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A recent ransomware (opens in new tab) attack against ION Group has sent ripples through the financial sector and the trading world as it was so disruptive that the FIA global trade body released a statement saying it was jumping 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 saying that one of its divisions, ION Cleared Derivatives, had been hit by a cyber-attack.
Sensitive data leakage
“ION Cleared Derivatives, a division of ION Markets, experienced a cybersecurity event on January 31, 2023 that impacted a number of its services,” said ION Group. “The incident is limited to a specific environment, all affected servers have been disconnected and recovery of services is underway. Further updates will be posted as they become available.”
But the containment failed to prevent wider consequences. According to Beeping computerlarge clients using ION Group’s services in both the US and Europe had to switch to manual trade processing, causing major 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 communication and information sharing, through regular discussions with relevant parties to assess affected companies, how companies can work together to mitigate the disruption and seek clarity on concerns about affected legal obligations and reporting .”
The threat actors behind the attack were using the LockBit ransomware, it was confirmed, when the data stolen in the incident was posted to the group’s leak site. Unless ION Group pays, the data will be released on February 4. Whether ION Group pays 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 damage.
Through: Beeping computer (opens in new tab)