Security News > 2023 > November > Industrial and Commercial Bank of China hit by ransomware attack
Image: Adrian Grycuk/CC BY-SA 3.0 PL. The Industrial & Commercial Bank of China is restoring systems and services following a ransomware attack that disrupted the U.S. Treasury market, causing equities clearing issues.
"ICBC is currently unable to connect to DTCC/NSCC. This issue is impacting all of ICBC's clearing customers," says an emergency notice issued to equity traders and shared by security research group vx-underground.
Because of the attack's impact on its systems, the Chinese commercial bank could not settle U.S. Treasury trades for other market participants.
While the bank is yet to issue a statement confirming the incident and its impact, multiple sources have told BleepingComputer that the ICBC fell victim to a ransomware attack.
ICBC is China's largest bank and the largest commercial bank in the world by revenue, with revenue of $214.7 billion and profits of $53.5 billion reported in 2022, according to Fortune.
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