November 9, 2023 at 02:59PM
ICBC, the Industrial & Commercial Bank of China, is in the process of restoring systems and services after a ransomware attack caused disruption in the U.S. Treasury market and equities clearing issues. The attack impacted ICBC’s ability to settle U.S. Treasury trades for other market participants. While the bank has not issued a statement confirming the incident, sources indicate that ICBC fell victim to a ransomware attack. ICBC is China’s largest bank and the largest commercial bank globally by revenue.
Key takeaways from the meeting notes are as follows:
1. The Industrial & Commercial Bank of China (ICBC) recently experienced a ransomware attack, resulting in disruptions to the U.S. Treasury market and equities clearing issues.
2. Members of the Securities Industry and Financial Markets Association were notified of the incident.
3. ICBC is currently unable to connect to DTCC/NSCC, impacting all of its clearing customers.
4. As a response, [censored] has temporarily suspended all inbound FIX connections and is not accepting orders at this time.
5. ICBC’s systems were impacted by the attack, causing difficulties in settling U.S. Treasury trades for other market participants.
6. The U.S. Treasury spokesperson confirmed their awareness of the cybersecurity issue and their close contact with key financial sector participants and federal regulators.
7. ICBC has not issued an official statement regarding the incident, but industry sources confirm that the bank fell victim to a ransomware attack.
8. Security expert Kevin Beaumont noted that an ICBC Citrix server, which was unpatched against an exploited NetScaler security bug, is now offline.
9. ICBC is the largest bank in China and the world’s largest commercial bank by revenue, with a reported revenue of $214.7 billion and profits of $53.5 billion in 2022.
10. ICBC has millions of corporate and individual customers, with numerous branches across domestic and international markets.
Please let me know if you need any further information or clarification.