Major Monetary Cyber Thefts in Europe

Within 6 days of each other, two large European companies suffered a combined loss of €120 million, roughly $184 million Canadian. I bet you’re wondering how? On January 19, 2016, Austrian aerospace component manufacturers FACC AG, reported an outflow of €50 million (approx. $77 million CAD), that was fraudulently acquired through a cyber-attack directed at their accounting department.  The company is reporting it as an external attack and that it “did...

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