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once a large wire transfer has been made, it's not always possible for banks to recover the money if it is immediately withdrawn.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

Tech industry comes out in force as Lancom turns 30

Tech industry comes out in force as Lancom turns 30

A host of leading vendors and customers came together to celebrate the birthday of Lancom Technology in New Zealand, as the technology provider turned 30.

Tech industry comes out in force as Lancom turns 30
The making of an MSSP: a blueprint for growth in NZ

The making of an MSSP: a blueprint for growth in NZ

Partners are actively building out security practices and services to match, yet remain challenged by a lack of guidance in the market. This exclusive Reseller News Roundtable - in association with Sophos - assessed the making of an MSSP, outlining the blueprint for growth and how partners can differentiate in New Zealand.

The making of an MSSP: a blueprint for growth in NZ
Reseller News Platinum Club celebrates leading partners in 2018

Reseller News Platinum Club celebrates leading partners in 2018

The leading players of the New Zealand channel came together to celebrate a year of achievement at the inaugural Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months, with more than ​​50 organisations in the spotlight.​​​

Reseller News Platinum Club celebrates leading partners in 2018
Show Comments