In mid-June I wrote here about an audacious hack on a large hedge fund reported by CNBC. CNBC was told by an executive at BAE Systems, a consulting firm that the hedge fund hired to analyze the problem, that in late 2013 hackers successfully installed malware on the hedge fund’s servers through a “spear phishing” email that hedge fund employees opened. To make a long story short, this malware reportedly was designed to build a lag into the firm’s order entry system that not only undermined the hedge fund’s strategy but also let the hackers “easily copy that information out of the network and replicate it, trade ahead of it, trade around it, et cetera.”
