27 July 2017
visit www.avoka.com

Hedge fund cyber-attack was not real, admits BAE Systems

10 July 2014  |  5543 views  |  0 Dealing Room

A cyber-attack on a hedge fund which recently attracted a slew headlines never actually happened, BAE Systems, the firm at the centre of the story, has admitted.

Last month Paul Henninger, global product director, BAE Systems Applied Intelligence, told CNBC that his company had found and stopped an attack which cost an unnamed hedge fund millions of dollars.

Now, in a statement given to the New York Times, the firm admits that the hack was not real, but a simulation. "Although the example was a plausible scenario, we believe that it does not relate to a specific company client. We sincerely apologise for this inaccuracy," says BAE.

In the on-camera interview, Henninger gives the clear impression that the attack was real. He told CNBC: "This was not something that was a minor issue for them, this was something that was getting reviewed at the board level at this hedge fund precisely because it was having a material impact on the performance across the portfolio."

Henninger is currently "taking some time away from the business," BAE has now told CNBC. Articulate Communications, the PR firm which pitched the interview, has not commented.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

US watchdog begins cybersecurity probes

US watchdog begins cybersecurity probes

25 June 2014  |  6105 views  |  0 comments | 8 tweets | 6 linkedin
New York to step up assessment of bank cyber-security plans

New York to step up assessment of bank cyber-security plans

08 May 2014  |  10748 views  |  0 comments | 10 tweets | 8 linkedin
As cyber threat grows, EU regulators warn FS firms on IT budgets

As cyber threat grows, EU regulators warn FS firms on IT budgets

03 April 2014  |  6595 views  |  0 comments | 9 tweets | 2 linkedin
Banks losing millions to new wave of ATM hacks - FFIEC

Banks losing millions to new wave of ATM hacks - FFIEC

03 April 2014  |  9695 views  |  4 comments | 8 tweets | 16 linkedin
Russian central bank site hit by hackers

Russian central bank site hit by hackers

14 March 2014  |  4887 views  |  0 comments | 7 tweets | 4 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.finastra.comvisit www.worldpaymentsreport.comdownload the paper now

Who is commenting?

Top topics

Most viewed Most shared
UK judge blocks £14bn class action suit against MastercardUK judge blocks £14bn class action su...
11238 views comments | 7 tweets | 7 linkedin
PayPal strikes deals with Chase and CitiPayPal strikes deals with Chase and Citi
10687 views comments | 10 tweets | 6 linkedin
Yet more deals announced in payments sectorYet more deals announced in payments secto...
10285 views comments | 7 tweets | 21 linkedin
Machines could take over 30% of bank jobs: McKinseyMachines could take over 30% of bank jobs:...
10192 views comments | 30 tweets | 29 linkedin
US firm to implant employees with RFID chipsUS firm to implant employees with RFID chi...
8963 views 16 comments | 33 tweets | 38 linkedin

Featured job


Brussels or Frankfurt

Find your next job