Three charged in record cyber-attack on financial firms

Cyber security

Three men have been charged in relation to the largest cyber-attack on financial firms in US history.

The BBC reports that JP Morgan and Fidelity Investments were among the 12 institutions hacked. Overall personal information for 100 million people was accessed between 2012 and the summer of 2015.

Charges of computer hacking and identity theft have been brought against two Israeli men, Gery Shalon and Ziv Orenstend, and a US citizen Joshua Samuel Aaron. There are 21 other counts relating to the cyber-attack.

Prosecutors say the men manipulated stock prices by selling shares to individuals whose contact details they had stolen. They then sold their own shares, causing the price to fall.

The men have also been charged with running an illegal payment processing business that they used to collect $18m (£11.9m) in fees.

US federal lead prosecutor Preet Bharara described the scheme as “securities fraud on cyber-steroids”.