Ransom Attack On Financial Services Software Supplier 

Uploaded on 2023-02-02 in FREE TO VIEW, BUSINESS-Services-Financial

A ransom attack by Russian-linked cyber criminals on a key supplier of trading software to the City of London has disrupted activity in the financial derivatives market. Ion Cleared Derivatives, a key supplier of trading software to the City of London, has released a statement confirming that it was hit by a suspected ransomware attack. 

Ion is a critical component of the UK’s financial system, with its software playing a vital role in the trading of debt, derivatives and shares around the world. According to sources, as many as 42 individual clients were affected by the attack. 

The attack took place on January 31st, affecting some of its services and disrupting activity in the derivatives market. According to Ion, the incident has been contained to a specific environment and the affected servers disconnected. The company plans to post more updates regarding the incident as they are available.

Clients were unable to contact Ion by telephone and had to make an in-person journey to the provider’s office. “The incident is contained to a specific environment, all the affected servers are disconnected, and remediation of services is ongoing,” Ion announced on its website.

The attack has been linked to the Russian connected LockBit ransomware group, which has targeted other key organisations in London over the recent months, including an attack on the Royal Mail and supply chain attacks such as this one can have far-reaching effects on entire industries.

Ion Group:    Armchair Trader:     Oodaloop:    Infosecurity-Magazine:     MSN:    Cybernews:  

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