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once a large wire transfer has been made, it's not always possible for banks to recover the money if it is immediately withdrawn.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

Error: Please check your email address.

Featured

Slideshows

A snapshot of the Kiwi partners set to shine at the Reseller News Awards

A snapshot of the Kiwi partners set to shine at the Reseller News Awards

With the 2017 Reseller News ICT Industry Awards only weeks away, Reseller News profiles the power line-up of partners set to dominate the biggest night on the channel calendar. ​Ranging from the enterprise, down through the mid-market and small business sectors into the heart of the start-up scene, the end result is the most diverse and wide-ranging partner line-up in the history of the Awards, playing host to the leading innovators of the past 12 months.​

A snapshot of the Kiwi partners set to shine at the Reseller News Awards
Show Comments