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.
Industrial and Commercial Bank of China's (ICBC) U.S. broker-dealer experienced an extensive cyber hack that disrupted its operations and forced employees to switch to Google mail. The attack left the brokerage owing BNY Mellon $9 billion, a significant amount compared to its net capital. ICBC received a cash injection from its Chinese parent to repay BNY and manually processed trades with the help of the custody bank. The incident raises concerns about the resilience of the Treasury market and highlights the need for improved cybersecurity measures in the financial sector. The hack is likely to impact the ongoing regulatory review of the Treasury market and may lead to increased central clearing of Treasury trades.
Hackers targeted the New York branch of the Industrial & Commercial Bank of China (ICBC), forcing the bank to settle trades using a USB stick and causing disruptions in the Treasury's bond auction. Investigators suspect the ransomware gang Lockbit, with ties to Russia, to be behind the attack. The incident highlights concerns among banking leaders about the potential for a system-wide cyberattack that could cripple the financial system. The ICBC is considering seeking assistance from China's Ministry of State Security. Ransomware attacks on the financial industry have been increasing, prompting financial institutions to enhance their cybersecurity measures.
Industrial and Commercial Bank of China's (ICBC) hack resulted in its U.S. unit owing Bank of New York Mellon $9 billion due to unsettled trades, leading the parent company to inject capital into the unit to settle the trades. ICBC has since paid back the amount. This attack is the latest in a series of ransom demands made by hackers this year. ICBC's U.S. unit is investigating the attack and has hired a third party to ensure the safety of its systems.
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.
Industrial and Commercial Bank of China (ICBC), the world's largest lender, experienced a ransomware attack on its financial services division, ICBC Financial Services, which reportedly disrupted the trading of Treasurys. ICBC isolated the impacted systems and is conducting a thorough investigation with the support of information security experts. While ICBC claims to have successfully cleared U.S. Treasury trades, multiple news outlets reported disruption to these trades. The Chinese bank's head office and other affiliated institutions were not affected. The identity of the attackers remains unknown, but the ransomware used is believed to be LockBit 3.0, a highly evasive and difficult-to-analyze malware. The U.S. Treasury Department is monitoring the situation, and ICBC is working with law enforcement to address the cyberattack.
The Industrial and Commercial Bank of China (ICBC) is taking measures to mitigate the impact of a recent ransomware attack on its US operations, according to China's foreign ministry. The attack, which targeted ICBC's US subsidiary, disrupted some of the bank's operations, but the situation is now under control. China has called for international cooperation to combat cyber threats and emphasized the need for a global cybersecurity governance system.
Industrial and Commercial Bank of China (ICBC) experienced a ransomware attack that disrupted some trades in the U.S. Treasury market, according to the Treasury Department. The attack, which paralyzed ICBC's computer systems, prevented the settlement of trades on behalf of other market players. The identity of the hackers behind the attack remains unknown. ICBC is in the process of restoring services, and the Treasury market appeared to be functioning normally.
The Industrial and Commercial Bank of China (ICBC) experienced a ransomware attack that disrupted trades in the US Treasury market. The attack highlights the vulnerability of financial institutions to cyber threats and the potential impact on global financial markets.
