This article is bound to get the attention of C-level executives, but what can they do to avoid being a victim of a similar crime? The outcome was the theft of £38 million, a loss for the year and a drop in the share price. This could cripple many companies and even put them out of business. The potential economic damage could be far reaching as jobs and tax revenue are lost.
Following a successful whaling attack in January which cost FACC €40 million, the company has sacked both its CFO and CEO. Thar she blows: Whaling attack wiped out company's annual profits The CEO of an Austrian aircraft parts manufacturer has been sacked after the company lost €40.9 million (£31 million) to a whaling attack. A whaling attack is also known as a C-level fraud and BEC (business email scam) and involves targeting high level executives with forged emails asking for urgent payments. Usually they are spoofed to appear to come from a trusted colleague or business partner.