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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

Michael Hatamoto | Dec 1, 2014 at 11:55 am CST (0 mins, 39 secs reading time)

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.

Cybercriminals stealing corporate secrets to gain investment advantage | TweakTown.com

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.

Last updated: Dec 7, 2014 at 12:00 am CST

Michael Hatamoto

ABOUT THE AUTHOR - Michael Hatamoto

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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