A Wall Street technology firm will soon face one of its former clients in court after losing approximately six million dollars of its funds due to an email scam.
As reported by CNBC, Tillage Commodities Management filed a lawsuit on Friday alleging that SS&C Technologies, a $6 billion market capitalization company that touts itself as "the most comprehensive powerhouse of software technology in the financial services industry," failed to "exercise even a modicum of care and responsibility in connection with known and obvious cybersecurity threats."
Tillage bases its accusations on the fact that SS&C fell for a scam in which Chinese hackers sent emails to the technology firm asking that it send them client money.
But it's more than that. The research and investment company states SS&C went so far as to ignore its own security protocols in the process.
For example, Tillage explains in its suit that one staffer agreed to process the scheme's largest wire transfer of three million dollars after receiving an email that simply read: "How was your weekend? Let's round business up today."
Other staffers processed the fraudulent money transfers within minutes of receiving the emails. That might be great customer service, but such poor account security cost the Tillage Commodities Fund a total of six million dollars.
Tillage has since severed all ties with SS&C.
This story demonstrates how in a world run amok with scammers, it's important that all employees follow each corporate policy and understand how to identify a scam. Organisations can best accomplish those two ends by investing in security awareness training software that emphasises compliance and security awareness.
Is your organisation looking to beef up its security posture against scams?