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View the article online at http://citywire.co.uk/wealth-manager/article/a758496

US hedge fund loses millions in hacking attack

by James Phillipps on Jun 24, 2014 at 07:36

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.

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