Thursday, March 29, 2018

Why It Pays to be Vigilant about Security

While we all know how nefarious types are always working to steal or data and our cash, I don’t think it ever hurts to provide my readers with reminders of how aware we need to be of the potential for security breaches.
A recent arrest by Europol allowed them to get the mastermind behind a cyber scam that allowed the perpetrators to steal over 1 billion Euros.  How did the bad guys perpetrate this scam?  Here is the lowdown on the Modus Operandi from Europol:
In all these attacks, a similar modus operandi was used. The criminals would send out to bank employees spear phishing emails with a malicious attachment impersonating legitimate companies. Once downloaded, the malicious software allowed the criminals to remotely control the victims’ infected machines, giving them access to the internal banking network and infecting the servers controlling the ATMs. This provided them with the knowledge they needed to cash out the money.
So, in a nutshell, bank employees were targeted.  They were sent emails with links or attachments the seemed to come from legitimate sources.  However, when the file or link was opened, software was installed that gave the bad guys complete control over the computer, but was un-noticeable by the user.
Frightening?  You bet.  These guys made off with 10 billion Euros before they were caught.  And you KNOW that the financial industry is security conscious.  The lesson here is to always be vigilant.  You can’t be over paranoid when it comes to data security!

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