Ubiquiti - ouch! - $46M Cyberheist

[WayneW]

http://krebsonsecurity.com/2015/08/tech-firm-ubiquiti-suffers-46m-cyberheist/
 
Ubiquiti, a San Jose based maker of networking technology for service providers and enterprises, disclosed the attack in a quarterly financial report filed this week with the U.S. Securities and Exchange Commission (SEC). The company said it discovered the fraud on June 5, 2015, and that the incident involved employee impersonation and fraudulent requests from an outside entity targeting the company’s finance department.
 

 

[pvrfan]

http://krebsonsecurity.com/2015/08/tech-firm-ubiquiti-suffers-46m-cyberheist/
 
Ubiquiti, a San Jose based maker of networking technology for service providers and enterprises, disclosed the attack in a quarterly financial report filed this week with the U.S. Securities and Exchange Commission (SEC). The company said it discovered the fraud on June 5, 2015, and that the incident involved employee impersonation and fraudulent requests from an outside entity targeting the company’s finance department.

Thanks for posting that link.  On one level, the fraud is pretty simple:  impersonate a high level exec and get (some flunky in) accounting to send money somewhere.  The fraudster has to invest time selecting targets and developing the tactics but geez the payoff can be staggering.  
 
Craig

 

[pete_c]

Personally now a days see much of this going on.
 
It is really sad because it's coming mostly from the inside as anybody these days does whatever for money and have no qualms about it.
 
Years ago in the banking industry mostly noticed this kind of stuff and most of the theft was internal and basically just a slap on the hand was all that happened.  Typically it wasn't publicized because it would put a bad spin on the security of whatever bank it was.
 
IE: a high level person (~ high 6 figure income) getting carted away by the FBI for pilfering a few million dollars crying while handcuffed that it was his wife's fault and had nothing to do with him....well too nowadays the bank will get sued by that individual who hires an expensive attorney proving their need of theft and putting a bad spin on the financial institution.
 
Personally here being involved with the first ATM installations (1990's) I didn't want to use an ATM machine until way in to the 2000's.  That was me though and what I was privy to see and get involved with.
 
Just saw a news article about bank card skimmer proliferation.  That has always been an issue.  And geez just noticed that my newest bank card is a smart card ... which is old technology and was comprised when first utilized....back when for this or that.
 
Unrelating to OP...but geez who was managing stuff in 1980 when an Island near by decided to dump 125,000 people to Florida (Mariel Boatlift) and how easy it was for this island to play..fool me once; fool me twice...fool me three times......history does often repeat itself. (well now too with the mediterranean issues)..mostly because nobody really cares or history just gets oblivated (cleansed) ....