Contact us today!
(800) 588-4430

Telesys Voice and Data Blog

Telesys Voice and Data has been serving the Fort Worth 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, 22 February 2018
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

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

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...