Techjockey News

New Delhi: ICBC’s US financial services division, a part of the world’s largest lender by assets, the Industrial and Commercial Bank of China (ICBC), was recently subjected to a ransomware attack. This incursion disrupted the trading of US Treasurys.

The bank promptly addressed the issue, isolating the affected systems upon discovery of the attack to limit its impact. ICBC is currently conducting a thorough investigation with assistance from information security experts and law enforcement to address the situation.

The attack, attributed to LockBit 3.0 ransomware, has been categorized as “more modular and evasive” by the U.S. government’s Cybersecurity and Infrastructure Security Agency, presenting significant challenges for analysis. The ransomware, which operates under the business model of “ransomware-as-a-service,” has been utilized in numerous attacks in recent months, with the group behind it, LockBit, previously targeting various organizations and businesses.

ICBC’s US financial services arm operates independently from its China operations, thus safeguarding the broader organization’s functions from any impact. The US Treasury Department has acknowledged the cybersecurity issue and is actively monitoring the situation in cooperation with key financial sector participants and federal regulators.

Despite assurance from ICBC that they successfully cleared some trades, reports of disruptions to US Treasury trades have surfaced. The incident highlights the ongoing threat posed by sophisticated ransomware attacks, emphasizing the significance of robust cybersecurity measures across the financial sector.