Volvo Cars reports theft of R&D data by hackers

Says it has been ‘approached by a third party,’ which sounds like a ransom demand

STOCKHOLM– Volvo Cars stated on Friday it had actually launched an investigation right into a cyber security breach as well as the theft of some research and development information that could impact the business’s procedure.

A speaker for the firm, majority possessed by China’s Geely Holding, claimed it had actually been approached by a third party, but decreased to give any kind of more details.

“Examinations so far validate that a minimal quantity of the business’s R&D residential property has been stolen during the breach,” the Swedish carmaker claimed in a declaration.

It added that “there might be an impact on the firm’s procedure,” without specifying what that could be. It stated it did not see an impact on the safety and security of its customers’ autos or their personal information.

The Gothenburg-based company stated it had executed security countermeasures to avoid more access to its home, while informing appropriate authorities.

“Volvo Cars is conducting its own investigation and also collaborating with a third-party expert to check out the residential or commercial property burglary,” it stated.

Shares in Volvo Cars, whose IPO on Oct. 29 was the greatest in Europe this year, were down 3.2% at 1555 GMT.