The university is not offering any specifics except to say that it is investigating a possible hacking incident and that it does not think any student data has been compromised.
Apparently, thieves were able to steal the money after gaining control of a computer belonging to the university's controller using a virus to intercept online banking credentials. A single fraudulent wire transfer in the amount of $996,000 was sent to the Agricultural Bank of China.
Colleges and universities are increasingly becoming targets of cyber criminals. Just last week, the University of Connecticut's West Hartford campus was the victim of a security breach that compromised the data of over 10,000 students.