As technology becomes more integrated into our everyday lives, it becomes necessary to take precautions when dealing with sensitive information and technology. The Internet is a prominent tool in today’s society, and will be used against people for many years to come. As technology grows larger, it increases the impact a malicious attack can have. Cybercrime is a special category of criminal acts that are typically executed through the utilization of computer and network technologies. Electronic Break-Ins is one of the categories of cybercrime.
“Electronic break-ins and unauthorized access are clear cut cases of unwanted intrusion, and the most serious form is cyber espionage. “ (Spinello)
In late 2013, the Federal Reserves had made a large announcement indicating that it would not be tapering its bond buying program. While the time of its release was carefully organized, someone in Chicago, Illinois managed to get this information early (in this instance, 7 milliseconds early), and placed large orders based off of this decision and a grand total of $600 million dollars in assets changed hands before most other traders had heard of it. How could this have happened? It takes seven milliseconds for the information to get from Washington to Chicago through fiber optic cables, yet these orders were placed on Chicago exchanges two to three seconds after 2 p.m. The subscribers of this data received the information milliseconds before others in Chicago that were relying on transmissions from the federal reserve in Washington to arrive. It isn’t clear whether this is a violation of the Federal Reserve’s rules to transmit information out of the lockout room before 2 p.m. if the information was pre-loaded into servers in Chicago for release at 2 p.m. (Aguilar) The Feds had a lack of clarity about the laws that were supposed to be followed, but the staffers at the event took several precautions designed to prevent the data from leaving the building early.
1. 1:45 – Doors are locked and everyone is out.
2. 1:50 – Staffers hand out hard copies of the statement to allow a few minutes for the reporters to digest the complicated document.
3. 1:58 – Reporters are escorted out of the room and into the camera room.
4. A few moments before 2 phone lines were opened up, but all communication with any external sources is forbidden.
5. All media personnel present were required to sign an agreement to the above schedule.
How could this have been prevented? The Federal Reserve could have taken control of the disbursement of the information, using its resources to guarantee the arrival of the information in all places at the previously mentioned time. This is the most logical conclusion to draw as the mishandling of information had consumers hurting themselves. Innocent third party individuals were being harmed by the vague rules and guidelines associated with such big news, and the Federal Reserve should take the opportunity to make sure the...