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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 ......................

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