Law Firm Breach Used for Insider Trading Profit

Three Chinese citizens are charged for insider trading after allegedly making $4 million by using information obtained from Law Firms.  The breach has to do with stolen credentials and malware planted within Firm systems – a very common tactic.  The Law Firm names have not been released yet.  Firms are typically diligent with Banking and Healthcare data, but this breach had to do with a merger that was in the works.  The hackers bought shares before the announcement and profited from the stock increase.  This highlights the need for more than just basic cyber security products.  A more disciplined approach of reviewing each Legal Matter for the value of the information and potential risks associated could lead to limiting and increased monitoring of access, which may prevent or identify unauthorized use.

 

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