Official government funds from the city of Portland were lost to hackers after an email security breach resulted in fraudulent charges. The city is now trying to track down the criminals and cites the incident as a demonstration of the "growing threat of cyberattacks."
City of Portland Lost $1.4 Million to Hackers
According to the story by Tech.co, even cities aren't safe from hackers. Although it used to be extremely difficult for hackers to gain access to government funds, the city of Portland has reportedly lost $1.4 million to the hackers.
Over the past few years, the increase in cyberattacks has been alarming. It is rare, however, for a city in the United States to fall victim to these types of attacks, especially an email security breach.
City of Portland is the Latest Victim of a Simple Email Breach
While cyber criminals are increasing in notoriety, companies, individuals, and now even governments have become hotter targets for hackers. As per the article, "everything from ransomware attacks to security breaches" has started to attack all kinds of businesses no matter their shape and size.
It was also mentioned that the monetary loss that stemmed from these cyberattacks "has been more than substantial." The city of Portland is now the latest victim of the cyberattacks and all it took was a simple email breach.
$1.4 Million Lost to 'Massive Fraudulent Charges'
The article notes that the simple email breach resulted in "massive fraudulent charges" resulting in $1.4 million. It was then mentioned that the city will now be having a hard time recuperating the lost funds.
The city of Portland released an official press release regarding the situation. It was announced that a "fraudulent charge" amounting to $1.4 million was made and that the funds were stolen sometime in late April but was only detected on May 17 as per State Scoop.
The Incident Serves as a Reminder that These Kinds of Threats Exist
As per the press release, the breach was considered an external attack that got unauthorized access to the email account of the City of Portland. The note also highlighted the importance of simple cybersecurity measures, especially in instances where different kinds of threats exist.
The statement noted that the incident is a reminder demonstration that the threat of cyberattacks has started to grow and that these attacks can affect not just individuals but also businesses and communities around the world.
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FBI, Portland Police Bureau, and US Secret Service Now Investigating the Incident
It was also clarified that the City of Portland has already invested in technology as well as established certain policies in order to minimize that kind of threat. Detailed information regarding the stolen funds remains under wraps due to the city wanting to "prioritize security and ensure the integrity of the investigation.
The issue is now being investigated by the Portland Police Bureau, the FBI, and the US Secret Service.
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This article is owned by Tech Times
Written by Urian B.
