ICBC Financial Services, the U.S. division of the Industrial and Commercial Bank of China, faced a ransomware attack, disrupting trades in the U.S. Treasury market. The attack impacted the bank’s systems, and efforts are underway to recover from the disruption.
China’s foreign ministry stated that ICBC is working to mitigate risks and losses following the cyberattack. Ministry spokesperson Wang Wenbin highlighted that business operations remained regular at the ICBC head office and its various branches and subsidiaries globally.
Typically, in these ransomware attacks, hackers encrypt an organization’s systems and demand payment for decryption, often also threatening to expose sensitive data.
Although the cybercrime gang Lockbit was suspected to be behind the attack, the gang’s usual platform on the dark web, where it lists victims, did not include ICBC as of Thursday evening. Lockbit did not respond to inquiries made through the contact address on its site.