New York (HedgeCo.NET) Most of the time when you hear that the Obama administration has warned the hedge fund industry about a topic, you automatically think it is in regards to legislation about practices. That wasn\u2019t the case at last week\u2019s SALT conference in Las Vegas. This time the administration was warning the industry about hackers and cyber terrorists.<\/p>\n
The Department of Justice sent John Carlin, assistant attorney general, to the conference for a closed-door meeting with hedge fund managers. Carlin urged managers to share information with the government when there is an attempted attack and he demanded that managers increase the attention paid to attempted attacks.Carlin stated that, \u201cHedge funds hold a tremendous amount of capital, incredibly sensitive proprietary information, and valuable algorithms, but they are small shops and they often have very weak IT.\u201d<\/p>\n
The Department of Justice is also attempting to put pressure on fund managers by targeting hedge fund investors with their message. \u201cInvestors should demand funds set out their cyber security policies,\u201d Mr Carlin said.
\nThe secretive nature of many hedge funds makes this a difficult situation as the funds don\u2019t want to expose themselves to legal liability or antitrust issues.<\/p>\n
According to Anthony Scaramucci, founder of hedge fund of funds SkyBridge Capital, \u201cYou do not feel insecure until you are breached,\u201d he said. \u201cThe average person in the financial sector \u2014 myself included \u2014 is not as focused on these threats as they need to be.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
New York (HedgeCo.NET) Most of the time when you hear that the Obama administration has warned the hedge fund industry about a topic, you automatically think it is in regards to legislation about practices. That wasn\u2019t the case at last […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,16034,16,3,16048,16047,1],"tags":[],"class_list":["post-48145","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-regulation","category-hedge-fund-rulings","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/48145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=48145"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/48145\/revisions"}],"predecessor-version":[{"id":48146,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/48145\/revisions\/48146"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=48145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=48145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=48145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}