U.S. hedge funds are seen by cyber security experts as targets for a global network of hackers and cyber-attacks, according to a recent article from Bloomberg Businessweek. Dozens of banks, hedge funds, law firms, and other financial companies have seen attacks in recent years from hackers, mostly in Eastern European countries.
“Firms are intently focused on identifying emerging threats and employing the newest, best mitigation techniques,” Richard Baker, President and CEO of MFA, told Businessweek. He noted that a number of firms have made “sizable resource commitments” toward network safety.
“In all, the global market for network-intrusion detection and prevention equipment and services is estimated at $95.6 billion in 2014 and expected to reach $155.7 billion by 2019, according to the Dallas research company MarketsandMarkets,” Businessweek reported.
A bigger concern that several experts noted in the article is the access that many hackers have gained in the recent past. One said that the entry gained could be enough to disrupt networks that underpin the global financial system, with the potential to sever connections and bring down networks.
Read more about cyber security and hedge funds from Bloomberg Businessweek.