The Cyberattack on ICBC: What You Need to Know
ICBC, the world’s largest lender by assets, revealed that its U.S. financial services division was hit with a ransomware attack that disrupted the trading of Treasurys. The cyberattack reportedly affected certain systems, leading to disruption in U.S. Treasury trades.
After discovering the hack, ICBC isolated the impacted systems to contain the incident and is working with law enforcement and information security experts to investigate and recover from the attack.
Ransomware is a type of cyberattack where hackers take control of systems or information and demand payment for their release. It has become increasingly popular among bad actors in recent years.
Repercussions of the Attack
The ransomware attack led to disruptions in U.S. Treasury trades, according to reports from traders and banks. However, ICBC stated that it successfully cleared U.S. Treasury trades executed on Wednesday and repo financing trades done on Thursday.
The U.S. Treasury Department confirmed awareness of the cybersecurity issue and ongoing monitoring of the situation.
ICBC assured that its head office, New York branch, and other domestic and overseas affiliated institutions were not affected by the cyberattack.
Response from Chinese Government
China’s Ministry of Foreign Affairs spokesperson stated that ICBC is striving to minimize the impact and losses after the attack, handling emergency response and supervision well.
Details about the Ransomware Attack
No entity has claimed responsibility for the attack yet, making it challenging to determine who is behind it. The ransomware used was identified as LockBit 3.0, known for its evasiveness and difficulty in analysis due to unique passwords required for each instance.
LockBit 3.0 is highly modular and protected against analysis, making it difficult to detect by security researchers.
What is LockBit?
LockBit is a group behind “ransomware-as-a-service,” providing its malicious software to affiliates who carry out cyberattacks. The group targets small and medium-sized businesses using sophisticated malware designed for maximum impact.
The U.S. Department of Justice charged a Russian national for deploying numerous LockBit ransomware attacks against computers globally.
Hot Take: Assessing Cybersecurity Risks
The cyberattack on ICBC highlights the growing threat of ransomware attacks targeting financial institutions. As a crypto reader, you must stay informed about evolving cybersecurity risks and ensure robust protection measures are in place for your digital assets.
Source: https://www.cnbc.com/… (Full URL)
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