Mobile voice encryption provider GSMK says phone hackers are targeting mergers and acquisitions to steal confidential information and play the stock market using insider information.
Bjoern Rupp, CEO at GSMK, said “Many project teams deployed to M&A deals take every precaution to secure physical data and uphold confidentiality agreements but are at risk from unsecure mobile networks which are vulnerable to attack. In the last year alone, there has been a significant rise in phone fraud across Europe and this trend is likely to continue into 2011 as the technology to listen in on unencrypted devices becomes cheaper and easier to access. Businesses cannot risk exchanging vital financial information on major deals over unsecure devices that can easily be intercepted by fraudsters. Standard desktop and mobile devices simply cannot deliver the 360-degree security armour needed to protect confidential conversations.”