BAE's phoney fund hack story "implausible"

Competitors say fictional tale is akin to a Tom Clancy plot

computer security

UK defence firm BAE Systems has admitted that its tale of electronic intrusion into a hedge fund client's high-frequency trading (HFT) system was a falsehood, causing cybersecurity experts to speculate if such an attack might ever take place. Two weeks ago, BAE claimed it had foiled a malicious cyber attack on a hedge fund, declining to identify the client. But BAE spokesperson Morag Lucey now says the story was only an "illustrative scenario" that had been incorrectly presented, and that the