Some Stock Broker Sent £49,000 to Hackers Because of One Email

By Adam Clark Estes on at

The SEC just revealed that the vast majority of brokerages and financial advisers have been hit with cyberattacks. The agency's report also reveals: "One adviser reported a loss in excess of $75,000/£49,000 related to a fraudulent email, for which the client was made whole." LOL what?

That's a pretty large sum of money to lose in a phishing scam—or whatever the fraudulent email was. However, this type of thing apparently happens all the time. The SEC says that hackers have gone after at least 88 per cent of brokerages and 74 per cent of financial advisers. Most of the attacks are related to fraudulent email. It makes perfect sense when you think about it. These brokers and advisers handle large amounts of money on a daily basis, and probably do dumb things with their email like we all do.

Luckily(?) the firms seem to be covering the losses. Also, thank god these hackers are going after the bankers and not nuclear power plants. Not that we know of, at least. [Reuters]

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