IMF: Financial Firms Lost $12 Billion to Cyberattacks in Two Decades

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

Treasury Markets Disrupted by ICBC Ransomware Attack

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

Industrial and Commercial Bank of China hit by ransomware attack

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