Financial Trading Giant ION Hit by Ransomware Attack

Clients Gradually Restored to Service

Attack Disrupted Derivatives Trading

London, Feb 7 (Reuters) - The financial trading services group ION, which was hit by a ransomware attack last week, has begun to restore service to its clients.

The cyber attack at ION affected derivatives that trade on exchanges, according to the Futures Industry Association. ION confirmed the attack on January 31, stating that it had impacted a portion of its business where futures trades are matched and margined.

The ransomware attack on ION Trading UK, first reported on Tuesday, affected 42 of its clients and forced several European and US banks and brokers to halt processing derivatives trades.

The attack could take days to fix, leaving scores of brokers unable to process derivatives trades, according to sources.

The incident highlights the growing threat of ransomware attacks on financial institutions. Ransomware attacks involve hackers encrypting data and demanding a ransom payment in exchange for unlocking it. In recent years, ransomware attacks have become increasingly sophisticated and targeted, with attackers specifically focusing on organizations that handle sensitive financial data.