A Russian cyber criminal has been attempting
since January to hire hackers to break into law firms’ computer systems to
enable him to trade on insider information. At this point, his focus has been on nearly 50
"elite” law firms around the U.S. and in the United Kingdom according to an article in Crain’s Chicago Business.
Kevin Johnson, senior vice president, program
executive for Lockton Affinity, L.L.C., the ISBA’s endorsed provider of
professional liability insurance, brought the article to the ISBA’s attention.
The article doesn’t indicate that any Iowa law firms have been targeted, but
it’s good to be aware that hackers are at work.
The plan, according to the article, is
the law firms' networks, then use keywords to locate drafts of merger
agreements, letters of intent, confidentiality agreements and share purchase
agreements.” The purpose is to "know in advance which companies were going to
be merged with the help of the stolen law firm documents and subsequently
leverage this information to execute algorithmic insider trading activities,”
the article states. Read the article here.