Cyber gang Lockbit has claimed that ICBC paid it a ransom after the bank was hit by a cyber-attack last week.
The US arm of ICBC, China’s largest commercial bank, experienced a ransomware incident that reportedly disrupted trades in the US Treasury market.
At the time, a spokesperson from China's foreign ministry said that the bank was attempting to reduce any risk and losses following the attack.
According to reports, ministry spokesperson Wang Wenbin said that the bank had been closely monitoring the matter and had “done its best” in its emergency response.
“They paid a ransom, deal closed”, a Lockbit gang representative told Reuters on Monday.
The news agency said that it was unable to independently verify whether China’s largest lender had indeed paid out a ransom following the incident.
FStech has reached out to ICBC for comment.
Latest News
-
BBVA to roll out genAI tools for 100,000 employees in partnership with Google
-
Qonto applies for banking license in France
-
FCA expands bullying and harassment rules beyond banks to 37,000 firms
-
Zopa opens Manchester office with plans for 500 jobs
-
Government plans new tools to help FinTechs navigate complex regulation
-
Paxos launches dollar stablecoin in the EU
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories