24 February 2017
visit dh.com

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

10 July 2014  |  5330 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  |  5841 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  |  10435 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  |  6407 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  |  9443 views  |  4 comments | 8 tweets | 16 linkedin
Russian central bank site hit by hackers

Russian central bank site hit by hackers

14 March 2014  |  4671 views  |  0 comments | 7 tweets | 4 linkedin

Related blogs

Create a blog about this story (membership required)
visit dh.comVisit contisgroup.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Who is commenting?

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
11679 views comments | 51 tweets | 70 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8143 views comments | 40 tweets | 33 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
6300 views comments | 17 tweets | 13 linkedin
hands typing furiouslyDecoding the Policy Impact of India's Unio...
6225 views 0 | 13 tweets | 2 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
6034 views comments | 7 tweets | 4 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job