Crypto Ransomware Gang LockBit Attacks U.S. Arm of Chinese Bank
A Russian-speaking crypto ransomware gang known as LockBit has targeted the U.S. arm of the Industrial and Commercial Bank of China Financial Services (ICBCFS). The attack has disrupted the bank’s ability to settle Treasury trades, impacting the U.S. Treasury market. While specific details of the attack have not been disclosed, reports indicate that some equity trades were affected. ICBCFS has confirmed the attack and is actively working on recovering from it. It is unclear whether the bank paid the ransom demanded by the cybercriminals.
Chinese Foreign Ministry spokesperson Wang Wenbin stated that the bank has been closely monitoring the situation and taking necessary emergency response measures. The Securities Industry and Financial Markets Association also notified its members about the ransomware attack on ICBCFS.
“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.”
U.S. Treasury department spokesperson
Hot Take: Cybercriminals Target Financial Institutions with Ransomware Attacks
The recent ransomware attack on ICBCFS by the LockBit gang highlights the increasing threat posed by cybercriminals to financial institutions. These attacks not only disrupt critical financial operations but also raise concerns about data security and potential ransom payments. As cybercriminals continue to evolve their tactics, it is essential for financial organizations to prioritize robust cybersecurity measures and proactive response strategies to mitigate such threats.
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