SEC Investigates Widespread Email Hacking

by ZixCorp

In overnight breaking news, it was revealed that the Securities and Exchange Commission (SEC) is investigating a group of hackers who appear repeatedly to have broken into email systems at biotech and healthcare companies to gain financial advantages by trading in these companies’ stocks. Silhouette of Stock Market DiscussionReuters is reporting that John Reed Stark, a former head of internet enforcement at the SEC, told them that having a government agency ask businesses to disclose details about breaches is "an absolute first." He also described the email interceptions as a "dangerous, new method of unlawful insider trading." An example of one group involved in the hacking is FIN4, as reported by FireEye back in December. Their regional president Richard Turner has said, "We have solid evidence that there is at least one group and probably multiple groups that are breaching corporate networks to gain knowledge and trade in the markets in an advantaged position." Operating for at least two years, FIN4 is believed to have hacked into email accounts at more than 100 companies, looking for insider market information. We at Zix know that there are far more email breaches than reported in the press. This is because businesses are not required to disclose email breaches unless they are deemed to be “material” under federal laws. These businesses can protect themselves, their sensitive data and their clients by implementing modern email encryption. The most influential companies and government organizations use the proven Zix solutions. Zix Email Encryption Services are powered by ZixDirectory, the largest email encryption community in the world. You can learn more here.

Posted: 6/24/2015 12:00:00 AM by Global Administrator | with 0 comments
Filed under: breach, corporate, data, email, hack, insider, protection, SEC, trading

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