Cyber Criminals Steal $217,000 From MECA

Yesterday the The Metropolitan Entertainment and Convention Authority (MECA) disclosed details of a cyber attack where a hacker managed to steal $217,000 from its payroll system.

The cyber criminals sent malicious emails to employees of MECA, which contained attachments that were infected with viruses that allowed passwords to be stolen. The cyber criminals then managed to access MECA’s online banking system, creating bogus accounts on the payroll system, and then transferring money into these accounts. Whilst some of the money was recovered, through reversing some of the transfers, $70,000 was unable to be recovered.

In a statement MECA commented:

“This was an important lesson to us about vulnerability in the online world. We have changed several online banking security procedures.”

2011 has been something of a new age of cyber crime. This latest incident reminds us that all businesses need to address the issue of cyber security. If cyber security isn’t an issue on your board’s agenda, it should be. Start today by reading IT Governance USA’s free white paper on cyber security.