A PYMNTS Company

US: Wall Street hit with massive M&A data breach

 |  December 1, 2014

Security consultants have reportedly uncovered evidence that hackers have stolen information regarding merger and acquisition deals related to dozens of companies over the last year.

Researchers at FireEye have handed over information to law enforcement regarding their findings. According to the security group, more than 80 companies have had their M&A information stolen for more than a year. FireEye says the hackers have Wall Street expertise.

The hackers have been named FIN4 by the researchers. FireEye says the group has tricked lawyers, consultants and Wall Street executives into sharing confidential M&A information, most likely to use for insider trading.

FireEye released its report on the findings Monday.

In an interview, FireEye manager of threat intelligence Jen Weedon says the sophistication of FIN4 suggests the hackers have worked in the financial sector, and are mostly likely American.

FireEye says most of the seemingly compromised data involve healthcare and pharmaceutical mergers. In one instance, researchers found that hackers obtained confidential information prepared for the Securities and Exchange Commission related to an attempted acquisition of a publically traded company. Experts found evidence of FIN4’s apparent hacking as far back as mid-2013.

FireEye says it has handed over its research to the Federal Bureau of Investigation, which is currently looking into the matter, say reports.

Full content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.