BAE's phoney fund hack story "implausible"

Claims by defence giant to have stopped major security breach at hedge fund revealed as "illustrative scenario" as BAE faces questions from cybersecurity industry

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

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