A serious cyber attack that took place on the servers of trading software service provider named ION is said to have affected its operations deeply, as the entire communication network was paralyzed for hours.
Several of the trading clients took to their twitter accounts to express their anger over the disruption and urged the company ION to safeguard its IT infrastructure well in advance from digital invasions from now on.
LockBit ransomware is said to have encrypted the database of the Financial Data Group ION Markets. However, an official communication is awaited.
As of now, there is no information on the losses faced by the commodities service provider as the investigation is still underway.
The Futures Industry Association (FIA) is assessing the disruption consequences of the incident on the ION Group Unit and will publish an update on its findings.
Coming to the other news that is trending on Google, Expeditors, a logistics firm that enhances business processes by automating the delivery of supplies, is in news for wrong reasons. Its client iRobot, an American technology company that is into the business of making robots, has launched a lawsuit against Expeditors for failing miserably from protecting the data of its customers from a Feb’22 cyber-attack.
iRobot, a customer of Expeditors for the past fifteen years, slapped a $2.1m claim in the court against the goods delivery firm for failing to host a data continuity plan in its IT environment. As it chose voluntarily to shut down its business operations after the incident, its client incurred immense losses, out of which iRobot raised its voice, as its customers failed to get their ordered products on-time, resulting in 40% of sales conversion cancellations.
More details on the lawsuit are awaited!
