Menu
Aircraft part manufacturer says cybercrime incident cost it $54 million

Aircraft part manufacturer says cybercrime incident cost it $54 million

FACC AG said the attack was executed against one of its accounting departments

An Austrian airplane component maker for Boeing and Airbus said earlier this week a cybercrime-related fraud has caused €50 million (US$54 million) in damages.

FACC AG said in its third quarter results report that the accounting department of its FACC Operations unit was targeted.

While many businesses have had brushes with cybercrime in the last few years, FACC's large damages figure stands out.

"The management board has taken immediate structural measures and is evaluating damages and insurance claims," the document said.

It characterized the incident as an "outflow" of €50 million of "liquid funds." The loss does not pose an economic threat to the company, it said.

Further details were not given. But FACC did say the attack did not affect its IT infrastructure, data security or intellectual property rights, and its production and engineering units are operating normally.

An attack against the company's accounting department could have involved a fraudulent wire transfer. Cybercriminals have proved adept at making fraudulent transactions by compromising email systems and login credentials, making it appear legitimate employees have initiated or approved large transfers.

But once a large wire transfer has been made, it's not always possible for banks to recover the money if it is immediately withdrawn.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Featured

Slideshows

Meet the leading female front runners of the Kiwi channel

Meet the leading female front runners of the Kiwi channel

Reseller News honoured the leading female front runners of the New Zealand channel at the 2018 Women in ICT Awards (WIICTA) in Auckland. The awards honoured standout individuals across seven categories, spanning Entrepreneur; Innovation; Rising Star; Shining Star; Community; Technical and Achievement.

Meet the leading female front runners of the Kiwi channel
Meet the top performing customer-centric Microsoft channel partners

Meet the top performing customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the top performing customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments