RISK: Mining company transfers $10M to wrong account after cyber attack

The money was the first installment in an $18 million contract

After a cyber attack, Toronto mining company Nautilus Minerals Inc. transferred $10 million U.S. to the wrong bank account.

The money, which was the first installment in an $18 million contract, was meant for Dubai-based Marine Assets Corporation. Nautilus chartered a ship through MAC, which will serve as a base for their seafloor copper and gold mining project.

The companies immediately alerted the police, and an investigation is now underway. Nautilus has also retained a cyber security firm to investigate and to maintain their and MAC’s online security.

Nautilus has agreed to pre-pay the $10 million on the basis that the remaining $8 million is paid after the charter of the ship begins.

The ship’s construction continue, Nautilus reports.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.