Bank Gets Sued Over $2,000,000 Cyberheist

Cyber_Attack_HoodieA judicial decision came down last week from a District Court in Michigan.  Experi-Metal fell victim to a major cyberheist and then sued their bank (Comerica) over a nearly $2,000,000 (two-million dollars) loss. The two major factors that led to this cybercrime were a well-crafted phishing email message and a gullible employee.

The Experi-Metal employee fell for a phishing scam email that was disguised as a legitimate notification from Comerica and gave the log-in credentials to cybercriminals who then logged in to Experi-Metal's commercial Comerica bank account and began transferring out their funds.

To read more details on this story go to this link.

This is a classic example of a cyberheist. What is not mentioned in the story is the commonality of cybercrimes such as this one. Cyberheists are happening every day that go unreported and don’t make the news because the businesses involved are too embarrassed to come forward and tell their story and the banks play it down as it is very bad Public Relations for them.
It only shows that no matters how well an organization protects itself from external cybercriminals, that because of the human factor (like internal employees) network access can sometimes be gained by the bad guys.  You should definitely check the effectiveness of your security. Take a free phishing security test of your company.

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91% of successful data breaches started with a spear phishing attack

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Topics: Phishing, Security Awareness Training, Cybercrime, KnowBe4

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