Bonnier Corp. Victimized by Some Very Costly Email Spoofing

Hackers were able to breach and make use of outgoing CEO David Freygang's account.

DavidFreygangLinkedInKeith J. Kelly has an explosive scoop today.

According to the New York Post media columnist’s sources, hackers possibly based in China breached the email account of outgoing Bonnier Corporation CEO David Freygang (pictured), sent instructions from his end to an employee in Accounts Payable and netted millions. From Kelly’s report:

The emails were marked urgent and confidential, sources said. The FBI is said to be investigating.

“I can confirm an employee at Bonnier fell victim to a cyberfraud in the range of $3 million,” brand new CEO Eric Zinczenko said in an interview Tuesday — his first day on the job.

The good news is that the second of the two falsified $1.5 million wire transfer instructions, en route around May 15, was able to be stopped and reversed. So the end loss, to no doubt be soon in the court of Bonnier’s insurance carriers, is in that same amount.

Kelly’s report contains many more details. As the reporter notes, Freygang is staying on with Bonnier through the end of the year as a consultant, at which point he plans to retire.
 
[Photo via: LinkedIn]