$10 Million in Software Stolen From NY Fed

For companies like Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and Amazon.com (NASDAQ:AMZN), software code is one of the most valuable assets. To this end, they have many tough security precautions to keep control of it.

But government organizations also have valuable computer code. Just look at the Federal Reserve Bank of New York. According to a report in Reuters, a Chinese hacker stole some of its software code. The estimated value: about $10 million.

What’s worse is that the alleged hacker was a contractor for the NY Fed. Basically, he just used an external drive to snag the software code.

The good news is that the hacker has been arrested and charged with one count of stealing federal government property (the maximum sentence is 10 years). And yes, the NY Fed says it will beef up its security. Yet this should be a wake-up call for other government agencies to make sure its intellectual property is much more secure.

Article printed from InvestorPlace Media, https://investorplace.com/2012/01/10-million-software-stolen-ny-fed/.

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