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Montgomery College in Maryland lost $2.8 million in a cybersecurity attack in September 2019, according to a release from the college of details of the cyberfraud case.
The attack allowed funds to be stolen and placed in a fraudulent bank account. Clifton Larson Allen, a certified public accounting firm that performs the college's annual financial audits, issued its opinion Wednesday, providing more information on the attack, according to a news release.
The firm found that college staff took the appropriate steps to verify the legitimacy of the $2.8 million invoice, but the criminals manipulated a process that diverted the payments.
The college was able to recover $1.1 million of the loss by working with law enforcement and its bank. Its net loss -- $1.7 million -- is 0.5 percent of the college's fiscal year 2020 budget, so it is not hampering the college's ability to continue operations.
Montgomery College has since implemented internal controls, including fraud awareness and cybersecurity trainings.
There is no new information from the FBI related to the criminal investigation.
