Latest cyberattack leaves US banks stuck with Excel and a headache

The attack throws yet another little-known firm into the spotlight, highlighting the importance of the companies that facilitate the otherwise mundane business of processing trillions of stocks, bonds and derivatives traded each day. — Reuters

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.