ION, the electronic trading solutions provider recently hit by a ransomware attack, overnight started readmitting its clients to its cleared derivatives platform, a source told Reuters on Tuesday. The revelation comes one week after ION admitted that the platform was targeted. The firm described the attack as "a cybersecurity Cybersecurity Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Read this Term event."

The Dublin-based financial trading services group in a statement disclosed that the attack started on January 31 but said it was restricted to a “specific environment.” The firm, which also offers clearing, analytics, treasury and risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term solutions to capital markets, also noted that it had kicked off corrective actions as well as disconnected all affected servers.

Ransomware Attack Affects ION Clients

Meanwhile, an ION memo obtained by Bloomberg reveals the source of the attack to be LockBit, a Ransomware-as-a-Service operation linked to Russia. The hackers told Reuters last Friday that the ransom they demanded from ION had been paid. However, they did not disclose the amount or provide any evidence.

Furthermore, ION declined to comment on the ransom payment. This is even as LockBit had given the deadline of February 4 (last Saturday) for the ransom payment and threatened to divulge the data it stole from ION.

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Moreover, in a statement issued last Wednesday, the Futures Industry Association (FIA), a US trade association comprising futures commission merchants, bemoaned the impact of the attack on the global customers of ION. The association noted that the hack was affecting the trading and clearing of exchange-traded derivatives on ION's platforms.

“We are working with impacted members, including clearing firms and exchanges, as well as market regulators and others, to assess the extent of the impact on trading, processing, and clearing,” FIA explained in the statement.

The trade association added that it was “seeking clarity over concerns about affected regulatory obligations and reporting.”