Spear phishing attack cost hedge fund £1.5 million in March

CFO hacked and payments wired to China, Russia and Turkey

Man with magnet and money

Hackers' most common way of extracting big sums from hedge funds – a method known as spear phishing – is also the most successful and relatively simple, say cybersecurity consultants.

Spear phishers email their targets pretending to be companies or individuals very close to the target. The email recipient only has to click on a link for the hacker to start a chain of command-and-control channels that can eventually lead to multi-million dollar losses.

This technique was used to gain access to a

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