Hackers Stole $47 Million From A Tech Company

Hackers Stole $47 Million From A Tech Company

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The accounts of a tech company have been hacked by which company had to face a loss of almost $47 Million. The name of the company is Ubiquiti which is a renowned networking organization and the hackers made the firm target by entering its finance department accounts.

The attack was done through an email which was shown to the employees as an email sent by the company. Employees were brought online which made the hackers able to pick the funds out of one of the subsidiaries located in Hong Kong and those fund were then transferred to the accounts of the hackers which were held by them abroad.

Ubiquiti Company disclosed the important details about the incident in the regulatory filling during the previous week. According to the report given by the company, the incident was happened on 5th June when hackers were succeeded in transferring $47 Million from the accounts of the company with the Finance department out of which about $8.1 Million were recovered by the company back from the hackers.

Company has the surety of getting another amount of $6.8 Million back from the hackers while to recover rest of the amount which is $38.1 Million, company has asked for the services of law enforcement agency of the United States as well as overseas who are cooperating with them and doing everything to find the hackers and get the stolen money back from them.

It is not a difficult task to know about the concerned persons of the company with whom all the information of the accounts of the investors is available and who are the person with whom company has its most of the trust.So, the hackers can very easily bluff them through their accounts and hack the money from them.

It was quite a simple process of stealing by just creating a fake email id with the name of the company which could be enough to make the finance department fool and prompting them to reply to an email from that address. The employees who would have not thought of such thing and without noticing anything, they would have replied to the email and soon after that the hackers did what they were up to.

Scams like this through emails is not a new thing. According to FBI, about $215 Million had been lost by other companies as well though such way of hacking previous year.

After the incident, an internal audit was occurred in the company which gave the reports telling that the hackers were from outside and there was no link of hacking with the men from inside the company while the personal information of the employees was safe after that and nothing had happened to the intellectual properties.

Audit report also clearly mentioned that the control system against the hacking was not effective enough therefore company has made improvements in the control system after the happening of such incident.