Legal Technology

Help wanted: Insider trader seeks hacker to access law-firm networks

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An FBI alert issued earlier this month warns law firms about an online ad seeking a hacker to access the networks of international law firms.

The ad, posted to a cyber criminal forum, listed search terms that could contribute to an insider-trading scheme, Bloomberg Big Law Business reports. The FBI alert was sent to some law firms.

Bloomberg Big Law Business spoke with cyber security lawyers for their take on the alert. Michael Overly, a partner at Foley & Lardner, told the publication the alert shows how hackers are growing increasingly sophisticated.

“In all honesty, I believe many law firms, particularly small and mid-size firms are behind the curve when it comes to addressing information security,” Overly said. “That is certainly changing as clients are now routinely sending security due diligence questionnaires to their counsel to assess the security preparedness of their firms.”

Pillsbury partner Brian Finch agreed that cyber security is an increasing focus. He said many international law firms have been upgrading their security networks, particularly law firms serving large financial institutions that are demanding better security.

“It’s also becoming an ethics requirement among the state bars,” Finch told Bloomberg Big Law Business. “They’re increasingly focused on it and I think that will drive attention to the issue.”

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