Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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 Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Wealth Manager on Twitter