Industrial and Commercial Bank of China (ICBC)

May 7, 2024 1 min read
Industrial and Commercial Bank of China (ICBC)

The U.S. financial services division of the Industrial and Commercial Bank of China (ICBC), the largest lender by assets globally, experienced a ransomware attack that disrupted specific systems, particularly affecting the trading of U.S. Treasurys. Following the discovery of the cyberattack, ICBC isolated the impacted systems to contain the incident. Despite the disruptions, ICBC reported it successfully cleared U.S. Treasury trades and repo financing trades, providing evidence of attempts to mitigate the impact and normalize operations. The event highlights the increasing threat of ransomware attacks in the financial sector, underscoring the importance of robust cybersecurity measures and rapid response protocols. This incident is a stark reminder of the vulnerabilities in the global financial system and the potential operational risks posed by such cyberattacks.

Source: https://www.cnbc.com/2023/11/10/icbc-the-worlds-biggest-bank-hit-by-ransomware-cyberattack.html

"id": "ind408050724",
"linkid": "industrial-and-commercial-bank-of-china",
"type": "Ransomware",
"date": "10/2023",
"severity": "100",
"impact": "",
"explanation": "Attack on finance system with significant operational disruptions"

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