Contact us today!
(800) 588-4430

Telesys Voice and Data Blog

Telesys Voice and Data has been serving the Richland Hills area since 1994, 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

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 Telesys Voice and Data 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 (800) 588-4430.


No comments yet
Already Registered? Login Here
Thursday, 24 August 2017
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

Blog Archive

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!

Free Consultation

Tag Cloud

Security Tip of the Week Technology Cloud Best Practices Hackers Privacy Business Computing Malware Productivity Business Microsoft Email Windows 10 Internet Backup Computer Hosted Solutions Software IT Services Workplace Tips Managed Service Provider Google Social Media Hardware Smartphone Ransomware IT Support App Efficiency User Tips Communication Mobile Devices Business Continuity Android Managed IT services Office Network Security Disaster Recovery Facebook Upgrade Miscellaneous Browser WiFi Data Innovation Microsoft Office Network Windows Big Data Data Management Smartphones Gmail Password Internet of Things Robot Apps Hosted Solution Recovery Spam Holiday Office 365 Avoiding Downtime Unified Threat Management Customer Service Mobile Device Management Hacker Firewall Cloud Computing Remote Monitoring How To Content Filtering Save Money Phishing Work/Life Balance Office Tips Server Apple Hacking Computers Artificial Intelligence Alert Word Data storage Telephone Systems Operating System Small Business Education Business Management Cybercrime Saving Money Remote Computing Business Growth Presentation Money SaaS Social Customer Relationship Management Chrome Passwords Outsourced IT Employer-Employee Relationship Settings Productivity Health Risk Management Google Drive Websites The Internet of Things Marketing Going Green Physical Security Taxes Mobile Computing Running Cable Botnet IBM Printing Competition Tech Support Windows 10 Bandwidth Search Computing Information Technology Bring Your Own Device Sports Humor IT service Cortana Virtualization Computer Care Analyitcs Administration VoIP Virtual Reality Cybersecurity Training IT solutions Safety IT Support Paperless Office Encryption Wireless Technology Automobile Upgrades Wireless Managed IT Services Budget Downtime End of Support Website Outlook communications Wi-Fi IT Management User YouTube Collaboration Legal Retail Data Backup Best Practice File Sharing LiFi Twitter Lithium-ion battery Mobile Device Politics Monitors Business Owner Analytics Vendor Management Processors Laptop Network Management Hard Drives Tablet G Suite Virtual Desktop Automation Infrastructure Augmented Reality VoIP Staffing PowerPoint Motion Sickness Halloween Google Docs Touchscreen Refrigeration BDR Writing Disaster Consumers Fun Digital GPS Deep Learning Personal Information Samsung Scary Stories Google Maps IT Consultant Machine Learning Social Engineering Uninterrupted Power Supply Spyware eWaste Tracking Meetings Computer Repair IT Sevices Notifications Storage Tip of the week Undo Cleaning Relocation IP Address Solid State Drive Google Wallet How To Environment Document Management Webcam Alt Codes Electronic Medical Records Crowdsourcing Dark Data Heating/Cooling Private Cloud Mobile Office Hard Disk Drive Drones Firefox Troubleshooting Identity Theft Point of Sale Typing Government Buisness Servers Error Knowledge Assessment Supercomputer Phone System Cryptocurrency BYOD Server Management Help Desk Specifications Experience Consultation IT Budget Web Server Bitcoin Update Statistics Licensing Administrator 3D Printing Maintenance Mouse Digital Payment Cameras Windows 8 Chromebook Law Enforcement Network Congestion Bluetooth Domains Software Tips Entrepreneur Unified Communications Unsupported Software 5G Corporate Profile Emoji Quick Tips iPhone Application CCTV Gadget Users Display Antivirus Public Speaking Two-factor Authentication Hacks WannaCry Mobile Data Time Management Data Recovery Cabling Current Events Data loss Travel

Top Blog

Don't be Afraid to Replace Got an older PC that's causing you a lot of issues? Older technology is typically more expensive to run, and after a while, it's cheaper to simply buy a new desktop than it is to continue pouring money into something that always seems broken. It's a great time to buy wo...