November 13, 2023 at 06:03AM
U.S. Treasury Secretary Janet Yellen stated that the recent ransomware attack on China’s largest bank did not significantly disrupt the U.S. Treasury market. Yellen emphasized the importance of close communication and trust between nations. The bank, Industrial and Commercial Bank of China Financial Services, confirmed the attack but stated that its banking and email systems were unaffected. The attack was reportedly carried out by LockBit, a ransomware group known for efficiently targeting organizations. Successful cyberattacks on banks are rare, as the financial industry invests heavily in cybersecurity.
From the meeting notes, it can be summarized that U.S. Treasury Secretary Janet Yellen stated that the recent ransomware attack on China’s largest bank, Industrial and Commercial Bank of China Financial Services (ICBC), had minimal impact on the U.S. Treasury market. Yellen emphasized the importance of close communications between the U.S. and China to effectively respond to such incidents. ICBC stated that they had disconnected and isolated affected systems to limit the impact of the attack, but their banking, email, and other systems were not affected. The ransomware syndicate believed to be responsible for the attack is LockBit, which has been active since September 2019 and has targeted numerous organizations. The Securities Industry and Financial Markets Association did not provide any comments on the attack. Successful cyberattacks on banks are rare due to significant investments in cybersecurity and segmented operations within the financial industry.