An Austrian plane manufacturing company has fired its CEO of 17 years after he fell for an email scam that cost the company $56.79m (£39m).
Waltar Stephan was the CEO of FACC when he fell for a 'fake president' scam in which criminals pretend to be someone high up in a company and send a personalised email to someone equally high up in the company talking of the need for a secret transaction.
The company said: "In the supervisory board meeting, held on May 24 2016, Mr Walter Stephan was revoked by the supervisory board as chairman of the management board of FACC AG with immediate effect.
"The supervisory board came to the conclusion that Mr Walter Stephan has severely violated his duties, in particular in relation to the 'Fake President Incident'. Mr Robert Machtlinger was appointed as interim CEO of FACC AG."
The company has managed to recover about a fifth of the stolen money, but the rest has disappeared into accounts in Slovakia and Asia, wiping a huge chunk off the company's share value, which bounced back on news of the sacking.
The company's chief financial officer has also left the firm in the wake of the debacle.
FACC can take some comfort, though, as a Belgian bank lost its shirt in the same scam to the tune of $75.8m.
The scam relies partly on ego, i.e. the assumption that a senior person is important enough not to double check a huge financial transaction, possibly the result of a takeover.
Snapchat admitted earlier this year that employee details were accidentally sent to a scammer after a staff member fell for a phishing email that purported to come from the CEO.
These attacks, often dubbed 'whaling' because they go after high-profile targets, are increasingly common as the pay-off for a successful attack is enormous, and has to succeed only once.
Just spent a year working on them? Too bad, Intel's lost interest
Sony factory in Wales now making 100,000 Raspberry Pis every week
38-year-old Alexander Vinnik faces up to 55 years in jail
Threadripper also available from today if you want a lot more power - but you'll have to wait for the motherboards to appear