Codere admits ‘system failings’ following €700K hack

Codere admits ‘system failings’ following €700K hack

Article brief provided by SBC News
  • Ted Menmuir, SBC News
January 22, 2023 8:08 PM

The US Securities and Exchange Commission (SEC) has been informed by Nueva Codere of a cyberattack to its subsidiary Codere Online, resulting in losses of €744,000 [$810,000].

The admission to the SEC outlined ‘weaknesses in internal controls’, which allowed hackers to access Codere Online’s email systems.

The cyberattack saw hackers pose as ‘Codere Online agents’, who sent ‘manipulated invoices’ to various suppliers of the company demanding urgent payment.

Codere deems the cyberattack to be ‘an isolated event’, in which “the account deposits of the users or their passwords were not put at risk, nor were the confidential data of their users accessed.”