A new approach to profiting from cyber-crime has seen confidential company information being syphoned from corporate communications then used to ‘game’ the US stock market, possibly by former traders. The cyber-espionage ring – dubbed FIN4 – has been targeting individuals who have access to insider company data including executives, consultants, legal counsel and analysts for the past year, in a new wave of insider trading.
Californian security company FireEye uncovered evidence that the hackers had already stolen email communications from over 100 businesses, to gain an upper hand on the markets. The Silicon Valley cyber security company wouldn’t reveal any details about who or what company data had been breached, but did reveal it contained insider information that could make or break stock prices. This information put the hackers at a considerable trading advantage, the tech firm said, adding it couldn’t rule out the data had been passed on to traders or a hedge fund.