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AI training software firm iLearningEngines says it lost $250,000 in recent cyberattack | TechCrunch

Nov 18, 2024 - techcrunch.com
U.S.-based AI training software provider, iLearningEngines, has reported a cyberattack that led to the theft of $250,000 from the company. The firm disclosed in a regulatory filing with the U.S. Securities and Exchange Commission that an unidentified hacker accessed its network and misdirected a wire payment. The nature of the attack suggests it was a business email compromise (BEC), a type of scam that targets companies conducting wire transfers. The hacker also deleted several emails and accessed certain files on the company's network.

iLearningEngines, which went public in April 2024, has not been able to recover the stolen funds and anticipates the incident will have a significant impact on its operations for the fiscal quarter ending December 31, 2024. The company has already incurred and expects to continue incurring expenses related to the cybersecurity incident. The firm, which serves over 1,000 enterprise customers, reported a loss of $314 million on revenues of $135 million in its fiscal second quarter.

Key takeaways:

  • U.S.-based AI training software provider, iLearningEngines, reported a cyberattack that resulted in the theft of $250,000 from the company's funds.
  • The company suspects the attack to be a business email compromise (BEC), where the attacker manipulates email accounts to steal funds.
  • The hacker also deleted several emails and accessed certain files on the company's network, the specifics of which have not been disclosed.
  • iLearningEngines expects the incident to have a significant impact on its operations for the fiscal quarter ending December 31, 2024.
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