hedge funds all over the world are in disarray over multimillion trading loss after databreach at hedgefund

hedge funds all over the world are now in disarray because they understand that it could also happen to them

"Meanwhile, on 23 June, BAE Systems Applied Intelligence revealed that a US hedge fund lost millions of dollars over a two-month period after hackers installed malware designed to steal trade secrets.


Paul Henninger, product director of BAE Systems, said the cyber-attack could be a case of a smaller company spying on the larger firm as the attack began with a simple phishing email on an employee of the unnamed hedge fund.

let's read it again

phishing mail : no clear mailfiltering and protections

installed malware : no real securitypackage and too many rights on the machine

steal trade secrets : important secrets are not protected and not seperated from the rest

two month period : nobody is monitoring what is happening on the network and the machines and with the data 

and so what are they doing ?

buying cyberinsurance

that is like driving totally drunk every evening at 150km/h and buying a huge insurance that will accept that if you have an accident (which you probably will have)

and who is paying for that cyberinsurance without additional cybersecurity ?

the clients because of increased costs (not the salaries of the lousy managers)

oh and just by the way, who is responsable for watching over the cybersecurity of hedge funds in Belgium ?

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