Oil Co. Wins $350,000 Cyberheist Settlement
Summary: TRC Operating Co. Inc., a Taft, California oil producer, had its online bank accounts hijacked starting late on Friday, November 10, 2011, and thieves sent a dozen fraudulent wires over five days siphoning nearly $3.5 million to accounts in Ukraine. Fresno-based United Security Bank blocked or recalled all but one $299,000 wire, and the bank's insurer settled TRC's lawsuit for $350,000 just days before trial, with neither side admitting fault.
Why it matters: The bank's CEO said the compromise began on TRC's own computers after an employee fell for a phishing scam that likely planted a Web inject, yet the bank's insurer still paid $350,000 - and under California law a business can recover only what was stolen, plus interest, so the legal fight can cost more than the loss.
Read the original at Krebs on Security ↗
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