Scammer makes CAD $11 million off Canadian university in phishing hack

in fraud •  7 years ago  (edited)

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The education sector is one of the most targeted by cybercriminals, partly because it often overlooks compliance with government regulations on security and data protection.

Unlike other industries, education is not as well-trained on security guidelines, has little device protection in place, and unwittingly encourages a bring-your-own-device environment.

Lacking proper security training, employees are more likely to click on a malicious link or fall victim to phishing or ransomware attacks. This was the case in Canada when MacEwan University in Edmonton, Alberta, fell victim to a phishing attack and transferred over CAD $11 million to a scammer impersonating a vendor, the university confirmed on Thursday, after detecting the fraud on August 23.

https://businessinsights.bitdefender.com/phishing-educational-university

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and yet the 'education system' professes to be the repository of all knowledge.