Major US hedge firm hacked, trade secrets stolen by hackers

BAE Systems Applied Intelligence alleged that criminals have invaded effectively a hedge fund. They delayed the trade and pinched profitable secrets from financial service sector.

In two months, the anonymous US-based hedge fund has lost millions of dollars, due to this smart hack attempt. The hackers only stole information about high-speed and intricate trades from the hedge fund. Cleverly, the hackers implanted malware on the network of the firm and use this to send information to external servers.

According to Paul Henninger, BAE product director statement to CNBC, nobody knows about the invaders. Definitely, the lost data is highly valuable for the competitors of the firm.major-us-hedge-firm-hacked-trade-secrets-stolen-by-hackers

Moreover, there is a hypothesis that the attackers had some inside help because there was a significant delay between execution and issuance of the information. Clearly, this news of stealing would be great news for a competitor firm.

Henninger states that the incident happened in last year’s January and shook the board of the company. Moreover, Henninger disclosed that due to the importance of the attack, the board of the hedge fund involved. Obviously, the incident affected the overall performance financially and in the market.

Initially, malware was planted to strengthen the position through a phishing email into a staffer’s inbox.

Henninger had no knowledge whether the hack incident was reported to FBI or Securities and Exchange Commission or not. He thought that there was no use of doing so.

In addition, hedge funds usually never have attack and there is no public record available. Joe Drissel, the founder of Cyber Engineering Services, in 2011 warned one hedge fund. The hedge fund had compromised because Drissel had found the lost data on a hacked server.

The hedge fund company did not accept it. However, later on Drissel sent a copy of stolen data to its IT manager and the company completely disconnected its enterprise network after sometime. Trojans was the weapon for the attackers, as it cannot be detected by antivirus.

Security bodies have focused phishing emails after the reports and supposedly talking about interest fees. These phishing emails have targeted hedge funds by provoking the target to open virus-carrying documents.

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