Aircraft part manufacturer says cybercrime incident cost it $54 million

airplane cabin Airbus plane

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once a large wire transfer has been made, it’s not always possible for banks to recover the money if it is immediately withdrawn.
[“source-businesstoday”]