CEO fired after firm loses millions following email scam

FACC, an Austrian aerospace manufacturer, has fired its CEO, Walter Stephan, after losing €50million (£38.5million) in a business email compromise scam at the beginning of the year.

The scam impersonates an executive – preferably a finance one – and tricks the recipient into transferring vast sums of money into an account controlled by the hacker.

At the time FACC said: “Today, it became evident that FACC has become a victim of a crime act using communication [and] information technologies. The management Board has immediately involved the Austrian Criminal Investigation Department and engaged a forensic investigation. The correct amount of damage is under review.

"The damage can amount to roughly €50million [£38.5million]. The cyberattack activities were executed from outside of the company.”