LockBit Ransomware Attacks Stop Global Trading in Financial Derivatives in International Markets

LockBit Ransomware Attacks Stop Global Trading in Financial Derivatives in International Markets

According to ION Group, the company makes it possible for “financial institutions, central banks and enterprises to digitize and automate their most important business procedures”. Trading in financial derivatives on international markets has been affected as a result of a ransomware attack targeting Dublin-based software company ION Group. The attack on the financial software business by ransomware had an effect on “global markets”.

According to correspondence published by Bloomberg, the notorious LockBit gang, which is located in Russia, was the group responsible for the ransomware attack. Due to the incident, post-trade procedures, which are normally handled automatically by ION Group-developed software, have to be done by hand. This applies to a variety of tasks, some of which are extremely time sensitive and include the process of updating margin requirements for trades.

“The event is confined to a particular environment; All servers that were affected have been taken offline and the repair of the affected services is already underway.” According to the ION statement, more details will be provided “as they become available.”

The ability of ION Group clients to trade and settle exchange-traded derivatives is adversely affected as a result of network difficulties created by a cyber incident on selectION Group systems. ION Group is aware of these issues and is working to resolve them. To determine the degree of the effect on trading, processing and clearing, they are now collaborating with members who are affected by the situation, such as clearing firms and exchanges, as well as market regulators and other parties.

He is currently working to coordinate communication and information sharing through regular calls with relevant parties to assess businesses that have been impacted, how those businesses can collaborate to mitigate the disruption and seek clarity on concerns related to regulatory obligations and costs. affected reports.


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