LONDON/MILAN : A ransomware attack that hit ION Trading UK could take days to fix, leaving scores of brokers unable to process derivatives trades, sources familiar with the matter told Reuters.
Ransomware is a form of malicious software deployed by criminal gangs which works by encrypting data, with hackers offering the victim a key in return for payments."We're aware of this ongoing incident and we will continue to work with our counterparts and the firms affected," Britain's Financial Conduct Authority and the Prudential Regulation Authority said on Thursday.
Intesa Sanpaolo told clients that its brokerage and clearing operations on exchange-traded derivatives had been"severely hampered" by IT problems at ION and that it was not able to handle orders.A source with knowledge of the matter said the attack put brokers that process complex over-the-counter trades involving products such as options were in a difficult situation and the problem could take another five days to fix.
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