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Financial software firm Ion Group battles LockBit ransomware attack

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Ion Group, a Dublin-based software company that helps financial institutions automate their critical business processes, has been hit by a ransomware attack that forced several European and U.S. banks to revert to manual processes.

The cyberattack, which TechCrunch learned about on Tuesday, affected Ion’s Cleared Derivatives division, which provides software for automating the trading lifecycle and the derivatives clearing process. Unlike physical assets, derivatives are financial products that derive value from a relationship to another underlying asset. Common types of derivatives include currencies, stocks, bonds, and commodities.

Read more about this at: techcrunch

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Andrew Sabastian is a tech whiz who is obsessed with everything technology. Basically, he's a software and tech mastermind who likes to feed readers gritty tech news to keep their techie intellects nourished.