"Ransomware Attack on China's ICBC Sends Shockwaves Through Global Financial Markets"
The US unit of China's Industrial and Commercial Bank of China (ICBC) experienced a ransomware attack that disrupted its systems, potentially impacting liquidity in the US Treasuries market and contributing to a brief market sell-off. ICBC Financial Services, headquartered in New York, reported the attack to law enforcement and is investigating the incident. The bank stated that it successfully cleared US Treasury trades executed on Wednesday and repurchase agreements financing trades done on Thursday. While the incident did not affect ICBC's head office or other units, global financial regulators are assessing the fallout. China is a major player in the Treasuries market, holding $805.4 billion worth of Treasury securities as of August. Ransomware attacks have become a national and economic security concern for the Biden administration.
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- China's ICBC confirms unit hit by ransomware attack | World Business Watch WION
- Brazen ransomware attack on US unit of Chinese banking giant has financial sector on alert CNN
- ICBC US unit gets funds to pay US$9 billion for trades after ransomware attack South China Morning Post
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