ICBC, China’s Largest Bank, Targeted by Ransomware Attack

The ICBC logo at its Beijing branch is seen in this March 30, 2016, photo. REUTERS/Kim Kyung-Hoon/File Photo

Industrial and Commercial Bank of China Ltd (ICBC) subsidiary in the U.S. experienced a ransomware attack that affected U.S. Treasury trades. ICBC Financial Services is currently investigating the attack’s impact on its systems and progressing in the recovery process.

Ransomware is a scam that locks up an organization’s systems and demands payment to unlock it, often involving extortion of sensitive data. Cybersecurity experts believe that a group called Lockbit is responsible for the attack, while the U.S. government is working to curb these cybercriminals.

The ransomware activity by Lockbit has targeted over 1,700 organizations in the U.S., including global giant Boeing. While ICBC has managed to clear recent Treasury trades, the attack has raised concerns about the cybersecurity measures in place and may prompt regulatory scrutiny.

Market sources suggest that Thursday’s hack had a limited impact but certain trades through ICBC were affected, potentially influencing market liquidity. However, based on early indications, the Treasury market has continued to operate as normal despite the cyber incident.

Our in-depth reporting, led by Urvi Dugar and Pete Schroder, provides a comprehensive review of the attack, its implications, and affected sectors, informing you of the latest developments and responses to cyber threats. This aligns with our ongoing commitment to deliver top-quality reporting that the public deserves and trusts.

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