The FBI has issued a Private Industry Notification to law firms indicating that a cyber crime insider trading ring is targeting “international law firm information used to facilitate business ventures.” According to the FBI “[T]he scheme involves a hacker compromising the law firm’s computer networks and monitoring them for material, non-public information….This information, gained prior to a public announcement, is then used by a criminal with international stock market expertise to strategically place bids and generate a monetary profit.”

The FBI related that “In a recent cyber criminal forum post, a criminal actor posted an advertisement to hire a technically proficient hacker for the purposes of gaining sustained access to the networks of multiple international law firms.”

FBI warnings are a heads up to private industry about specific risks. Law firms may wish to heed this one.