Hackers launched a coordinated wave of attacks against some of Wall Street’s largest hedge funds in recent days, using AI to mimic employees’ voices and trick staff into granting system access, according to a Bloomberg report published Wednesday.
Inside the Target List
Two Sigma Investments confirmed it was targeted in an attempted vishing (voice phishing) campaign.
“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,” Two Sigma said in a statement, per Bloomberg.
Ken Griffin’s Citadel and Steve Cohen’s Point72 Asset Management were also targeted, though spokespeople for both firms declined to say whether hackers actually breached their systems. Several unnamed private equity firms faced similar attempts, per Bloomberg.
The attackers allegedly used technology capable of listening to phone calls and then replicating a speaker’s voice, tone and phrasing to fabricate convincing fake calls.
Regulators are already responding. The Financial Industry Regulatory Authority (FINRA) launched its Financial Intelligence Fusion Center in March, giving members a channel to share fraud intelligence and coordinate responses to sophisticated threats.
A FINRA spokesperson declined to comment on the specific incident but confirmed contact with affected firms, according to Bloomberg.
The Bigger Cybersecurity Reckoning
Will Wilson, CEO of IT security firm Antithesis, argued financial firms benefited for decades from the scarcity of hacking expertise.
Modern AI has “commoditized” that skill set, he said, pushing hedge funds and other firms toward urgent security upgrades or serious consequences.
“The terrifying thing about modern-day AI systems is that they have commoditized this and made it possible to execute attacks at scale,” Wilson said, according to Bloomberg. “Everybody will have to seriously level up. Otherwise they are going to be in big trouble.”
No confirmed breaches, stolen data, ransom demands or financial losses have been publicly disclosed from this specific campaign.
The stakes remain high given that Wall Street firms process trillions of dollars in daily transactions, and AI allows for easier access to cyberweapons against even the most sophisticated financial institutions.
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