Ransomware attack on ICBC hits US treasury market trades
The Chinese bank says it is working on restoring services after hack disrupts market
09 November 2023 - 23:23
byPete Schroeder
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A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the US treasury market on Thursday, the treasury department said.
In ransomware attacks, hackers encrypt an organisation’s systems and demand ransom payments in exchange for unlocking them. It was not immediately clear who was behind the attack.
The Financial Times reported earlier on Thursday that the US Securities Industry and Financial Markets Association (SIFMA) told members that ICBC had been hit by ransomware that disrupted the US treasury market by preventing it from settling trades on behalf of other market players.
“We are aware of the cybersecurity issue and are in regular contact with key financial sector participants, in addition to federal regulators. We continue to monitor the situation,” a treasury spokesperson said in a response to a question about the FT report.
ICBC, China’s largest commercial lender by assets, was beginning to restore services as of Thursday afternoon, the newspaper said, citing people briefed on the ransomware attack, which paralyses computer systems unless a payment is made.
The SIFMA and ICBC were not immediately available to comment to on the reported incident.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Ransomware attack on ICBC hits US treasury market trades
The Chinese bank says it is working on restoring services after hack disrupts market
A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the US treasury market on Thursday, the treasury department said.
In ransomware attacks, hackers encrypt an organisation’s systems and demand ransom payments in exchange for unlocking them. It was not immediately clear who was behind the attack.
The Financial Times reported earlier on Thursday that the US Securities Industry and Financial Markets Association (SIFMA) told members that ICBC had been hit by ransomware that disrupted the US treasury market by preventing it from settling trades on behalf of other market players.
“We are aware of the cybersecurity issue and are in regular contact with key financial sector participants, in addition to federal regulators. We continue to monitor the situation,” a treasury spokesperson said in a response to a question about the FT report.
ICBC, China’s largest commercial lender by assets, was beginning to restore services as of Thursday afternoon, the newspaper said, citing people briefed on the ransomware attack, which paralyses computer systems unless a payment is made.
The SIFMA and ICBC were not immediately available to comment to on the reported incident.
Reuters
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