Volvo reports cyber security breach, R&D data may have been stolen

Volvo Cars on Friday reported it has started an investigation into a cyber security breach which targeted research and development data. While it is not yet clear if this has affected the auto company's operations, Volvo said there may be an impact.

Volvo has issued a statement which confirms the cyber crime. "Investigations so far confirm that a limited amount of the company's R&D property has been stolen during the intrusion," the statement reads. “Volvo Cars is conducting its own investigation and working with third-party specialist to investigate the property theft."

The company further informed that ‘relevant authorities’ have been informed and that measures are being put into place to ensure that no further data breach occurs. “After detecting the unauthorized access, the company immediately implemented security countermeasures including steps to prevent further access to its property and notified relevant authorities."

(With inputs from Reuters)