Despite the attack, ICBC successfully cleared all Treasury trades executed on Wednesday and repo financing trades on Thursday.
The attack was reportedly orchestrated by LockBit, a Russian-speaking ransomware syndicate.
The Industrial and Commercial Bank of China (ICBC) was targeted by a ransomware attack that disrupted its systems and affected trading in the U.S. Treasury market.
The Industrial and Commercial Bank of China (ICBC), the world's largest bank, experienced a ransomware attack that disrupted its systems and affected trading in the U.S. Treasury market. The attack was reportedly orchestrated by LockBit, a Russian-speaking ransomware syndicate. The disruption forced ICBC to reroute deals to other financial institutions and retrieve settlement data from affected parties using a messenger and a portable USB drive.
The attack targeted ICBC Financial Services, the U.S. subsidiary of the bank, causing disruptions to certain internal systems. The bank responded by disconnecting and isolating the impacted systems immediately and notifying law enforcement. Despite the attack, the subsidiary successfully cleared all Treasury trades executed on Wednesday and repo financing trades on Thursday.
The bank's banking, email, and other systems were not affected by the attack. ICBC confirmed the breach and stated it is conducting a thorough investigation and recovery efforts. The incident highlights the increasing threat of cyberattacks on financial institutions and the potential impact on global financial markets.
The attack forced the bank to reroute deals to other financial institutions and retrieve settlement data from affected parties using a messenger and a portable USB drive.
The attack is suspected to have been carried out by Lockbit, a criminal gang with ties to Russia.