Hacked off: banks demand answers after Ion cyber attack

Clients have been left in the dark about the ransomware attack that disrupted futures trading last month.

Credit: Panther Media/Alamy Stock Photo/Risk.net montage

Back-office staff at a bank in London arrived at work on the last day of January to find the software they used to process futures trades no longer worked. They promptly informed the vendor, Ion Group, and waited for a response. And waited.

“Hours after we reported the issue, we got an email confirming the system was down,” says an executive at the bank.

That morning, Ion discovered that some of its systems had been infected with the LockBit ransomware, which encrypts files, steals data and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe

You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Waterstechnology? View our subscription options

Waters Wrap: Inside the mind of the CTO

After having one-on-one conversations with eight different senior bank technologists, Anthony explains how these execs look at innovation strategy from a philosophical perspective.

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here