Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

US hedge fund loses millions in hacking attack

US hedge fund loses millions in hacking attack

A US hedge fund lost millions of dollars after becoming the victim of a hacking attack believed to be industrial espionage.

According to CNBC, BAE Systems Applied Intelligence said the unnamed firm was the victim of a sophisticated attack which saw the perpetrator steal information on the hedge fund's planned high frequency trading. The details of the planned trades were captured by the hackers and the deals delayed, costing the fund 'millions of dollars' in performance.

The scam was carried out last year after the hackers initially gained access through a phishing attack on a staff member which led to them installing malware on the victim's network.

BAE told CNBC that this could have been an incidence of corporate espionage.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter