September 24, 2024 at 09:36AM MoneyGram International’s money transfer services are disrupted due to a cyberattack, forcing certain systems offline since September 22. The company is working to restore systems and has notified law enforcement. While ransomware involvement is not confirmed, ransomware attacks have increased in 2024, particularly targeting financial organizations. Notable victims include LoanDepot, … Read more
April 11, 2024 at 08:18AM Financial organizations have faced 20,000 cyberattacks in the last 20 years, resulting in over $12 billion in losses, according to the IMF. These attacks, particularly targeting banks, carry a risk of extreme financial losses and potential economic instability. Effective regulations and international collaboration are crucial for mitigating these risks in … Read more
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 … Read more
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 … Read more