Cybersecurity
Wall Street Stock-Lending Platform Crashes in Ransomware Attack
- EquiLend says it may take days to recover from cyber incident
- Firm is at heart of Wall Street’s securities-lending industry
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The criminal hacking gang LockBit said it was behind a ransomware attack that shut down some of the operations of EquiLend, a financial-technology firm that processes trillions of dollars of securities-lending transactions every month.
The company, partly owned by some of the world’s biggest financial-services companies, identified a “technical issue” on Jan. 22 that caused portions of its systems to go offline, a spokesperson for New York-based EquiLend said in an emailed statement Wednesday. The incident involved “unauthorized access to our systems,” the spokesperson said.