The threat landscape for private markets has changed — dramatically and fast. And the firms that don't realize it yet are the ones most at risk.

On this episode of 6 x 6lock, host Mike Langford and Peter Steppe, Chief Security Officer at 6lock are joined by Stacey Cameron, CISO at Halcyon — former Information Systems Security Officer at the Department of Homeland Security, founder of CyCam Strategies — for one of the most important conversations we've had on the show.

Stacey and Peter pull back the curtain on how today's threat actors have evolved from breaking into systems to simply blending in — exploiting the trusted processes, familiar voices, and routine workflows that private markets firms have relied on for decades.

In this episode they cover:

• Why perimeter defenses and one-time identity checks are no longer enough
• How AI has lowered the barrier for fraud to near zero — and what $200M+ in Q1 2025 financial fraud losses tells us about where this is heading
• Why voice cloning is a far bigger threat than deepfake video — and how attackers can clone your voice from as little as three to five seconds of audio
• The difference between authentication and true transactional integrity, and why it matters for every capital call and distribution event
• Real-world attack patterns security professionals are seeing right now, including long-dwell reconnaissance attacks timed specifically to money movement events
• Why security, done right, is a business accelerator — not a blocker

Stacey and Peter also share the mindset shift that every private markets firm needs to make today: stop assuming your transactions are safe, and start planning as if compromise is already in the process.

Read the co-authored white paper: Enhancing Transactional Security in Private Markets

Chapters:

00:00:00 Introduction

00:03:25 Today's Threat Environment

00:12:32 Why The System Is Breaking

00:18:55 Transactional Integrity: Where Identity Meets Money

00:25:49 Deepfakes, AI, and the New Attack Surface

00:32:21 What Security Officers Are Actually Seeing

00:38:13 Putting Brakes on the Race Car to Go Faster