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Cybercriminals stealing corporate secrets to gain investment advantage

Cybercriminals are stealing corporate secrets so they have better tactics to work the stock market, new report from FireEye suggests
By: Michael Hatamoto | Hacking & Security News | Posted: Dec 1, 2014 5:55 pm

A criminal group has been discovered conducting cyberespionage so they are able to game the stock market, according to cybersecurity company FireEye. Specifically, the group has targeted at least 100 firms, focusing on biotech and healthcare companies, and it's unknown if they made any trades based on the stolen information.

 

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The group had access to US Securities and Exchange Commission (SEC) filings, legal documents, merger activity information, medical research results, and other sensitive information they could utilize before news became public. It would appear only those with access to insider data, such as company executives, were targeted in the sophisticated and coordinated attacks.

 

It's a difficult time for companies trying to keep data secure from outside threat, as cybercriminals are becoming increasingly savvy in their methods to compromise secure data.

NEWS SOURCES:Reuters.com, Stocksonwallstreet.net

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