Cyber-Scammers Steal €50 Million From Austrian Airplane Manufacturer (softpedia.com)

An anonymous reader writes: FACC Operations GmbH, an Austrian company that produces various airplane parts for companies like Airbus and Boeing, has announced a cyber-incident during which cyber-fraudsters managed to steal around €50 million from their bank accounts. While CEO Fraud attacks manage to steal a few thousand dollars here and there, never has a company lost so much cash liquidity in one incident. Stock price took a tumble immediately.

Comments

Or Maybe....

[Anonymous Coward]

Something tells me it was an inside job and they just blamed it on a hack. Seems like a great way to get away with snagging 54+ million dollars and getting away with it.

Social enginering?

[houghi]

If there is a due process, this would almost never happen. For amounts there needs to be a process of autentification.

What might happen often is that a CxO is such an ass that people are afraid to folow the standard procedure and will do the transfer as requested in an email, because otherwise they get chewed at for not folowing his orders.

Very few people will dare to say no to such a boss. I once was in a situation where the CxO asked to do certain changes on a website. I said no.

The reason I said no was because I knew he wanted to push certain things. I knew what he was asking would hurt the company legally and thus financially. I said no, even if it was WAY above my paygrade to do so.

Obviously I ,ailed AND called other people to inform them about my desision and the reason. Yes, my job was at risk and I could have easily just followed orders. I know the majority of people would have done so.

Yes, there was a shitstorm and that was fun to watch.

The company I work now has insited repeatately that ALL procedures must be followed to avaid things like what happend and ALL suspisious mails must be reported.

This goes for EVERYBODY, especially people that are higher up. Not also, but especially.