Proving that there are consequences for cyber breaches at all levels of an organization, the Austrian aerospace parts maker FACC has fired their CEO after the company was hit by a cyber scam fraud that cost it 56 million euros.

FACC disclosed that it had been hit by a cyber fraud in which hackers stole millions by posing as the CEO Walter Stephan in an email. The hoax email asked an employee to transfer 50 million euros, equivalent to almost 10 percent of annual revenues, to an account for a fake acquisition project – a kind of scam known as a “fake president incident”.

This points to the need for cyber education at all levels of an organization.

FACC said it had taken a charge back of 41.9 million euros over the cyber fraud. Fortunately for the company, it was able to block 10.9 million euros from being transferred. FACC’s customers include companies such as Airbus, Boeing and Rolls-Royce.