ICBC's Ransom Payment Resolves US Treasury Market Hack

The Industrial and Commercial Bank of China (ICBC), the country's largest lender, reportedly paid a ransom after being hacked by the Lockbit ransomware gang, according to a representative. The ransomware attack disrupted trades in the US Treasury market and left ICBC's US broker-dealer owing BNY Mellon $9 billion. The hack raised concerns about the resiliency of the Treasury market and is likely to draw regulatory scrutiny. Lockbit has become the world's top ransomware threat, targeting numerous organizations, and some victims have quietly paid to regain access to their systems and avoid reputational damage.