https://www.jdsupra.com/legalnews/key-takeaways-from-recent-cyberattack-3502315/ ===== In this recent cybersecurity attack, a fake Zoom invite kicked off a chain of events that ultimately forced a Sydney, Australian hedge fund to close shop after cybercriminals used the scheme to find a way into the fund's emails. The fraudulent Zoom invite, once clicked, planted malware on the hedge fund's network that permitted the cybercriminals to take control of the fund's email servers. Using this access, the cybercriminals issued $8.7 million in fraudulent wire transfer invoices, which were mistakenly approved by the fund. In so doing, the fund failed to heed multiple red flags, including wires to an unusual firm, the use of previously unused accounts, invoices addressed to incorrect recipients, and unusual categorizations of the transfers. Ultimately, this fraudulent scheme did enough damage to force the hedge fund to shut its doors. This incident leaves us all asking: how could this happen given the numerous red flags that the hedge fund encountered? This incident reflects the failure of necessary internal checks and balances as well as appropriate policies and procedures for wire transfers and ensuring those procedures are followed in each and every instance. Additionally, this incident demonstrates that cybercriminals continue to develop innovative ways to target financial institutions. COVID-19 has created numerous new attack methods, including those related to the dramatic rise in the use of videoconferencing applications (like Zoom, Microsoft Teams, Webex, etc.) in work-from-home environments. Financial institutions, and all other businesses, need to continue to monitor and address these new threats with additional infrastructure and, importantly, with additional employee training. Potential training topics should include best practices for videoconferencing, how to avoid sharing credentials, and how wires should be approved and processed. In sum, this incident demonstrates that financial institutions and businesses continue to be a prime target for cyberattacks. Be prepared and don't ignore red flags. =====
It all fair game and fair play in today's cyber wild west.Segrigated systems with inain redundancy of stop checks that make it too much of a bother is always a good deterrence. If a thief has to work too hard and long on a job that doesn't payout the time and energy invested, an easier target will be found and they become the victim. Akuma
Levitas Capital https://www.secureworldexpo.com/industry-news/hedge-fund-closes-after-bec-cyber-attac
lmao. rich people are dumb fucks . the hedge fund i worked for before was so incompetent they would be crying about 'ransomware' on their windows shitboxes when I was calling to try to do some actual work with Linux machines . incompetence of the highest ordah (best jfk voice impression i can do)
That's probably why you are not working there anymore. Perhaps it was you who did not make the cut...?
a lot of traders working in those HF aren't very smart, they play with their guts and a dreamed up story about their play. I know one that uses junior quant analysts with low wages (below 60k per year) to "generate" ideas using all kind of data mining techniques. Desperate is what I would qualify such HF. Of course not all HF are the same, I am sure they are quite a few very smart ones with streamlined ops.
The Hunt brothers were considered being taken up on charges for trying to corner the market on silver. It was determined they were too stupid to actually know what they were doing and their punishment of losing billions was an appropriate punishment for playing around where they were incompetent.
It's not much better here on ET when @Millionaire likes posts made by bots. Next he'll click on some shitty link. That bot, btw, is the same one as @currencylover. (both using the same phrases like “I feel” and “volatility and trading goals”)