Securing the Future for an Austin, TX-Based Company
In June 2023, an Austin-based company faced a sophisticated cyber-fraud attack orchestrated by advanced persistent threat (APT) actors. These cybercriminals used typosquatting—a form of domain manipulation—to create a fraudulent email domain mimicking the company’s accounting firm. The attackers exploited this fake domain to send a counterfeit invoice to the company’s client, successfully redirecting payments to their own account.
The Challenge: A Complex Fraud Scheme
The attackers demonstrated alarming precision. They compromised the email account of a key executive, gaining intelligence on financial communications between the company and its accounting firm. Armed with detailed knowledge, the APT actors created and sent fraudulent invoices from a domain almost indistinguishable from the authentic one. Despite robust systems protecting the accounting firm’s email platform, gaps in email security and billing processes left the Austin company vulnerable.
NMC to the Rescue
Faced with financial loss and reputational risk, the Austin-based company engaged Network Management Corporation to conduct a thorough breach analysis and determine the scope of exposure. The NMC team quickly identified the root causes of the incident, including:
- A lack of multifactor authentication for email accounts.
- Delays in transitioning billing responsibilities to the accounting firm.
- Manual processes vulnerable to exploitation.
NMC’s forensic investigation also revealed five critical conditions that enabled the fraud, including lapses in email verification by the client and inefficient billing handoffs.
The Outcome: Lessons Learned and a Path Forward
NMC delivered a comprehensive action plan to close vulnerabilities and prevent future incidents. Key recommendations included:
- Implementing multifactor authentication across all email accounts.
- Automating billing processes to reduce manual handling and associated risks.
- Training stakeholders on recognizing phishing attempts and suspicious domain names.
- Strengthening communication protocols to ensure timely invoice distribution.
Thanks to NMC’s in-depth analysis and practical solutions, the Austin-based company reinforced its defenses and restored trust with its clients.
Empowering Businesses to Stay One Step Ahead
NMC’s expertise in cybersecurity empowers businesses to navigate an ever-evolving threat landscape with confidence. From breach analysis to proactive threat prevention, we are committed to keeping your business secure.