AI-powered learning automation firm iLearningEngines on Monday disclosed a cybersecurity incident that resulted in the theft of $250,000.

iLearningEngines told the SEC that a threat actor accessed its environment and certain files on its network, deleted some emails, and misdirected a $250,000 wire payment, which has not been recovered.

Maryland-based iLearningEngines has developed a platform that uses AI to deliver personalized and automated learning, as well as work automation capabilities that organizations can use to custom-design workflows and optimize processes.

“The Company has incurred, and may continue to incur, certain expenses related to its response to this incident,” the company said.

It added, “Based on the information available to date, the Company believes that the cybersecurity incident will have a material impact on its operations during the quarter ended December 31, 2024 but does not expect the incident to have a material impact on full year 2024 results.”

Based on iLearningEngines’ brief description of the incident, the company may have been targeted in a business email compromise (BEC) scheme.

According to data from the FBI, BEC attacks accounted for significant cybercrime losses in 2023 — $2.9 billion of the total of $12.5 billion. 

No known ransomware group appears to have taken credit for the iLearningEngines attack.

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