Phone-Based Cyberattacks Target Hedge Funds Point72, Two Sigma, Citadel

Several large financial services firms and asset management companies on Wall Street have recently become targets of a series of sophisticated cyberattacks. Some of the world's largest hedge funds and multiple private equity firms have been breached, with attackers targeting their internal information systems in attempts to gain access or obtain other sensitive data.

According to people familiar with the matter, the hackers primarily used phone calls to trick employees into granting system access or handing over sensitive information. Such social-engineering attacks exploiting human factors remain a common tactic among cybercriminals. Hedge fund Point72 disclosed to investors that it had experienced a cyberattack, but no customer information was stolen in the incident. Additionally, the hackers attempted to breach the information systems of other hedge funds, including Two Sigma Investments and Citadel.

Cybercriminal groups such as Scattered Spider have previously used phone-fraud tactics successfully. At the same time, AI-driven cyberattacks and ransomware activity have increased markedly, disrupting business operations and stealing data, presenting an ongoing challenge for companies worldwide.