Australian hedge fund forced to close after cyber attack

Fake Zoom link sees closure of business and million dollar losses.

Media reports state Australian hedge fund company, Levitas Capital has closed its business after being hit by a cyber-attack, triggered by a fake Zoom invitation in September.

According to the Australian Financial Review, the attack saw Levitas’ trustee and administrator mistakenly approve $8.7 million in fraudulent invoices.

According to Terry Burgess, VP APAC and Japan at SailPoint there is an alarming degree of poor digital hygiene amongst Australian businesses.

“The forced closure of an Australian hedge fund due to a cyber-attack stemming from a fake Zoom invite, highlights just how critical proper cybersecurity practice is for organisations and individuals,” he said.

Burgess notes that since the start of the pandemic we have observed a considerable uptick in cyberthreats targeting Australians, with 56 per cent of Aussies reporting being targeted by phishing attacks in the last six months.

“This attack has highlighted just how important it is to ensure access to mission critical data is continually monitored and can be shut down immediately if a suspected breach has occurred. Identity management is the brains behind any security program,” he said. “Australian businesses must do more to ensure better digital hygiene if we are to break the cycle of disruption and financial loss from cybercrime. Failure to act now will be disastrous for Australia’s digital future.”








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