Floyd County School System said it recovered the remaining $5,000 from a cyberattack earlier this month.
“Floyd County Schools has been able to recover the remaining funds that were stolen from an outside source following a recent spear-phishing incident,” read a statement from FCS spokeswoman Lenora McEntire Doss. . “We are extremely grateful for the assistance of the Floyd County Police Department, Chief Mark Wallace and Maj. Jeff Jones as well as Ana Rodriguez of Lakeside National Bank during this cybersecurity investigation and full recovery. .”
Floyd County Police announced the recovery of $189,334.35 stolen from schools in Floyd County.
Immediately after the June 7 theft of $194,672.76 was reported by Floyd County Superintendent of Schools, Dr. Glenn White, it was discovered that the school system had suffered a work email compromise. Shortly after taking the report, the Criminal Investigation Division immediately launched an investigation and obtained court documents to “follow the money.”
It was discovered that the funds had been transferred to Lakeside National Bank, located in Texas, and had been transferred from one account to another. The full cooperation of Lakeside National Bank, which had already noticed suspicious activity in an account and put protective measures in place, greatly assisted in recovering the funds.
Any case involving wire transfer of funds is difficult to resolve and time is running out. Without Dr. White’s immediate actions to report the crime, the bank account seized by Floyd County police may have been depleted. As the investigation continues, and with continued assistance from Lakeside National Bank, the investigation may lead to the recovery of the remaining $5,338.41.