This is why your organisation needs cyber risk insurance…:
NORWICH, Vt. (AP) – A Vermont town will recoup nearly $250,000 lost in an email scam.
Norwich Town Manager Herb Durfee says the Vermont League of Cities and Towns, the town’s insurer, will cover nearly $169,000.
The Valley News reports that in addition to the insured money, Comerica Bank returned nearly $80,000, which leaves Norwich out $1,000, the cost of its insurance deductible.
A report released by Norwich says the money was lost when former Finance Director Donna Flies ignored instructions to stop unauthorized payments from municipal accounts.