Recent ransomware (opens in a new tab) The attack on the ION Group caused a stir in the financial industry and the trading world, being so disruptive that the global trading organization FIA issued a statement saying it had stepped in to help affected members.
ION Group is a British software company that develops solutions for banks and other financial institutions, using its products for trading, investing, financial management and analytics.
In late January 2022, the company issued a brief statement saying that one of its divisions, ION Cleared Derivatives, had been hit by a cyberattack.
Sensitive data leak
“ION Cleared Derivatives, a division of ION Markets, experienced a cybersecurity incident that began on January 31, 2023 and affected some of its services,” said ION Group. “The incident is environment-specific, all affected servers are offline and services are being repaired. Further updates will be posted as they become available.”
But containment could not prevent wider consequences. According to Beeping Computerlarge customers using ION Group services in both the US and Europe had to switch to manual transaction processing, which resulted in long delays.
“We are working with affected members, including clearing firms and exchanges, as well as market regulators and others, to assess the extent of the impact on trading, processing and settlement,” the FIA said.
“The FIA is coordinating communication and information sharing through regular discussions with relevant parties, assessing affected companies how companies can work together to mitigate disruptions and seeking clarity on concerns regarding regulatory obligations and reporting.”
The cybercriminals behind the attack have been confirmed to have used the LockBit ransomware as the data stolen during the incident was posted on the group’s leak page. Unless ION Group pays, the data will be published on February 4. Whether ION Group will pay or not remains to be seen, but it is safe to assume that scammers have obtained sensitive information about large investors, which could cause serious damage.
By: Beeping Computer (opens in a new tab)