Fri, Nov 27, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

BAE Systems thwarts cyberattack on large hedge fund

Friday, June 20, 2014

Bailey McCann, Opalesque New York:

Cybersecurity specialists BAE Systems have thwarted what CNBC is calling a 'large sophisticated cyberattack’ on a hedge fund. BAE declined to release the name of the hedge fund. The security specialist did say that late last year, hackers installed a malicious computer program on the servers of a large hedge fund which jammed its high-speed trading strategy and sent information about the trades to unknown offsite computers.

Hackers targeted the fund’s order entry system in the attack in an effort to jam up trades and siphon off order information, according to the CNBC report. The attack cost the fund millions of dollars and it is unknown whether fund principals have reported the matter to the FBI or SEC. BAE said the level of business systems sophistication in the attack was something they had not seen before.

Financial firms regularly top the list of firms attacked in more common cyber offensives like Distributed Denial of Service (DDoS) attacks. Those attacks which are typically most effective for traditional banks can jam up servicing websites and steal information. Other man-in-the-middle attacks and security vulnerabilities have also been reported including one announced just this week - discovered by CSIS dubbed Dyreza.

"The latest attacks on circumventing trusted, secure SSL/TLS connections ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Other Voices: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  4. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega

  5. More institutional investors invest in CTAs compared to last year despite dissatisfaction with performance[more]

    Benedicte Gravrand, Opalesque Geneva: "Despite a strong start to 2015 for CTAs in Q1, commodity market conditions have made return generation difficult for fund managers over much of the rest of the year to date," says Preqin’s November