Exploit: Phishing/BEC
City of Tenino, Washington: Municipality
Risk to Business: 1.717= Severe
The City of Tenino, Washington is down $280,309 in public funds according to the Washington State Auditor’s Office after a city employee fell for a phishing message that launched a business email compromise scam. Reports say that former Clerk-Treasurer John Millard fell victim to a phishing message and paid cybercriminals a boatload of money, some without city council approval. The official reportedly initiated 20 automated clearing house payments from the city’s bank account to multiple out-of-state bank accounts. News outlets are also reporting that a warning was sent out to clerks about the phishing scam immediately but that didn’t stop this disaster from happening.
Individual Impact: No specifics about any consumer/employee PII or financial data loss were available at press time.
Customers Impacted: Unknown
How It Could Affect Your Customers’ Business BEC is the most expensive cybercrime according to the FBI, 64X more expensive than ransomware – and it usually starts with phishing.
Source: govtech