Cybersecurity
Latest Cyberattack Leaves Banks Stuck With Excel and a Headache
- Attack forced some of fintech firm EquiLend’s systems offline
- Financial firms on high alert following ICBC, ION incidents
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Another cyberattack against the unglamorous platforms underpinning Wall Street left one of global banks’ biggest businesses falling back on an old-fashioned method of doing business.
Securities-lending teams at two major lenders had to resort to manually inputting certain stock loans and other transactions into spreadsheets after financial-technology firm EquiLend succumbed to a ransomware attack, according to people familiar with the matter.