2nd Apr 2019
Who is that sitting next me?
Regular readers of this blog will be aware that we regularly highlight the wide-spread cyber-security failures in all manner of organisations……with the attendant result of private and confidential information getting “out there” – often in the millions.
This report from Bloomberg demonstrates how careful one needs to be – for example not using an “open” wi-fi connection at a cafe or public space – in a very different way:
“On July 15, 2014, a dealmaker from asset manager Lazard hopped aboard a Eurostar train from London to Paris and typed furiously on multiple mobile phones. He didn’t pay attention to his neighbour sporting a three-day stubble and casual clothes. Big mistake
Dealmaker Vincent Le Stradic continued to work during the 2½-hour trip, unaware that he was providing a window into a soon-to-be-announced $US15 billion ($21.1 billion) takeover bid to his seatmate, a UBS banker. Details came to light at a hearing by France’s financial-market oversight authority.”
The backdrop for the case is the audacious attempted takeover of T-Mobile US by the French mobile-phone carrier Iliad, founded by Xavier Niel. Le Stradic was and still is one of the French billionaire’s closest financial advisers, while the man in the seat next door, Alexandre Zaluski, worked in the investment banking arm of UBS in London, focusing on equity capital markets.”