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Cyber Hit on China-Owned Boeing Supplier Sends Stock Down 19%

  • `Criminal Act' behind $55 million of damages at Austria's FACC
  • Parts-maker for aerospace leaders is 55% controlled by AVIC
Employees work at the Airbus SAS A320 assembly plant in Tianjin, China, on Wednesday, June 13, 2012. Mainland China will need 3,832 new passenger planes over the next 20 years, including 2,520 single-aisle aircraft, with the total worth $509 billion, according to Airbus.
Photographer: Nelson Ching/Bloomberg
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Cyberfraud sent shares of Austria’s FACC AGto their steepest drop since the supplier of parts to Boeing Co.and Airbus Group SE began trading in 2014. The company put damages at 50 million euros ($55 million) -- one of biggest losses after a hacking event for its size.

“The financial accounting department of FACC Operations GmbH was the target of cyber fraud,” the company, whose biggest investor is Aviation Industry Corp. of China, said Wednesday afternoon. FACC said earlier in the day that “cyberattack activities were executed from outside.” The stock closed 17 percent lower.