Call us now:
We are moving into very uncomfortable territory, as ION is up on the LockBit 3 blog. That cannot be a good thing for the firm that completes derivatives trades across stock, bond and commodities markets.
While in not considered a significant threat it demonstrate the ability of the Ransomware group to get into trading platforms that support key financial markets. Enough to pull in the Global Derivatives trade body the FIA (https://lnkd.in/edyzsB5H).
The Derivatives market is huge consisting of CDOs, CDS, Forwards, Futures, Mortgage-backed securities, Options, Swaps with an estimated value of $100s Trn. Messing with clearing prevents trades and trade flow, that has a knock on down the derivates value chain.
Focusing on financial markets and single points of failure, AKA derivatives clearing, seems to be a realistic strategy and demonstrates the complexity of global supply chain security.
I wonder the impact on credit, market and operational risk regulatory capital exposure?
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #derivativestrading #theaugusatgroup
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