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.
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