Cyberespionage ring stole corporate secrets in effort to rig stock market
Cyberespionage gang targeted major health care firms in scam that has compromised sensitive data of dozens of companies, security experts say
Security researchers say they have uncovered a cyberespionage ring focused on stealing corporate secrets for the purpose of gaming the stock market, in an operation that has compromised sensitive data about dozens of publicly held companies.
The hackers appear to be taking advantage of the current mergers-and-acquisitions boom to target publicly traded companies and their executives involved in pending deals.
Cybersecurity firm FireEye said that since the middle of last year, the group has attacked e-mail accounts at more than 100 firms, most of them pharmaceutical and health care companies.
The rise of mergers and acquisitions-specific hacking comes amid a boom time in the merger business. Global deals have topped US$3.2 trillion so far this year, the most since the financial crisis of 2008, according to the banking research firm Dealogic. The health care sector leads the way, accounting for more than 13 per cent of the value of the all deals.
The hacks also have sought information about clinical drug trials, insurance reimbursement rates and pending legal cases.
Victims also include firms in other sectors, as well as corporate advisers including investment bankers, attorneys and investor relations firms, according to FireEye. The cybersecurity firm declined to identify the victims. It said it did not know whether any trades were actually made based on the stolen data.