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.

 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Friday, 25 May 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!

      freeconsultation
       

      Tag Cloud

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

      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...
      QR-Code