Wall Street financial firms and money managers were targeted by hackers in a sophisticated attack, according to reports that cited people familiar with the matter. Some of the world’s largest hedge funds along with several private equity firms were targeted, the sources said.
The hacking attempts involve featured phone calls in which cybercriminals tried to trick employees into granting them access or handing over other sensitive information.
Point72 Asset Management told investors on Wednesday that it had faced an attack from hackers, one of the sources said, adding that the firm indicated that no customer information was stolen during the attack.
“Our security team responded quickly to an attempted vishing campaign targeting Two Sigma and other investment managers, and we have no indication of any impact to our data or our systems,” a spokesperson for Two Sigma said in a statement. “We continue to monitor the situation closely.”
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Sources also said the hackers also attempted to breach information systems at other hedge funds, including Two Sigma Investments and Citadel.
Reports also mentioned the attacks relied on voice phishing, or “vishing,” a technique where cybercriminals utilize AI and sound technology to mimic the exact voices, tones, and phrasing of legitimate executives or colleagues. The hackers impersonated trusted figures in phone calls or audio messages to manipulate employees into surrendering sensitive information or granting access to internal networks.
According to Reuters, the phone call tactic is still widely used by hackers because of its effectiveness. It has been used successfully by cybercriminal groups such as “Scattered Spider,” a loose-knit group of young hackers that has come up with a number of corporate victims.
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Cybersecurity breaches on Wall Street have surged over the past year, as artificial intelligence tools help bad actors launch attacks relatively cheaply and broadly, said Vinod Paul, president of Align Managed Services, which specializes in helping hedge funds with cybersecurity and information technology.
“Before they could attack 50 entities in a targeted attack, now they can do 1,000,” Paul said. “Hackers can also listen into a phone call and mimic the voice, tone and phrasings of the speakers to create fake calls.”
In June, a cybersecurity unit at Google published a blog post noting a wave of attacks this year against law firms and other professional services companies. The post mentioned those attacks also used vishing techniques, and even in some cases featured individuals entering corporate offices posing as IT workers.