World's Largest Bank Industrial and Commercial Bank of China's Ransomware Attack: US Authorities Flagged Hacker Methods In March
Portfolio Pulse from Vandana Singh
The New York branch of the Industrial and Commercial Bank of China (ICBC) experienced a cyberattack involving Lockbit 3.0 ransomware, which disrupted the U.S. Treasury market. The attack exploited vulnerabilities in Citrix-managed services, previously flagged by U.S. officials. ICBC's Financial Services unit, significant in the Treasury market, had to disconnect from the market and manually clear trades. The FBI, DHS, and CISA had warned about such vulnerabilities and ransomware risks earlier.
November 14, 2023 | 4:46 pm
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ICBC's New York branch suffered a ransomware attack, causing disruptions in the U.S. Treasury market and forcing the bank to manually clear trades.
The cyberattack directly impacts ICBC's operations and credibility, likely leading to a negative perception among investors and a potential short-term decline in stock price.
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