Ransomware at ICBC’s US subsidiary disrupts Treasury trading
The US financial services subsidiary of the Industrial and Commercial Bank of China was hit by a ransomware attack, disrupting some systems and the processing of US Treasury trades. The affected systems were isolated, and recovery and investigation were carried out with outside experts and law enforcement. The attackers later claimed to have received a ransom, and counterparties were cautious about resuming trading.
Key facts
- Affected organization
- Industrial and Commercial Bank of China (ICBC)
- Incident type
- Ransomware
- Occurred / detected
- Not confirmed
- Scale of damage
- Disruption to some systems of the US financial services subsidiary and to US Treasury trade processing
- Cause / method
- Ransomware attack
- Location
- United States
Timeline
- The ransomware attack on the US financial services subsidiary was confirmed, and systems were isolated while recovery and investigation got under way.
- The attackers claimed to have received a ransom from ICBC.
- Counterparties were cautious about resuming trading after the cyberattack.
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- ICBC partners wary to resume trading with bank after cyberattack - Bloomberg News
- World's Biggest Bank ICBC Still Faces Trader Wariness After Cyberattack
- ICBC Ransomware Attack Strikes at the Heart of the Global Financial Order - LockBit on a Roll
Other incidents at Industrial and Commercial Bank of China (ICBC)
ICBC affiliate hit by ransomware attack
An affiliate of the Industrial and Commercial Bank of China was hit by a ransomware attack. The US Securities and Exchange Commission reached a settlement with the affiliate and imposed no fine.
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The summary and key facts are written by AI from related reports and may contain errors. Check the original articles and the organization’s official statements for accurate details.