Aerospace parts manufacturer loses 50 million Euro due to cyber-fraud

Aerospace parts manufacturer FACC Operations GmbH, headquartered in Austria, reported that its financial accounting department was the target of cyber-fraud worth 50 million Euro. Since the report claims that the IT infrastructure, data security, IP rights and operational business were not affected by the criminal activities, some analysts presume it might have been a wire fraud, where money was wired to false accounts thanks to a sophisticated spear phishing campaign. The experts also remind that, in such cases, the total costs goes way beyond the amount wired – one should also account cost of remediation and reputational damage as well as the share price fall for bigger companies.