Network Security

Europe’s Pepco loses $17M in phishing attack

A computer screen displays a digital alert of an email phishing threat, accompanied by a striking red warning sign.

The European chain of discount shops Pepco Group disclosed that its Hungarian business has fallen victim to a sophisticated phishing attack, which has resulted in a loss of $17 million, reports Cybernews.

The attack might also have involved business email compromise, which could have led to the accidental transfer of money to fraudsters, according to Irene Coyle, chief operating officer at OSP Cyber Academy. The company is taking the necessary immediate steps to investigate and respond to the incident, adding that the incident does not appear to have involved any customer, supplier, or colleague information or data. The company said a group-wide assessment of all systems and processes is underway and will provide updates as appropriate. “The Group maintains a strong balance sheet with access today to over $20M million in available liquidity (from cash and credit facilities) and continues to generate strong cash flow from its operations,” according to the company’s statement.

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