Cyberattackers Boldly Pilfer $350K from Somali Solar Company in Incident Targeting India’s ISA
Picture this: a computer screen flashing a cyberattack warning. A group of cyber bandits swiped a whopping $350,000 from a Somali solar energy company by rerouting their funds.
Mogadishu (AX) — In a daring cyber-heist revealing alarming flaws, hackers drained over $350,000 slated for a Somali solar venture. The hit spotlighted gaps in security at India-based International Solar Alliance (ISA). The intended recipients, Hayle Barise Energy Solutions, are paving the way for solar development in Somalia. Instead, the cash wound up in a United Arab Emirates bank account, catching everyone off guard.
The jig was up by September 23 when Hayle Barise Energy Solutions sounded the alarm about a missing payment. A dive into the chaos unveiled that cyber bandits had wormed their way into ISA’s email labyrinth, guiding the funds straight to a fake account in Dubai.
Ajay Mathur, the top honcho at ISA, spilled the beans in a letter to India’s Union Minister for New and Renewable Energy, Pralhad Joshi. “Hackers meddled with our payment processes, swapping out vendors’ banking details to fool us into paying into their bogus accounts,” Mathur explained. To clean up the mess, ISA filed a police report, issued stern warnings to involved staff, and bolstered its security framework pronto.
“We moved a tidy sum of $357,783 (Rs 3 crore) in good faith, but the forgery stirred up potential disputes with vendors and banks over the exact amount,” the letter lamented.
Brace yourselves, this isn’t ISA’s first rodeo with cyber tricksters. Just weeks back, another vendor, the German renewable energy firm RENAC AG, saw their funds hit the cyber jackpot too. Such repeated breaches highlight the underlying chinks in ISA’s armor, sparking worries about their capability to shield critical partnerships and treasure troves.
At the heart of this digital debacle lies Business Email Compromise (BEC) fraud, a highbrow hacking trick. BEC schemes see imposters, masquerading as bigwigs, manipulating the naïve into funneling money into fraudulent pockets. With phishing techniques and weak authentication, these digital pickpockets stealthily alter payment details, creating havoc galore.
Organizations need their cyber defenses on point to fend off such trickery. This calls for ironclad verification protocols to confirm payment changes through secure channels, routine employee training to sniff out phishing and shady requests, and top-notch security apparatus.
In Somalia, where reliable electricity is a prized rarity, firms like Hayle Barise Energy Solutions are key to growing solar energy projects. This company forms part of the larger Hayle Barise Group, which dabbles in vocational training and renewable projects in Somalia alongside the federal government and global benefactors.
The Barise family kick-started Hayle Barise Vocational Training Center back in 2015. Their goal? To offer specialized training in renewable energy and other trades. Losing such crucial funds could grind vital solar initiatives to a halt, derailing efforts to light up remote areas.
Initiated by Indian PM Narendra Modi, ISA dreams of mustering $1 trillion for solar investments by 2030, with the ambition to generate 1,000 GW of solar power worldwide. Somalia stands among its 101 member states, with 48 hailing from Africa. Initially focused on tropical lands, ISA’s embrace now spans all UN member states, broadening its global footprint.
Edited by: Ali Musa
alimusa@axadletimes.com
Axadle international–Monitoring
