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Industrial and Commercial Bank of China Financial Services, a financial services business of China’s largest bank, disclosed that it fell victim to a ransomware attack, which reportedly disrupted trading in the U.S. Treasury market. The attack affected some of the company’s systems, but they managed to limit the impact by disconnecting parts of the affected systems. While investigations are underway, the company has reported the incident to law enforcement. It clarified that all Treasury trades executed on Wednesday and repo financing trades on Thursday were successfully cleared, and their banking, email, and other systems remained unaffected. The ransomware attack is believed to be the work of the LockBit group, a Russian-speaking ransomware syndicate known for its efficiency and extensive track record in targeting organizations.
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Informing your decisions with actionable intelligence
Informing your decisions with actionable intelligence