Dive Brief:

• FACC AG, an Austrian airplane component maker, said cybercrime-related fraud caused it $54 million in damages.
• The company, which makes parts for both Boeing and Airbus, said its accounting department was targeted in the attack.
• The company called the incident an "outflow" of $54 million of "liquid funds," but it will not pose an economic threat, according to CSO. 

Dive Insight:

The breach on FACC targeted liquid assets, whereas often breaches prey on intellectual property and secure information. Organizations should be aware that cybercriminals could continue to change their strategies when targeting a company.

Further details were not provided, but FACC said the attack “did not affect its IT infrastructure, data security or intellectual property rights,” according to a CSO report. 

It is possible the attack 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,” according to CSO.  If the money is immediately withdrawn after a large wire transfer, it is not always possible for a bank to recover the funds.