Losing $1.8M in Phishing Hack

By   ISBuzz Team
Writer , Information Security Buzz | Sep 27, 2015 06:00 pm PST

Kevin Epstein, VP of Threat Operations at Proofpoint commented on the news that bitcoin payment processor BitPay has lost $1.8 million following a phishing attack against the company’s executives.

[su_note note_color=”#ffffcc” text_color=”#00000″]Kevin Epstein, VP of Threat Operations at Proofpoint :

Hackers continue to use spear-phishing to initiate attacks because it works; as Proofpoint’s Human Factor research has shown, eventually everybody clicks.

From a social engineering standpoint, a phishing email is far more likely to succeed in tricking the recipient into enabling malware or revealing proprietary information if it appears to come from authorized managers, such as this hacker posing as the BitPay CFO, and contains private details, that further appear to legitimize the communication.

Organizations relying on legacy secure email gateway-only protection will be compromised – hence the move by best-in-breed defenders to adopt more modern protection in the form of incremental targeted attack protection and threat response systems.”[/su_note][su_box title=”About Proofpoint” style=”noise” box_color=”#336588″]proofpoint_logoProofpoint Inc. (NASDAQ:PFPT) is a leading security-as-a-service provider that focuses on cloud-based solutions for threat protection, compliance, archiving & governance, and secure communications. Organizations around the world depend on Proofpoint’s expertise, patented technologies and on-demand delivery system to protect against phishing, malware and spam, safeguard privacy, encrypt sensitive information, and archive and govern messages and critical enterprise information.[/su_box]