Advertisement

Ransomware attack on Chinese bank ICBC disrupts U.S. Treasury trades

A ransomware attack against the U.S. financial services division of the Chinese Bank ICBC disrupted U.S. Treasury trades, but ICBC said the trades were successfully executed. Photo by Stephen Shaver/UPI
A ransomware attack against the U.S. financial services division of the Chinese Bank ICBC disrupted U.S. Treasury trades, but ICBC said the trades were successfully executed. Photo by Stephen Shaver/UPI | License Photo

Nov. 10 (UPI) -- A ransomware attack against the U.S. financial services division of the Chinese Bank ICBC disrupted U.S. Treasury trades, but in a Thursday statement ICBC said the trades were successfully executed.

"We successfully cleared US Treasury trades executed Wednesday and Repo financing trades done on Thursday," ICB Financial Services said in a statement on its website. "ICBC FS's business and email systems operate independently of the Industrial and Commercial Bank of China Group. The systems of the ICBC Head Office and other domestic and overseas affiliated institutions were not affected by this incident, nor was the ICBC New York Branch."

Advertisement

The ICBC FS statement said the ransomware attacked began Wednesday and "resulted in disruption to certain FS systems" and the impacted systems were disconnected and isolated in an effort to contain the hack.

Lockbit, a criminal gang with Russian connections, is suspected in the hack. It has previously attacked Boeing and Britain's ION Trading and Royal Mail. The ransomware it allegedly uses encrypts computer files on its targets and Lockbit demands payment to unlock them.

The U.S. Treasury Department told CNBC: "We are aware of the cybersecurity issue and are in regular contact with key financial sector participants, in addition to federal regulators. We continue to monitor the situation."

Advertisement

ICBC is China's largest bank. Lockbit also recently targeted Boeing, and Britain's ION Trading and Royal Mail.

Chinese Foreign Ministry spokesperson Wang Wenbin told the Financial Times, "ICBC has been closely monitoring the matter and has done its best in emergency response and supervisory communication."

According to Chinese regulators cited by the Times, the cyberattack's impact was limited and nearly resolved.

Latest Headlines