One of Europe’s Biggest Companies Loses €40 Million in Online Scam (via Softpedia)

September 12, 2016

Another reminder of the importance of Security Awareness Training.  Earlier this month it was announced that Leoni AG was the victim of an email scam that resulted in a 40 Million Euro loss due to an email scam that had the company transferring payments to the wrong bank account.  The details are still emerging, but it sounds like hackers were mirroring internal email communications to trigger legitimate business processes to transfer funds.  This is the sort of issue that can be avoided (or at least detected) through improved business processes (account reconciliations, verification of modifications through a defined process) and security awareness training.  I’m sure additional insights will come as additional details about the attack are disclosed, however it is critical that IT and business professionals remember this security adage: Trust but Verify.

Read the full article on Softpedia.