The San Jose, California-based networking equipment provider, Ubiquiti Networks, is the most recent target of a multi-million dollar cyber fraud scam.

The company has admitted in their fourth quarter financial report that they have been involved in “employee impersonation & fraudulent requests from an outside entity targeting the Company’s finance department”. This cyber fraud has accumulated to over $46.7 million in transferred funds and was discovered on June 5, 2015.

To date, the company has reclaimed $8.1 million of the lost funds, and a separate $6.8 million is subject to legal sanction. Although Ubiquiti has stated that the outstanding funds are ‘reasonably expected to be recovered’ when they will receive the remaining $31.8 million is currently unknown.

Ubiquiti’s financial report states, “The Company currently believes this is an isolated event and does not believe its technology systems have been compromised or that company data has been exposed”.

Unfortunately, instances like this are not as isolated as one would hope. While cyber breaches continue to rise, is it vitally important to take preventative measures to protect your IT environment. NNT’s Host Intrusion Detection, we are able to notify you if & when defenses are breached, enabling you to take action before data theft and damages go too far. In other words, when you can’t Stop the Breach, Spot the Breach.

 

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 You can read the full article on SC Magazine

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