Cyber security has been heavily invested in over the recent years in the fight to stop cyber attacks. However, the number of victims and amounts of money made through online crime is on a steady increase. The government and other authorities are struggling to keep up with the innovative scamming techniques that cyber criminals are developing.
Recently in the news, two large US tech companies have fallen foul of a huge phishing scam. The companies wired him $100million, in what is one of the most lucrative phishing scams to date. While the companies have currently been kept anonymous, it is speculated that they are massive companies, with one being a specialist in internet-related services and products, while the other is said to be a social media giant.
The amount of money at stake here is a major concern, and it is unfathomable that someone could trick a large business into transferring that amount of money. With huge global companies fallen prey to scams, the public is attempting to figure out who the companies are. Of course, there are chances more details will become leaked, but the concern is growing. After all, if it was so easy for someone to pose as an Asian hardware manufacturer and scam money out of not one, but two huge companies, then what chance do smaller companies have?
Reports suggest that the criminal who has been arrested in Lithuania had been deceiving the firms since as far back as 2013. Businesses are now on high alert after this wake-up call, and it seems that all the increased awareness, corporate training, system security and processes have not been successful in the fight against cyber crime.
Phishing scams have been in operation for a long time, and therefore, the big companies seemed impenetrable to such faux pas. Although the government are pledging $19billion into defense against cyber crime, these problems keep arising. Barely a week goes by without another panic-inducing headline regarding cyber crime graces are newspapers and TV or phone screens.
Due to all the added concern over cyber attacks, businesses have been encouraged to invest more in the internal systems and processes to make it harder for them to be targeted. More companies are taking backup processes more seriously and working with data recovery specialists to improve their processes. Backup problems can also be rectified by such specialists, who offer services from data recovery to damaged hard drive repair.
However, one thing is very clear from this recent incident, as companies large and small are simply not doing enough to protect themselves and their customers from cyber attacks. This transparency is a terrifying thought, and you cannot envy the people working for these companies who are responsible for setting up security measures and processes. Whatever they seem to embed, cyber criminals come back twice as hard. With a cyber war on our hands, companies have no choice but to fight the fight.