FACC AG Reports EUR 50 Million Loss Due to Cyber-Fraud
Aerospace component manufacturer FACC AG has announced it was a victim of cyber-fraud, resulting in an outflow of approximately EUR 50 million in liquid funds.
Austrian aerospace technology company FACC AG has disclosed it was the target of a significant cyber-fraud incident. The company announced on January 19, 2016, that its finance department at subsidiary FACC Operations GmbH was targeted by fraudulent activities involving communication and information technologies.
The incident resulted in an outflow of approximately EUR 50 million in liquid funds, according to the company's forensic and criminal investigations. FACC stated that its IT infrastructure, data security, intellectual property rights, and overall operations remain unaffected by the criminal activities.
FACC's management board has implemented immediate structural measures and is evaluating damages and insurance claims. The company assured that there is no economic threat to its liquidity, and all production and engineering units are operating normally.
Further actions will be determined following the completion of forensic investigations. FACC AG confirmed it will release its Q3 results as scheduled tomorrow. The company is a technology partner to major aircraft manufacturers.