Following a cyberattack on the Meath County Council, local authorities across Ireland have been urged to evaluate the strength of their computer security. The Meath cyberattack occurred in attempt to steal over €4 million from the County Council.
On the 28th October Meath County Council fell victim to CEO fraud as €4.3 million was transferred abroad from its Irish bank, Bank of Ireland. CEO fraud consists of “large sums of money are transferred to criminals on foot of a bogus instruction in the name of a company chief executive”, according to RTÉ.
The money is currently held in a bank in Hong Kong as gardaí from the money-laundering unit managed to have the money frozen.
Officials believe the money will be returned, although they are waiting for further assurance regarding the money beforehand.
Bank of Ireland have yet to comment on the situation.