US arm of China mega-lender ICBC hit by ransomware attack

Saturday, 11 November 2023
The US arm of China's Industrial and Commercial Bank of China (ICBC) experienced a ransomware attack, leading to disruptions in certain financial services systems. ICBC FS disconnected and isolated the impacted systems to contain the incident and is currently investigating the attack. Despite the attack, US Treasury Secretary Janet Yellen stated that there has been no impact on the Treasury market. The attack was reportedly executed using software created by the Russian-speaking hacking group LockBit, known for demanding cryptocurrency payments to resolve the issue.

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