Ransomware Attack Hits China’s Biggest Bank, Disrupts U.S. Treasury Market Trades

         

China’s biggest bank, Industrial and Commercial Bank of China Financial Services, experienced a ransomware attack that disrupted trading in the U.S. Treasury market. The attack affected the company’s systems in New York, but banking and email systems were not impacted.

Ransomware Attack on Industrial and Commercial Bank of China Financial Services

China’s largest bank, Industrial and Commercial Bank of China Financial Services, disclosed a ransomware attack that affected its operations in New York. The attack disrupted trading in the U.S. Treasury market, raising concerns about the security of financial institutions and the impact on global markets.

Impact on Trades and Response

The ransomware attack disrupted some of the company’s systems, prompting measures to limit the impact. Despite the disruption, the company reported that all Treasury trades executed on Wednesday and repo financing trades on Thursday were cleared. The affected systems were disconnected to contain the impact, and the company is actively investigating the incident. Additionally, the attack has been reported to law enforcement for further action.

Attack Details and Perpetrator

Although the company did not provide specific details about the ransomware attack, reports indicated that the attack was attributed to LockBit, a Russian-speaking ransomware syndicate known for targeting organizations outside of former Soviet countries. LockBit has been recognized as one of the most efficient ransomware variants by cybersecurity experts and has been operational since September 2019, inflicting attacks on numerous organizations worldwide.

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