LockBit ransomware attack against ION Group hits global trading

Ireland-based software firm ION Group had its cleared derivatives unit compromised in a LockBit ransomware attack, impacting financial derivative trading in global markets, reports The Record, a news site by cybersecurity firm Recorded Future. The LockBit ransomware attack has compelled the manual completion of all post-trade processes, including trade margin requirement updates and other time-sensitive activities, among its victims. All impacted servers have already been disconnected amid ongoing remediation efforts, according to ION Group. Meanwhile, the Futures Industry Association said that it has been coordinating with members affected by the incident and market regulators "to assess the extent of the impact on trading, processing, and clearing." Such an incident follows only weeks after LockBit attacked U.K.-based postal and courier business Royal Mail, resulting in the disruption of international parcel and letter deliveries. Royal Mail has yet to confirm that it was impacted by a ransomware attack.