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August 17, 2015 – On Tuesday, August 11th, it was announced that Ukrainian hackers infiltrated several computer systems used by corporations to report sensitive information. Allegedly, the hackers used this information to make millions of dollars trading on the confidential data.

The U.S. government is preparing to announce criminal charges against the insider trading ring; the case is thought to be the largest of its kind brought to date. It also opens up a conversation about a new type of cybersecurity crime.

Forbes reports that several hackers gained unauthorized access to news wire services used to make significant announcements concerning mergers and acquisitions. After gaining access to these sensitive press releases, the hackers passed that information on to individuals in the United States who subsequently traded on that information. The targets included Fortune 500 firms such as Bank of America.

The nine suspected insider traders are expected to be charged in New York and New Jersey. The case reportedly marks the first time prosecutors have alleged that a securities fraud scheme was based on hacked inside information. ComputerWeekly reports that, “the case exposes the vulnerabilities of financial markets in the digital age and demonstrates how advance information can be acquired without using any insider contacts.”

Edcomm Group Banker’s Academy has many robust course offerings that address different aspects of cybersecurity, including cybercrimes and other regulations that protect institutions from cyberattacks such as insider trading.

Sources

Ashford, Warwick. “FBI uncovers cyber insider trading gang.” ComputerWeekly.com. Tech Target, 11 August 2015. Web. 11 August 2015.

Maglich, Jordan. “Criminal Charges Filed in Massive Alleged Cyber Insider Trading Ring.” Forbes. Forbes, 11 August 2015. Web. 11 August 2015.

 

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