Swedish automotive manufacturer Volvo Cars revealed that threat actors have stolen R&D data from its systems.
In 2010, Volvo Cars became a subsidiary of the Chinese manufacturer Geely Holding Group, which confirmed that it “has become aware that one of its file repositories has been illegally accessed by a third party.”
“Investigations so far confirm that a limited amount of the company’s R&D property has been stolen during the intrusion,” states Volvo. The company warned that “there may be an impact on the company’s operation” from the hack, sending its stock falling 3.5 percent in Stockholm, to 72.44 kronor ($8.00, 7.06 euros).
Volvo notified relevant authorities and retained third-party experts to investigate the incident.
“Volvo Cars has become aware that one of its file repositories has been illegally accessed by a third party. Investigations so far confirm that a limited amount of the company’s R&D property has been stolen during the intrusion. Volvo Cars has earlier today concluded, based on information available, that there may be an impact on the company’s operation.” reads the notice of cyber security breach published by Volvo. “After detecting the unauthorised access, the company immediately implemented security countermeasures including steps to prevent further access to its property and notified relevant authorities.”
The company pointed out that the cyber attack had no impact on the safety or security of its customers’ cars or their personal data.
