Ransomware attack on China’s biggest bank disrupts US Treasury market

ICBC Financial Services, the US unit of China’s largest commercial lender by assets, said it was investigating an attack that disrupted some of its systems, and making progress towards recovering from it.

  • China’s foreign ministry said that the lender was striving to minimize risk impact and losses after the attack.

Ransomware attacks involve hackers locking up a victim’s systems and demanding payment to unlock it, often also stealing sensitive data for extortion.

  • Several ransomware experts and analysts said an aggressive cybercrime gang named Lockbit was thought responsible, although the gang’s dark website where it typically posts names of its victims did not mention ICBC as a victim.

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