The most recent hack highlights the fact that hackers will target any organisation to make a profit.
Cybercriminals have successfully hacked a police pension fund in the U.S. and made off with USD $4.2 million (AUD $6.1 million) in the state of Oklahoma, according to reports.
Infosecurity Magazine is reporting that “the money was stolen from a fund of more than $1 billion set aside to pay pensions and benefits to around 1,500 retired highway troopers, park rangers, state agents, and other law enforcement officers.”
The hack took place on the 26th of August, where the criminals managed to access the email account belonging to an investment manager who worked internally at the Oklahoma Law Enforcement Retirement System (OLERS) agency.
“In a bid to prevent the recurrence of such a crime, employees at the agency are receiving cybersecurity training.”
OLERS has released a statement confirming the hack, saying that “no pension benefits to members of beneficiaries have been impacted or put at risk,” and adding the fact that “all benefits will continue to be paid in a timely fashion as always.”
The FBI has formally launched an investigation into the case, to both find the perpetrators and attempt to retrieve the funds that were stolen. The OLERS statement explains that the organisation is “certain that the stolen funds will be recovered.” Roy Rogers, a former state trooper and now president of the OLERS says that even if the investigation fails to find all the missing funds, the agency’s insurance policy should cover all the losses incurred.
Duane Michael, executive director at the Oklahoma Law Enforcement Retirement System told newspapers that so far, $477,000 has been retrieved, while failing to confirm specific details, as the case is an active investigation.
“it happens every day. It can happen to an individual. It can happen to a state. It can happen to a company… this kind of crime has just got rampant.” Roy Rogers, President OLERS.
“In a bid to prevent the recurrence of such a crime, employees at the agency are receiving cybersecurity training,” explains Sarah Coble, a writer at Infosecurity Magazine.
“The individual whose email account was compromised by hackers will remain in their position at the OLERS, with the agency taking the view that such incidences are now an unfortunate part of daily life.”
President of the OLERS, Roy Rogers said that “it happens every day. It can happen to an individual. It can happen to a state. It can happen to a company… this kind of crime has just got rampant,” he said, highlighting the fact that hacks like these are a daily occurence in 2019.