"World's Largest Bank, ICBC, Targeted in Disruptive Cyberattack on Treasury Markets"
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.