Cybersecurity » Hacking Merger Lawyers Earns Online Crooks Millions

Hacking Merger Lawyers Earns Online Crooks Millions

December 29, 2016

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Three Chinese citizens have been charged with making more than $4 million by hacking into two of the top merger-advising law firms in New York and trading on the information they stole. They targeted at least seven law firms to get information about deals in the works. “This case of cyber meets securities fraud should serve as a wake-up call for law firms around the world,” said Preet Bharara, U.S. attorney in Manhattan. “You are and will be targets of cyberhacking because you have information valuable to would-be criminals.” A parallel complaint was brought by the Securities and Exchange Commission. The firms were not named in either filing. Earlier this year New York’s Cravath, Swaine & Moore confirmed it had been the victim of a “limited breach” in the summer of 2015.

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