how much work it is to get around enterprise-level security.

What happens when all it takes to collect data is writing a couple of emails and setting up bank accounts? A hacker can then communicate with the target and take whatever they can get, and do the same thing to any other companies foolish enough to fall for the trick.

The biggest takeaway from this event is that you can’t ignore the basics. Training, in combination with powerful enterprise-level security, can be a great way to ward off potential attacks. In fact, companies are quite rarely breached due to advanced threats, and are often brought down due to something small that was overlooked, like a spam email or access log discrepancy.

You won’t catch Integrated Business Technologies ignoring important details that could threaten your business. For more information about what we can do for your network’s security, reach out to us at (918) 770-8738.



No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Thursday, 22 March 2018
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

Sign Up for Our Newsletter

  • First Name *
  • Last Name *

      Free Consultation

      Sign up today for a
      FREE Network Consultation

      How secure is your IT infrastructure?
      Let us evaluate it for free!

      Sign up Now!


      Tag Cloud

      Security Technology Tip of the Week Business Management Privacy Managed Service Provider Internet Microsoft Cloud Saving Money Productivity Business Computing Workplace Tips Best Practices IT Services Backup Hackers Hosted Solutions Email Mobile Devices Malware Small Business Business Software IT Support Network Hardware Server Smartphones Data Communication Upgrade Windows Business Continuity Mobile Device Management VoIP Virtualization Efficiency Microsoft Office Disaster Recovery Google Computer Vendor Management Miscellaneous Mobile Office Gadgets Holiday Innovation Social Media Quick Tips Outsourced IT BYOD Android Smartphone Windows 10 User Tips Mobile Computing WiFi Best Practice Passwords Remote Monitoring Browser Bring Your Own Device Spam Users Internet of Things The Internet of Things Trending Operating System Wireless Technology Apple Network Security Remote Computing Alert Firewall Data Management Managed IT services Content Filtering Data Backup Ransomware History Going Green Gmail Managed IT Analytics IT Solutions Big Data Save Money Lithium-ion Battery Unified Threat Management Office IT Consultant Printer Tech Support Artificial Intelligence Information Technology Current Events Avoiding Downtime Maintenance Hard Drives App Customer Relationship Management Facebook Windows 8 Antivirus Encryption Humor Saving Time Application Business Growth Virus Employer-Employee Relationship Customer Service Hacking Fax Server Computers Phone System Outlook Health Collaboration Two-factor Authentication Data Recovery Marketing Excel Automation Document Management Office Tips Retail Phishing Digital Payment IT service VPN Risk Management Apps Managed IT Services Tablet Training iPhone Data Security Office 365 User Error Co-Managed IT Password Administration Cybersecurity Augmented Reality Presentation Computer Repair Cloud Computing Proactive IT Budget Mouse Router Inbound Marketing Social Recovery Net Neutrality Money Mobile Device Running Cable Licensing Applications PowerPoint Project Management Chrome Data storage Paperless Office Wi-Fi Hiring/Firing Data loss Robot Unified Communications HIPAA Help Desk Printing Intranet End of Support Website Business Intelligence LiFi Statistics Computing Competition Network Congestion Tip of the week Downtime Piracy Government Mobility Mobile Security Sports Search Virtual Desktop USB Point of Sale Business Owner Files Scam Compliance Hacker User Programming IBM Regulations Analyitcs Education Tech Term Infrastructure File Sharing Redundancy Safety Bandwidth Specifications Wearable Technology Settings Social Networking Flexibility Wireless Hosted Solution Cybercrime Display Save Time Alerts Microsoft Excel Value Documents Operations eBay Business Technology Macro communications Productivity Halloween Hacks Entrepreneur Remote Support Technology Tips Leadership Blockchain New Additions Undo Skype Streaming Media PDF Print Server People Text Messaging Networking 5G Travel Scary Stories Work Station Comparison Permissions Congratulations Gaming Console IT Management LinkedIn Law Firm IT IT Technicians Video Surveillance Virtual Reality Identity Theft Windows 8.1 Update Recycling Black Friday Fraud Windows 10 Monitors Domains Best Available Deep Learning Mirgation Techology SaaS Fun Google Wallet Word Cyber Monday Internet Exlporer Writing Public Speaking eWaste Bluetooth Storage Disaster Resistance Cortana Adminstration Drones Online Currency Smart Technology 3D Server Management Social Engineering Buisness Identities Environment Migration Computer Accessories IT Consulting Downloads Telephony Knowledge Backups Distributed Denial of Service Samsung Hotspot CIO Solid State Drive Troubleshooting Debate Chatbots Data Breach Multi-Factor Security Experience Software Tips Legal Heating/Cooling Company Culture Twitter Managed IT Service Crowdfunding Language Vulnerability Consumers Alt Codes Identity Touchscreen Technology Laws Google Calendar Scheduling Private Cloud Break Fix Computing Infrastructure Virtual Private Network IP Address YouTube Typing Unified Threat Management Legislation Public Cloud Dark Web Google Drive Refrigeration Disaster Cooperation How To Cryptocurrency Access Control Sync Data Warehousing IT Support Google Docs Cost Management Digital Signature Conferencing Memory Staff Laptop Bitcoin SharePoint Software as a Service PC Care Mobile Device Managment

      Top Blog

      Basically, any machine that uses fans and vents to cool itself can overheat if airflow is restricted. If you have used a laptop on your lap for an extended session, then you know what we are talking about when the computer becomes hot to the touch. Every portable device is designed a little diffe...