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In the Market: Inside Wall Street's scramble after ICBC hack
![IndiaTimes]()
Monday, 13 November 2023
The cyber hack of Industrial and Commercial Bank of China's US broker-dealer caused extensive damage, including a blackout of corporate email and temporary inability to pay BNY Mellon $9 billion, a sum much larger than its net capital. ICBC received a cash injection from its Chinese parent and manually processed trades with BNY Mellon's assistance. ICBC expects to resume normal business by Monday after setting up secure systems with cybersecurity firm MoxFive.
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Monday, 13 November 2023
