Toyota Boshoku Corporation announced that one of its European subsidiaries lost more than $37 million due to a business email compromise (BEC) attack.
Toyota Boshoku Corporation is a Japanese automotive component manufacturer, it is a member of the Toyota Group of companies.
Toyota Boshoku Corporation has announced that one of its European subsidiaries lost more than $37 million following a business email compromise (BEC) attack, The BEC attack took place on August 14.
“September 6, 2019- Toyota Boshoku Corporation (TOKYO:3116) announce a recent case involving fraudulent payment directions from a malicious third party that has resulted in a financial loss at our European subsidiary. Together with the European subsidiary, we became aware that the directions were fraudulent shortly after the leakage.” reads the press release published by the company.
The company reported the incident to local authorities and established a team comprising legal professionals to investigate the security breach. The firm also added that it is devoting its utmost efforts to procedures for securing/recovering the leaked fund.
“While cooperating in all aspects of the investigation, we are devoting our utmost efforts to procedures for securing/recovering the leaked funds,” continues the company
The expected financial loss following the BEC attack is of roughly 4 billion yen maximum (as of 5 September), which translates to $37,472,000.
In March, Toyota Motor Corporation (TMC) sales subsidiary and its affiliates suffered a data breach that exposed the personal information of millions of customers in Japan.
The car vendor said unauthorized access had been detected on March 21 on a server containing data belonging to 3.1 million customers.
Exposed records included names, addresses, dates of birth, occupation and other information, the good news is that no financial data was exposed in the incident.
Pierluigi Paganini is member of the ENISA (European Union Agency for Network and Information Security) Threat Landscape Stakeholder Group and Cyber G7 Group, he is also a Security Evangelist, Security Analyst and Freelance Writer.
Editor-in-Chief at "Cyber Defense Magazine", Pierluigi is a cyber security expert with over 20 years experience in the field, he is Certified Ethical Hacker at EC Council in London. The passion for writing and a strong belief that security is founded on sharing and awareness led Pierluigi to find the security blog "Security Affairs" recently named a Top National Security Resource for US.
Pierluigi is a member of the "The Hacker News" team and he is a writer for some major publications in the field such as Cyber War Zone, ICTTF, Infosec Island, Infosec Institute, The Hacker News Magazine and for many other Security magazines.
Author of the Books "The Deep Dark Web" and “Digital Virtual Currency and Bitcoin”.