Thursday, January 29, 2015

Hedge Fund Employee Stole Trade Secrets from Firm's Computers

A computer analyst who worked for a Chicago hedge fund stole trade secrets that caused $12.2 million in losses. He was sentenced to 3 years in prison and ordered to pay his former employer $760,000 to cover costs incurred during the investigation.

The trade secrets he illegally downloaded were information about algorithms developed for high frequency trading by the hedge fund.

"[He] illegally downloaded information about algorithms developed for use in high-frequency trading by the Chicago-based [company]."
- Daily Hampshire Gazette
It is unclear how this insider data breach was discovered. Organization seeking to proactively detect theft of intellectual property can utilize low-cost on-demand SaaS analytics services.
Learn how to proactively detect identity theft and unauthorized breaches of data privacy, even by authorized users - with no hardware and no on-site software.
Sources:
(a) Computer analyst sentenced for trade secrets theft - www.GazzetteNet.com, 01/16/2015

No comments:

Popular Posts

Copyright © 2010-2011 by Veriphyr Incorporated, All Rights Reserved.

Contact us at Veriphyr.com.