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On August 11, 2015, SecurityWeek reported that Business Wire was working with the U.S. Department of Justice to investigate a cyberattack that may have exposed nonpublic, market-moving information. Separately, the Securities and Exchange Commission announced charges in a broader alleged scheme involving stolen earnings announcements from two or more newswire services. The SEC’s announcement did not identify Business Wire as the only service involved.
What was reported about Business Wire?
SecurityWeek reported that Business Wire was cooperating with the Department of Justice and had hired a cybersecurity firm to conduct forensic testing. The report said the attack may have enabled access to nonpublic information capable of moving markets. Business Wire declined to provide further details at the time.
That account described an investigation in progress, not the completed results of a forensic examination. SecurityWeek also quoted Business Wire CEO Cathy Baron Tamraz saying, “Security is our number one concern at Business Wire,” followed by her comments about the company’s security investment and the risk of sophisticated intrusions. Those were the company’s statements, not independent verification of its security controls.
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What did the SEC allege about stolen earnings releases?
On the same day, August 11, 2015, the SEC announced charges against 32 defendants in what it described as a five-year scheme involving unreleased earnings announcements. According to the agency, two hackers obtained hundreds of announcements from two or more newswire services, and 30 other defendants traded using the information before it became public.
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The SEC alleged that the scheme generated more than $100 million in illegal profits. That figure describes the agency’s allegation in its 2015 announcement; it should not be read as a final finding against every defendant. SEC Chair Mary Jo White called the case “unprecedented in terms of the scope of the hacking, the number of traders, the number of securities traded and profits generated.” Her statement characterized the SEC’s case at the time charges were announced.
Was Business Wire the only newswire service involved?
No such conclusion follows from the SEC’s public summary. SecurityWeek’s report concerned Business Wire’s investigation, while the SEC described an alleged scheme involving “two or more newswire services.” The available accounts connect the Business Wire investigation to the newswire-hacking story, but they do not establish that Business Wire was the sole service accessed. Nor do they provide a complete technical account of the incident or quantify harm to Business Wire clients.
Why do reports give different defendant counts?
The SEC’s August 11 announcement named 32 defendants. In a September 14, 2015 update, the agency said an amended complaint filed on August 23 had added two defendants, bringing the total to 34. The later count reflects that amendment, rather than a contradiction about the original announcement. The SEC also reported settlement agreements with two traders and said litigation continued against the other defendants at that point.
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What the 2015 record establishes
- SecurityWeek reported that Business Wire was investigating a cyberattack with the DOJ and conducting forensic testing through a cybersecurity firm.
- The SEC separately alleged that hackers stole hundreds of unreleased earnings announcements from multiple newswire services and that traders used them before publication.
- The SEC’s initial announcement charged 32 people and alleged more than $100 million in illegal profits; its later update said two defendants had been added.
- The reporting cited here does not establish the full technical impact on Business Wire or its current security posture.
Sources: SecurityWeek’s August 11, 2015 report; the SEC’s August 11, 2015 charges announcement and September 14, 2015 update.
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