California-based, one of the most prominent accounting firms, prided itself as a reliable one-stop shop for small to mid-size tech firms. With a vast client base of 1500+ tech companies and over 300 employees, their invoicing team, led by the experienced senior accountant Caroline (name changed for anonymity), used QuickBooks to handle billing. However, Caroline's tech expertise fell short of her accounting prowess.
The Vulnerable Target:
On the 25th of the one unfortunate month, Caroline noticed that 50 out of 200 major invoices remained unpaid, a rarity in the firm's history. Alarmed, the company's finance department inquired with the customers, only to discover that the payments had been made to the wrong bank accounts. The customers' finance team sent proof showing the email from Caroline saying that the company's Banking details have been updated.
The Cybersecurity Ignorance:
To investigate the issue, the firm engaged SafeAeon, referred to them by a trusted source. SafeAeon promptly onboarded the company to its MEDR platform and discovered that Caroline's email account had been compromised. Her account was being used from different countries spread across the world. She had been accessing her account from multiple devices, using the same password since the account’s creation.
The Phishing Trap:
Further investigation revealed malware and botnets on most devices linked to Caroline’s account, giving cybercriminals full control over her email account. It was further discovered that 60 percent of the firm’s systems and email accounts were compromised.
The Breach Unleashed:
The threat actors impersonated Caroline and emailed multiple customers, falsely claiming their bank details had been updated. They requested the customers to process the invoices based on the updated information and disregard the earlier invoice details.
The Aftermath:
Panic and chaos spread like wildfire among the executives as the company incurred losses exceeding 5 million USD due to the breach. With some invoices still pending, the firm feared even greater losses in the coming days.
The Awakening:
The gravity of the situation led the company to recognize the importance of professional cybersecurity expertise in fortifying its defenses against future attacks.
The Redemption:
SafeAeon took charge of the firm's IT infrastructure and implemented various measures to enhance security, including:
- • Resetting all email account passwords and enabling multifactor authentication
- • Restricting access to email accounts outside the USA
- • Implementing a company-wide password management policy
- • Onboarding the infrastructure for 24x7 monitoring to detect malicious activity
- • Leveraging a next-generation antivirus solution for continuous protection
The Lesson:
The breach served as a stark reminder of the critical importance of cybersecurity. The Accounting firm's CEO was convinced of SafeAeon's 24x7 WatchGuard through MEDR service, bolstering their confidence in safeguarding their IT environment.
Call to Action:
Join SafeAeon on its mission to protect your IT environment with premium quality MEDR service. Get onboarded to MEDR now and uncover unknown threats before it's too late. Safeguard your business and clients from the ever-evolving cyber threats in the digital landscape.