The US arm of ICBC, China’s largest commercial bank, was this week hit by a ransomware attack that reportedly disrupted trades in the US Treasury market.

During a news conference, a spokesperson from China’s foreign ministry said that the bank is attempting to reduce any risk and losses following the incident.

According to reports, ministry spokesperson Wang Wenbin said that the bank has been closely monitoring the matter and has “done its best” in its emergency response.

On Friday, Reuters said that several ransomware experts believe the cybercrime gang Lockbit to be behind the incident. However, the news agency added that the group's site on the dark web – which usually lists victims of its attacks – does not include ICBC.

Oz Alashe, founder and chief executive of human risk management platform CybSafe said that while there is currently no clarity on who was behind the ransomwares attack, the ripple effect of the incident on the broader market is clear.

“The ICBC incident is a reminder of the high stakes involved and the essential role of placing people and measurable behaviour change central to safeguarding an organisation's digital assets,” he continued.

FStech has reached out to ICBC for further comment.

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