Hacked off: banks demand answers after Ion cyber attack

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

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