China’s Biggest Bank Hit By Ransomware Attack

The Industrial and Commercial Bank of China (ICBC) has been hit by a ransomware attack that is disrupting trades in the U.S. bond market.

ICBC Financial Services, the U.S. unit of China’s largest commercial lender, said it is investigating the attack that continues to disrupt its systems.

The bank added that despite problems with buying and selling U.S. Treasurys, its business remains normal around the world.

In a ransomware attack, hackers lock-up an organisation’s computer systems and demand ransom for unlocking it, often stealing sensitive data in the process.

A cybercrime outfit called “Lockbit” is believed to be behind the ransomware attack at ICBC.

Ransomware attacks impact hundreds of companies in nearly every industry each year. Since 2020, Lockbit is believed to have hit 1,700 U.S. organizations with ransomware attacks, according to the U.S. government.

In October of this year, the group threatened U.S. aircraft manufacturer Boeing (BA).

Some market participants have reported that U.S. bond trades are not being settled due to the attack on ICBC. The Chinese lender said it is working to clear U.S. Treasury trades as quickly as possible.

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