Boston-based labor union Pipefitters Local 537 was the victim of a cyberattack that led to the loss of $6.4 million, but union officials said that personal member information was not stolen or compromised.
The attack was discovered on February 7 and law enforcement agencies were notified. A cybersecurity forensic investigator was also hired to handle the incident.
According to Daniel O’Brien, union business manager/financial secretary-treasurer, the attack was a social engineering cyberattack. Private investigators and a cybersecurity firm reviewed the fund office’s email server and found that there was no breach or hack.
Law enforcement officials are optimistic that they will be able to return the majority of the stolen funds.
Although no member information was compromised, employees of the fund are receiving advanced cybersecurity training, and changes have been made to the health fund’s wiring policy.
O’Brien reminded members to be cautious with their online and social media presence since cybercriminals can use this information to locate potential targets. The fund is also insured and O’Brien assured members that their benefits with Local 537 remain unchanged.
