When hackers steal €50 million from you…

When hackers steal €50 million from you…

…Or in this case, FACC, an aerospace parts manufacturer. Last week, they posted a notice on their website stating that their financial accounting department had been a target of cyber fraud.

The damage? EURO 50 Million in liquid funds! Plus, an abrupt 17% drop in their share price the very next day.

While we have spoken in the past about the impact of a hack by the number of people affected, this attack brings to light very well the financial impact of a breach to an organisation. The companies’ shareholders are majorly affected as well, with a 17% erosion of their wealth almost overnight, leading to further loss of goodwill.

To put this into perspective, the average cost of a data breach to organisations in 2015 was $3.8 million, or almost €3.5 million.

There hasn’t been much more information posted about the attack, but one would imagine it could have gone down in a lot of different ways! A breach of the network, one of the myriad social engineering attacks or maybe even targeted malware.

A robust information security system has become critical if you want to do business in 2016. Just having one security solution like anti-malware or a firewall is not enough. A secure IDS, which can detect sensitive information leaving your network, coupled with relevant training is critical in today’s environment.

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