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City Sends 15% of Annual Budget to Cybercriminals

August 26, 2021

Peterborough, New Hampshire—a small town of 6,000 residents—just experienced a devastating cyberattack, which resulted in taxpayer money amounting to $2.3 million being transferred to foreign internet scam artists.

That is approximately 15% of the town’s annual budget.

Adding a wrench into the unfolding events, officials are still waiting to see if the town’s insurance will cover the losses. Since the town’s budget is about $15.8 million annually, the loss could affect projects within Peterborough and whether they will be completed in a timely way, among other budgeting dilemmas.

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