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Saturday, 31 December 2016

Law Firms Are Weak Link for Corporate Security

Source: blogs.findlaw.com - Friday, December 30, 2016
The Department of Justice announced earlier this week that it was charging three Chinese citizens with insider trading, after they traded on info obtained by hacking into the emails of M&A lawyers . The trio was able to purloin insider information after using the credentials of firm employees to gain access law firm servers. The news was another in a long series of revelations that hackers were targeting law firms -- and often succeeding in gaining access. Consider it a reminder that, when it comes to keeping information secure, you can't always count on outside counsel. Law Firms Are Frequent Hacker Targets In the most recent case, the hackers-turned-insider-traders were able to gain access to at least two major New York law firms, according to a press release by the DOJ. The DOJ hasn't released the names of the firms affected, nor have they revealed the methods the hackers used to obtain the employee credentials they used to access firm servers. But we do know that at least seven firms in total were targeted, with the hackers attempting to gain access to firm computers at least 100,000 times . This isn't the first time hackers have made their way into law firm computers, either. In March, Cravath and Weil Gotshal were both reported to have suffered breaches to their security systems, by hackers allegedly looking for insider information. Just weeks later, Crain's reported that Russian hackers had been targeting BigLaw firms in C

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