A recently ransomware (opens in new tab) The attack on ION Group caused ripples in the financial industry and trading world and was so disruptive that the global trade organization FIA released a statement saying it had stepped in to help affected members.
ION Group is a UK-based 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, it released a brief statement that one of its divisions, ION Cleared Derivatives, was hit by a cyber attack.
Disclose sensitive information
“ION Cleared Derivatives, a division of ION Markets, experienced a cybersecurity event beginning on January 31, 2023 that impacted some of its services,” ION Group said. “The incident is confined to a specific environment, all affected servers are disconnected and service recovery is underway. More updates will be released as they become available.”
But containment could not prevent more far-reaching consequences. After Beeping computerMajor customers using ION Group’s services in both the US and Europe had to switch to manual trade processing, which caused significant delays.
“We are working with affected members, including clearing firms and exchanges, as well as market regulators and others, to assess the magnitude of the impact on trading, processing and clearing,” the FIA said.
“The FIA is coordinating communications and information sharing through regular calls with relevant parties assessing affected companies, how companies can work together to mitigate the disruption and to seek clarity on concerns about affected regulatory obligations and reporting .”
The threat actors behind the attack used LockBit ransomware, as has been confirmed since the data stolen in the incident was published on the group’s leak page. If the ION Group does not pay, the data will be published on February 4th. Whether ION Group will pay up or not remains to be seen, but it is safe to assume that the crooks obtained sensitive information about major investors, which could lead to major damages.
Above: Beeping computer (opens in new tab)
