FACC, the Boeing and Aerospace supplier, has fired the CEO who was duped by cyber thieves to the tune of $55 million back in January.
The CEO fell victim to a spear-phishing email which prompted a bank transfer to a fraudulent firm. The company has decided that Mr Walter Stephan seriously violated his duties. The CFO who authorized the transfer was released from his duties in February, shortly after the loss.
The fraud left FACC with an operating loss of $26 million in its 2015/16 financial year, a huge increase on the $5 million losses of the previous year. http://www.facc.com/en/News/News-Press/Annual-Results-of-FACC-AG-for-the-2015-16-Financial-Year
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