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Cyberattack on Boston Union Results in $6.4M Loss

Cyberattacks are becoming an increasingly common occurrence, and recently a labor union in Boston was the latest victim. Pipefitters Local 537, a union representing pipefitters, welders, and HVAC-refrigeration workers, announced that they had been the target of a social engineering cyberattack on February 7th, resulting in the loss of $6.4 million. Despite the immense financial loss, union officials have stated that no personal information of members was stolen or compromised.

The union immediately contacted local and federal law enforcement agencies and retained a cyber security forensic investigator to review the situation. Employees are now receiving advanced cybersecurity training, and the union has enacted changes to the health fund’s wiring policy to better protect against future attacks. Law enforcement is “optimistic” that they will be able to recover the stolen funds, and the fund is also insured.

Cyberattacks are becoming more and more frequent and often target local governments, power companies, businesses, health care organizations, and school systems. In September, the Justice Department charged three Iranian citizens with ransomware attacks that targeted such entities. It is unclear who is responsible for the attack on Pipefitters Local 537, but their message to members is to be mindful of their online activity, as it is an easy target for cybercriminals.

In conclusion, Pipefitters Local 537 was the victim of a cyberattack resulting in the loss of $6.4 million, though the personal information of members was not compromised. The union has taken action to protect itself, including contacting local and federal law enforcement agencies, retaining a cyber security forensic investigator, providing advanced cybersecurity training, and enacting changes to the health fund’s wiring policy. Cyberattacks are becoming more and more frequent, and every entity should be mindful of their online activity, as it is an easy target for cybercriminals.

Key Points:
– Pipefitters Local 537 was the victim of a cyberattack resulting in the loss of $6.4 million.
– The personal information of members was not stolen or compromised.
– The union has taken action to protect itself, including contacting local and federal law enforcement agencies, retaining a cyber security forensic investigator, providing advanced cybersecurity training, and enacting changes to the health fund’s wiring policy.
– Cyberattacks are becoming more and more frequent and entities should be mindful of their online activity, as it is an easy target for cybercriminals.

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