Ransomware attack on ION Group impacts derivatives trading market

The LockBit ransomware gang has claimed responsibility for the cyberattack on ION Group, a UK-based software company whose products are used by financial institutions, banks, and corporations for trading, investment management, and market analytics.

On January 31, 2023, the firm disclosed the incident in a short statement saying that it impacted ION Cleared Derivatives, a division of ION Markets.

“The incident is contained to a specific environment, all the affected servers are disconnected, and remediation of services is ongoing. Further updates will be posted when available” – ION Group.

The attack had a deeper impact as large customers using ION Group’s services in United States and Europe were forced to switch to manual processing of the trades, causing significant delays.

FIA. Today, LockBit ransomware has added ION Group to the list of victims on its data leak site.

If the ransomware actors hold any data from ION Group, leaking it publicly might expose sensitive information of large investors, causing significant damage to them and their organizations.

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