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Alternative Market Briefing

BAE Systems recants hedge fund cyber attack announcement

Friday, July 04, 2014

Benedicte Gravrand, Opalesque Geneva:

Here is another hiccup case generated by a misleading source.

London-based Cyber security specialists BAE Systems Applied Intelligence thwarted last month a so-called 'large sophisticated cyber attack’ on a hedge fund. Paul Henninger, a global product director for BAE, disclosed the attack in an exclusive interview with cable network station CNBC then.

He did not name the hedge fund but did say that late last year, hackers had 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. Apparently, the hedge fund in question lost millions of dollars from that hacking. It is but one attack among many, the consultant said later.

However, two weeks later, both CNBC and BAE Systems abruptly retracted their report of an cyber attack.

According to CityAM, Natasha Davies, a company spokeswoman for BAE confirmed on Wednesday that this hacking was not real. "It was a speculative example," she said during a phone interview. "It is fea......................

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