Curated Content | Thought Leadership | Technology News

LockBit Ransomware Group Attacks EquiLend, Threatening Wall Street Operations

A wake up call for financial markets and institutions.
Emily Hill
Contributing Writer

EquiLend, a prominent financial-technology firm integral to Wall Street’s securities-lending industry, has suffered a significant ransomware attack orchestrated by the notorious hacking gang LockBit. This cyber incident, which came to light on January 22, 2024, has disrupted a substantial portion of EquiLend’s operations, including its NGT platform that processes trillions of transactions monthly.

The attack’s repercussions are far-reaching, considering EquiLend’s pivotal role in securities lending for major financial institutions like Goldman Sachs and JPMorgan Chase & Co. As the financial sector grapples with this event’s fallout, there’s a growing urgency to reassess and fortify cybersecurity measures across the board.

Why it matters: The EquiLend cyberattack underscores the heightened vulnerability of critical financial infrastructure to sophisticated ransomware groups like LockBit. It highlights the escalating challenges in securing digital platforms against increasingly complex cyber threats, especially in sectors pivotal to global economic stability.

  • LockBit, a high-profile ransomware group, claimed responsibility for the attack, reflecting their expanding repertoire of targets. The group is known for encrypting data on compromised systems and demanding ransom for decryption keys.
  • The attack on EquiLend is particularly significant given the firm’s crucial role in Wall Street’s securities-lending industry, handling over $2.4 trillion in transactions monthly. This disruption has major implications for financial markets and institutions relying on these services.
  • EquiLend has initiated immediate measures to secure their systems and is working towards restoring services. The process involves collaboration with external cybersecurity firms.
  • The attack has drawn attention from regulatory bodies like the Securities and Exchange Commission (SEC), emphasizing the need for stringent cybersecurity policies and disclosure norms in the financial industry.

Go Deeper -> Wall Street Stock-Lending Platform Crashes in Ransomware Attack – Bloomberg

Trading platform EquiLend down following cyberattack – Cybersecurity Dive

×
You have free article(s) left this month courtesy of CIO Partners.

Enter your username and password to access premium features.

Don’t have an account? Join the community.

Would You Like To Save Articles?

Enter your username and password to access premium features.

Don’t have an account? Join the community.

Register for Unlimited Access

Already a member?

Digital Monthly

$12.00/ month

Billed Monthly

Digital Annual

$10.00/ month

Billed Annually

Wooden figures of people are lying on a white background. The search for the second half. Social network. Business. The concept of human resources management. Headhunters. Search for people to work.
In the first of a multi-part series, Art Hair explores making sound, technological decisions while avoiding adverse consequences. As an experienced technology executive, his methodology...

Would You Like To Save Books?

Enter your username and password to access premium features.

Don’t have an account? Join the community.

Log In To Access Premium Features

Sign Up For A Free Account

Please enable JavaScript in your browser to complete this form.
Name