A small family-owned construction company made extensive use of…

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Question Answered step-by-step A small family-owned construction company made extensive use of… A small family-owned construction company made extensive use of online banking and automatedclearing house (ACH) transfers. Employees logged in with both a company and user-specific ID andpassword. Two challenge questions had to be answered for transactions over $1,000.The owner was notified that an ACH transfer of $10,000 was initiated by an unknown source. Theycontacted the bank and identified that in just one week cyber criminals had made six transfers from the company bank accounts, totaling $550,000. How? One of their employees had opened an email from what they thought was a materials supplier but was instead a malicious email laced with malware from an imposter account.ATTACK:Cyber criminals were able to install malware onto the company’s computers, using a keylogger to capture the banking credentials.A keylogger is software that silently monitors computer keystrokes and sends the information to a cyber criminal. They can then access banking and other financial services online, using valid account numbers and passwords.RESPONSE:The bank was able to retrieve only $200,000 of the stolen money in the first weeks, leaving a loss of$350,000. The bank even drew over $220,000 on the business’ line of credit to cover the fraudulenttransfers. Not having a cybersecurity plan in place delayed the company response to the fraud.The company also sought a cybersecurity forensics firm to:• help them complete a full cybersecurity review of their systems• identify what the source of the incident was• recommend upgrades to their security softwareIMPACT:The company shut down their bank account and pursued legal action to recover its losses. The business recovered the remaining $350,000 with interest. Analyse the scenario and recommend the countermeasures and  discuss the lessons learned?  Computer Science Engineering & Technology Networking CYBER SECU ICT205 Share QuestionEmailCopy link Comments (0)