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Case Study: How to cope with a spearfishing cyber attack
1. Spearfishing attack costs
company $400K
THE CHALLENGES
When your boss — the CFO — is out of the office
and sends you an email to wire $100K to a bank
(not an uncommon occurrence in your range of
duties), you usually don’t second-guess the message’s
authenticity. If you did that for every request, you
wouldn’t get any work done. However, for our client,
a $450 million commercial construction company, this
message was a fraud — an example of “spearfishing.”
And the ruse worked.
The controller, who received the message, followed
the orders and initiated the wire transfer after getting
the required secondary approval from a co-worker,
who also didn’t suspect anything. No one thought
further about the matter and some days later another
request came in, this time for $300K to an offshore
bank. Only after this transaction was completed did
the controller suspect foul play.
This was the first occurrence of cybercrime that our client experienced and they weren’t
equipped to handle it. They had no incident response policy in place, and this event
uncovered their internal control deficiencies.
Case study
Sector
Commercial construction
Client challenge
Cybersecurity breach
Services provided
Investigation, cybersecurity
consultation
$100K
$300K