Cyber fraudsters steal over $50 million from airplane systems manufacturer

Austrian company FACC, which develops and produces components and systems made of composite materials for aircraft and aircraft engine manufacturers such as Boeing and Airbus, has been hit by hackers who managed to steal approximately 50 million euros (around $54,5 million).

An initial statement about the incident was published on Wednesday, and in it the company said that the management board has notified the Austrian Criminal Investigation Department and engaged forensic investigators.

They also noted that the cyber attack (“fraudulent activities involving communication and information technologies”) was executed from outside the company.

A subsequent notice published on Thursday contained more details: the target was the financial and accounting department, and losses were confirmed to be around 50 million euros.

“FACC’s IT infrastructure, data security, IP rights as well as the operational business of the group are not affected by the criminal activities,” the company made sure to note.

“The management board has taken immediate structural measures and is evaluating damages and insurance claims. All production and engineering units operate in an unaffected and normal way. An economic threat to the company concerning liquidity does not exist.”

By the description in the last statement, it seems that FACC might have become a victim of a Business Email Compromise (BEC) scam.