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.
Latest News
-
Only 25% of financial institutions ready for AI era, says BCG
-
BNP Paribas AM announces launch of token cross-border transactions between Luxembourg and France
-
Police Foundation calls for data-sharing obligation for FinTechs to tackle fraud
-
FSCS cuts levy to £356m for 2025/26
-
MPs quiz major UK banks on IT vulnerabilities and AI
-
BBVA overhauls banking app to offer AI personalisation and finance coach
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.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories