Source: National Cyber Security – Produced By Gregory Evans
The U.S. Securities and Exchange Commission (SEC) has contacted at least eight public companies seeking information on data breaches as part of an investigation into the FIN4 hacker group, Reuters reports. FIN4, which targets top executives, legal counsel, scientists and researchers at public companies with the aim of breaching their email accounts in order to access insider data, was first exposed by FireEye in a report published last year. “FireEye believes FIN4 intentionally targets individuals who have inside information about impending market catalysts — events that will cause the price of stocks to rise or fall substantially in a short period of time,” the report stated. Approximately two thirds of the companies targeted by FIN4 are healthcare and pharmaceutical companies, according to FireEye, due to the fact that stocks in those industries can move dramatically in response to news of clinical trial results, regulatory decisions, or safety and legal issues. John Reed Stark, former head of Internet enforcement at the SEC, told Reuters it’s an “absolute first” for the SEC to contact companies seeking more information on data breaches in connection with insider trading. “The SEC is interested because failures in cyber security have prompted a dangerous, new method of unlawful […]
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