Igman Expects Recovery of Funds After Cyber Fraud Attempt
Igman d.d. Konjic says most funds affected by a sophisticated business email fraud have been frozen and are expected to be recovered. The Bosnian ammunition manufacturer says production and business operations continue without disruption.
Bosnian ammunition manufacturer Igman d.d. Konjic says it has activated legal, banking, and law enforcement measures after becoming the target of a sophisticated cyber-enabled financial fraud involving electronic business communications. The company stated that most of the affected funds have already been frozen and are expected to be recovered, while production and commercial operations continue without interruption.
The incident highlights the growing cybersecurity risks facing defense manufacturers that increasingly rely on digital financial and supply chain communications.
Investigation underway after attempted financial fraud
According to the company, the incident involved a sophisticated computer-enabled fraud connected to electronic business correspondence. After identifying the suspected attack, Igman immediately notified police authorities, its banking partners, and launched emergency measures to halt disputed financial transactions and secure company assets.
Igman said the rapid response by all parties resulted in the majority of the disputed funds being blocked. Financial institutions and competent authorities continue procedures aimed at recovering the remaining assets while the criminal investigation remains active. The company stated it is fully cooperating with investigators and has provided all relevant documentation.
Information security review launched
Alongside the investigation, Igman has begun a review of its information security systems and internal business procedures to strengthen protection against similar attacks in the future. The company indicated that it is implementing additional organizational and technical safeguards while avoiding disclosure of operational details that could affect the ongoing investigation.
Management also stated that the incident has not affected manufacturing activities or the company's ability to fulfill existing business commitments.
Cybersecurity becomes a growing challenge for defense manufacturers
The case illustrates a broader trend affecting defense companies worldwide. Business email compromise and invoice fraud have become increasingly common attack vectors against manufacturers, particularly those operating internationally with multiple banking partners and complex supply chains.
For defense manufacturers, successful attacks can disrupt contract payments, procurement activities, and supplier relationships even when production itself remains unaffected. As a result, many companies across the sector have expanded cyber resilience programs alongside traditional physical security measures.
Igman has faced multiple operational challenges over the past year, including supply chain disruptions, export market pressures, and financial headwinds, while pursuing operational stabilization and modernization efforts. Earlier this year, the company reported a reduction in its 2025 financial loss while continuing broader restructuring measures.
