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Fintech Company EquiLend Restoring Systems Following Cyberattack

Fintech firm EquiLend is investigating a cyberattack (possibly a ransomware attack) that knocked some of its systems offline.

Wall Street fintech firm EquiLend on Wednesday announced that it’s working on restoring systems knocked offline following a cyberattack earlier this week.

Formed in 2001 by a consortium of banks and broker-dealers, EquiLend is a financial technology, data and analytics firm that offers a centralized platform for organizations in the securities-lending industry.

“On January 22, 2024, EquiLend identified a technical issue that placed portions of our systems offline,” EquiLend says in an incident notification on its website.

After determining that the attackers had gained unauthorized access to its systems, the fintech firm immediately launched an investigation into the incident.

“We took immediate steps to secure our systems and are working methodically to restore the involved services as quickly as possible,” the firm says.

EquiLend has informed its clients that it may take several days before its services are restored.

“We are working with external cybersecurity firms and other professional advisers to assist with our investigation and restoration of service,” the firm says.

EquiLend has shared no information regarding the nature of the cyberattack and its extent. However, the firm’s description of the incident suggests that ransomware might have been involved, as taking systems offline is the typical response to ransomware intrusions.

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It is unclear whether any data was stolen during the attack. EquiLend refrained from disclosing additional details on the incident when contacted by SecurityWeek.

EquiLend is the third fintech giant to have fallen victim to a cyberattack within the past three months, after Mr. Cooper and LoanDepot disclosed incidents impacting tens of millions of individuals.

Related: VF Corp Says Data Breach Resulting From Ransomware Attack Impacts 35 Million

Related: Law Firm Orrick Reveals Extensive Data Breach, Over Half a Million Affected

Related: Europe’s Largest Parking App Provider Informs Customers of Data Breach

Written By

Ionut Arghire is an international correspondent for SecurityWeek.

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