Suspected LockBit ransomware attack causes havoc in City of London

The Ion Group, a key software supplier for UK’s financial system, was targeted in a ransomware attack, causing disruption for City of London traders and affecting over 40 clients. The attack, allegedly by the LockBit cartel and possibly exploiting VMware server vulnerabilities, continues an upward trend in ransomware attacks that impact the financial and insurance sector. The incident is under ongoing remediation and investigation.