November 9, 2023 at 05:26PM
The Industrial and Commercial Bank of China (ICBC) experienced a ransomware attack, disrupting US Treasury services and preventing trade settlements. ICBC has begun restoring its services, but there was no comment from ICBC or the US Securities and Financial Markets Association (SIFMA). It is unclear if any data has been leaked or if a ransom has been demanded or paid. The US Treasury is monitoring the situation.
Key takeaways from the meeting notes:
– The Industrial and Commercial Bank of China (ICBC) experienced a ransomware attack, which disrupted the US Treasury’s ability to settle trades.
– The ICBC has started restoring its services, but there has been no comment from them or the US Securities and Financial Markets Association (SIFMA).
– Ransomware attacks involve encrypting an organization’s data and demanding a ransom for its restoration.
– It is uncertain if any data has been leaked or if a ransom has been requested or paid.
– The US Treasury is aware of the cybersecurity issue and is in communication with relevant financial sector participants and federal regulators.
– The Treasury’s initial statement was prompted by a Financial Times report on the breach.