University loses nearly 1 million dollars to malware

Thieves appear to have stolen the funds from University of Virginia after compromising a computer belonging to the University's Financial Controller. Malware intercepted the Online Banking Credentials for the University's Bank accounts and initiated a fraudulent wire transfer for $996,000 to a  Bank in China.

Whereas, because of a £10,000 per day limit on my UK Online Banking via BACS, when I was transferring £125,000 yesterday via CHAPS, RBS called up our dual Signatures on File, checked my Passport & Debit Card, and recorded me on CCTV. I was happy that they had done their due diligences.

Times like this prove that automated chaos is just faster chaos. Why would the University of Virginia not have arranged for a limit on their Online Banking Account - say $100,000?