Chinese bank ICBC, the world’s largest lender, faced a cyberattack affecting its U.S. financial services arm, disrupting Treasury market trading.
ICBC Hit by Cyberattack
The U.S. financial services division of China’s Industrial and Commercial Bank of China (ICBC), the world’s largest bank, disclosed a cyberattack that reportedly disrupted the trading of Treasurys. The attack was described as a ransomware attack, involving the control of systems or information until a ransom is paid.
Response and Impact
After discovering the hack, ICBC isolated the impacted systems to contain the incident. The bank stated that it successfully cleared U.S. Treasury and repo financing trades. However, multiple news outlets reported disruption to U.S. Treasury trades. The cyberattack did not affect ICBC’s China operations, New York branch, and other domestic and overseas affiliated institutions.
Investigation and Reassurance
ICBC did not disclose the perpetrator behind the attack but assured a thorough investigation with the support of information security experts and collaboration with law enforcement. Meanwhile, the U.S. Treasury Department confirmed awareness of the cyber issue and ongoing monitoring.