Financial software firm Ion Group battles LockBit ransomware attack
Reading Time: 2 minutesIon Group, a Dublin-based software company that helps financial institutions automate their critical business processes, has been hit by a ransomware attack that forced several European and U.S. banks to revert to manual processes.
Ion said in a short statement that it ‘experienced a cybersecurity event’ on Tuesday that affected some of its services. ‘The incident is contained to a specific environment, all the affected servers are disconnected, and remediation of services is ongoing.’
Ion spokesperson Suezelle D’Costa declined to share further details, such as the nature of the incident or how the organization was compromised. However, a memo from Ion obtained by Bloomberg confirms the attack was the work of the Russian-linked LockBit ransomware gang, which last month hit U.K. postal giant Royal Mail, forcing the mail service to suspend international deliveries.
The Futures Industry Association, a U.S.-based industry advocacy group for the futures, options, and cleared derivatives markets, said in a statement that the incident is ‘impacting the trading and clearing of exchange-traded derivatives by Ion customers across global markets.’
The FIA added that it is working with impacted members to assess the extent of the impact.
Meanwhile, the U.S. Treasury said it’s monitoring the situation and downplayed the risk to U.S. financial markets.
‘The issue does not pose a systemic risk to the financial sector,’ said Conklin. ‘We remain connected with key financial sector partners, and will advise of any changes to this assessment.’
Ion told clients on Thursday that its systems won’t be fully operational until February 6, according to email correspondence seen by Bloomberg.
Reference: https://techcrunch.com/2023/02/02/ion-group-lockbit-derivatives-ransomware/
Ref: techcrunch
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