Get Started Today!  (813) 749-0895    SEARCH SITE

IT Professional Services and Business Continuity

Blog for IT Support and Managed Services in Tampa and Florida

Providing Business IT Support such as technical IT Helpdesk Support, Outsourced Computer Support, Technology Consulting, and Managed IT Services to small and medium-sized businesses in Tampa and Florida.

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 Symmetric Engineering Group 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 (813) 749-0895.

 

Comments

No comments made yet. Be the first to submit a comment

Search

Mobile? Grab this Article!

Qr Code

Tag Cloud

Security IT Support IT Services Tip of the Week Managed IT Services IT Infrastructure Management IT Companies in Tampa Best Practices Business Continuity Business Mobility IT Support Services Cloud Business IT Solutions I.T. Management Technology IT Professional Services Business Computing Privacy Custom Business Solutions Email Microsoft Hackers Malware IT Business Solutions Business Applications Productivity Internet IT Management Business Technology Consultants Hosted Solutions Managed Service Provider Managed IT Service in Florida Business IT Support Windows 10 Computer I.T. Support Managed Services in Florida Windows Managed IT Service Mobile Devices Dynamic Solutions IT Risk Management I.T. Services IT Support Services in Tampa Managed IT Software IT Services in Florida Backup Disaster Recovery Data IT Outsourcing in Tampa Ransomware IT Support in Tampa Network Security Google IT Service Internet of Things Managed Services Outsourced IT Managed Services in Tampa Bay Hardware Microsoft Office User Tips IT Managed Services Remote Monitoring Android Communication Workplace Tips Data Backup Upgrade Data Management Mobile Device Management Tech Companies in Tampa Tampa IT Support App Gmail Data Recovery Smartphone Phishing Network IT Services in Tampa Firewall IT Outsourcing Smartphones Social Media Business IT Support Services Innovation Save Money Small Business IT Solutions Apple Browser Data Computer Services Unified Threat Management Operating System Mobile Device Content Filtering Collaboration Managed Service in Tampa Computer Networking Cloud Computing IT Outsourcing in Florida IT Service Management IT Company Business Plan Word Vendor Management IT Vendor Management IT solutions Bring Your Own Device Settings Cybersecurity Customer Relationship Management Telephone Systems IT Company Encryption Robot Wireless Technology Hosted Solution Data storage Retail Passwords IT Management Services BYOD Big Data Risk Management Facebook Computer Hardware Repair Holiday SaaS WiFi Miscellaneous Server Office 365 Efficiency Budget Automation Apps Solid State Drive Recovery IT Support Helpdesk Presentation IT Companies in Florida Mobility Productivity IT Management Service Network Congestion Windows 10 Administration Google Drive Computer Support End of Support Uninterrupted Power Supply BDR Tip of the week Analytics I.T. Company Mobile Computing Website Virtual Desktop Antivirus YouTube Computer Networking Services Search Office Laptop communications Outlook IT Support Small Business Monitors Help Desk Managed IT Outsourcing Managed IT Services Wireless LiFi Alert Business Continuity Services Microsoft Virtual Server Hosting in Tampa and Florida IBM Money Virtualization Chrome Artificial Intelligence Remote Computing Saving Money Customer Service Computer Network Services Business Application Office Tips Information Technology Training Patch Management Data Technology File Sharing Backups User Error Network Management Bitcoin Microsoft Affiliate Program Identities Avoiding Downtime Managed Services in Floirda Sync Current Events Technology Consulting Firms VoIP Application Network Support in Florida Bandwidth Vulnerability IT Consulting Files Legal Writing Information Technology Consulting Touchscreen Windows 8 Microsoft Business Solutions Augmented Reality Cabling IT Company in Tampa Mobile Device Managment Professional Service Going Green Digital History VoIP Education Virtual Private Network VPN Websites Social Engineering IT Consulting Services Business Growth Fun Alt Codes Infrastructure Managed Service in Florida IT Managed Service Provider Health Health Care IT Services Printing Spyware The Internet of Things Disaster Hacker Mail Merge Password Server Hosting in Tampa Downtime Typing Hacking Business IT Solutions Computers Halloween Gadgets Address Google Docs Hard Disk Drive IT Support Companies in Tampa Healthcare IT Flexibility Servers Full Service IT Computing Display Scary Stories How To Domains Digital Payment Redundancy Best Practice Server Hosting Compliance Users Managed it Services in Tampa Hard Drives IT Support and Solutions Net Neutrality Storage Computer Care Server Management Spam Google Wallet Sports Firefox Public Speaking Safety Unified Communications Tablet Project Management Heating/Cooling Business Continuity Service Providers Regulations Marketing Dark Data Managed Service Providers Server Hosting in Florida Cortana Computer Repair IT Managed Service in Tampa Statistics Intranet Programming Drones Assessment Google Maps Virtual Reality Tampa IT Services Tech Company in Tampa Top IT Outsourcing Company Knowledge Maintenance Help Desk Support in Tampa USB Bluetooth Careers Politics Buisness Consultation Consulting Services Digital Signature Business Technology Employer-Employee Relationship IT Consulting Service Outsourced Computer Support Experience Corporate Profile Help Desk Support Jobs Mouse IT Service in Tampa Trending Quick Tips Co-managed IT Service IT Deep Learning Licensing Lenovo Automobile Social WannaCry Undo Two-factor Authentication Shortcut Save Time CIO Time Management Cryptocurrency IT Solutions for Small Business Software Tips Superfish User Humor Samsung Hacks IT Tech Support Data loss Competition IT Vendor Management in Tampa Identity Theft Saving Time Scam Unsupported Software Physical Security Notifications Cameras Business Management Networking Mobile Data Cybercrime CCTV Crowdsourcing Running Cable Taxes Supercomputer Botnet Emoji G Suite Government CrashOverride Black Market IP Address IT Budget Managed Servers Machine Learning Cleaning Work/Life Balance Virus Mobile Office Relocation Hiring/Firing Travel Paperless Office Law Enforcement Private Cloud Refrigeration Motion Sickness Staffing Personal Information Gadget Emergency Error How To Lithium-ion Battery Cost Management Meetings GPS Tech Support Wi-Fi Public Cloud Upgrades Twitter I.T. Managament Webcam Tracking Telephony Thank You IT Consultant 5G Update 3D Printing Processors Business Appplications Point of Sale Document Management Electronic Medical Records Congratulations Chromebook Administrator Web Server

Latest Blog Entry

About two and a half years ago, Lenovo was brought under fire for manufacturing products that had adware preinstalled on them. This malware, a variant called Superfish, was installed on up to 750,000 Lenovo devices, and the company--eager to put this incident behind them--st...

Latest News

SEG Awarded Small Business of the Year Award!

Symmetric Engineering Group was awarded the Upper Tampa Bay Chamber Small Business of the Year Award for their understanding technical service and support throughout the Tampa Bay area

Read more ...

Account Login