BAE Systems Applied Intelligence has retracted allegations of a nasty attack on a hedge fund it floated on Canadian television a couple of weeks ago.
The firm today told Bloomberg was just a scenario that it used for “illustrative” purposes. BAE has promised not to scare us all with hypotheticals any more.
That promise is all well and good, save for the fact that “news” of
the hack travelled swiftly, and widely enough that The Center for
Financial Stability announced
“the formation of a public / private partnership for the financial
services community” staffed by lots of serious folks dedicated to making
sure things like the imaginary hack couldn't possibly happen to other
The “incident” also generated a slew of
global coverage, featuring buckets of expert comment to the effect that
this kind of thing either happens all the time or could happen any
The latter remains true … assuming BAE's hypothetical
was accurate. Even if it wasn't, that the mere mention of an unspecified
attack on a high value target can provoke such a response suggests a
worrying new way to spook users. And the markets.