It’s no mystery that companies and individuals are hacked every day and information is compromised. Criminals use this information in many ways and one of them is to profit from it in the global markets violating insider trading laws.
Insider trading is the trading of a public company's stock or other securities, such as bonds or stock options, by individuals with access to nonpublic information about the company.
A hacker infiltrates a company's network through security vulnerabilities, sorts through all available data, and then mass exports the data that could be of value to them. Meanwhile, the hacked firm is unaware that the criminal was trolling around in their network and stealing information and the hacker uses this information in the markets to make money.
Late last year, three Chinese hackers made more than $4 million in illicit profits after breaking into network servers of top corporate law firms in New York.
The hackers targeted at least seven major international law firms that had been retained by top companies to advise on deals and successfully hacked into the e-mail accounts of senior lawyers at two of the firms. The men bought shares in the companies from the information that was gained and made money as the shares in the company increased in value.
What Should Law Firms Do to Secure Legal Records?
Late last year, I wrote an article that discusses a legal professional's obligations to secure legal records. Legal professionals have a duty to be concerned about the security and protection of the identity of thier clients and their personal information. Outlined below are 10 important items to ultimately secure legal records and law firms entirely.
- Only exchange confidential information over a secure channel
- Encrypt all information once received
- Scan all paper documents into a secure encrypted vault for safe keeping
- Back up information and keep an audit trail of documents sent and received
- Only provide a secure portal for clients to upload documents
- Only use secure email both as a sender and a receiver
- Scan incoming documents to protect against a virus and scan outgoing documents to prevent loss of information by an inside source
- Use proper identity and access management tools
- Use a secure VPN connection when using mobile devices
- Use a Cloud Access Security Broker solution when interacting with cloud storage
How Safe-T Can Keep Your Data Secure
SDE enables organizations to broker, control and secure data exchange of any type and size between people, applications, cloud solutions, and businesses. It offers secure email, encrypted vaults, and connectors to antivirus scanning and data loss prevention systems to protect information end to end. The solution, which can be installed in a matter of days, assists to secure legal records by maximizing security and minimizing information loss.
SDA Secure Data Access is disruptive and breakthrough secure reverse-access solution that is designed to overcome the challenges of today’s DMZ networks and network segmentation, prevent criminal application access, application hacking, and protect classified networks within the enterprise infrastructure.
With SDA organizations start their journey to complete elimination of the DMZ, close incoming ports in the firewall, and eliminate sensitive data and application servers from the DMZ while gaining immediate costs savings.
The threat of information compromise continues to be real for legal professionals. Criminals are hacking into your email, your computer networks and they are stealing your data right out from underneath you.
Proper security controls are not difficult to implement quickly and must be done immediately or you will face dire consequences from your clients, the markets and damage to your brand. For more information on preventing cyber attacks and fighting DDoS, download the White Paper: Fighting DDoS Attacks Using Attack Surface Reduction.
Editor's Note: This post was originally published in February 2017 and has been updated for accuracy and comprehensiveness.