Over $400K Siphoned In Not-For-Profit System Hack

OVER $400K SIPHONED IN NOT-FOR-PROFIT SYSTEM HACKED

Exploit: Data Breach, Unauthorized Access
Company: Pipestone Kin-Ability Centre
Industry: Not-for-Profit, Health Services
Source: https://www.cbc.ca/news/canada/saskatchewan/kin-ability-cyber-attack-sask-1.5349230

By isolating a flaw in their network security, hackers were able to access Pipestone Kin-ability Centre’s financial system and steal more than $400,000 in funds. The Not-for-Profit company had reserved the funds for wages and general operations. Administrators were able to quickly spot the unauthorized activity, but their attempts at stopping it were futile and have resulted in a significant blow to their budget.

Although no personal information has been compromised in this security breach, the inability to prevent the crime from happening leaves Pipestone Kin-Ability Center with a large financial loss that they are unlikely to recover.

This breach further highlights the fact that SMBs are in need of heightened layered security. Internal departments may be stretched thin or working with budgetary constraints that prevent them from having a dedicated security staff in-house. With cyber attacks specifically targeting SMBs at a higher rate than other types of organizations, joining hands with security experts is becoming a more effective way at safeguarding data and financials.

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More than ever, organizations of all sizes have been facing a historical rise in cyber attacks and data breaches. Talk to a cyber security expert today and find out how we can provide expert consulting and a portfolio of Cyber Security solutions designed to protect your organization against today’s most prevalent threats.