City Of Moline Gets Over $400,000 From Cyberfraud Incident

Moline has received a $404,764.59 recovery payment from its cyber liability insurance carrier, Tokio Marine HCC, stemming from a December 2020 phishing fraud incident. That incident resulted in the city sending two fraudulent wire transfers on 12/16 and 12/30 of 2020 for a total loss of $421,119.86. With the assistance of the FBI and U.S. Secret Service, $6,355.30 was recovered. The recovery payment of $404,764.59 is the remainder, minus the deductible of $10,000. As a result of the incident, the City reviewed all of its internal control policies with the assistance of its auditors and established... Read More