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The Largest Bank in the World, China’s ICBC, was Apparently the Target of a Cyberattack that Caused Disruptions to the Treasury Markets

A cyberattack was purportedly launched on the U.S. financial services business of Chinese bank ICBC, causing trading of Treasurys to be halted.

A ransomware attack “that resulted in damage to certain” systems was experienced by Industrial and Commercial Bank of China, the largest lender in the world based on assets, the bank stated on Thursday.

ICBC “separated impacted systems to contain the problem,” the bank stated, as soon as it became aware of the attack.

Cyberattacks come in the form of ransomware. In this scenario, hackers seize control of data or systems and demand a ransom before releasing it to the victim. Attacks of this kind have been increasingly common among negative actors in the last few years.

Although it did not identify the attacker, ICBC stated that it had been “doing a thorough investigation and is progressing its recovery operations with the backing of its experienced team of information security specialists.”

Moreover, the Chinese bank declared that it is collaborating with law enforcement.

U.S. Treasury trades performed on Wednesday and repo financing trades executed on Thursday were said to have been “satisfactorily cleared” by ICBC. A repurchase agreement, or repo, is a kind of short-term loan intended for dealers of government bonds.

Several news sources, however, claimed that dealings in US Treasury securities were disrupted. The Financial Times reported on Friday that the ransomware attack stopped the ICBC division from closing Treasury trades on behalf of other market players, citing dealers and banks.

Source (CNBC)

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