Security News > 2023 > November > Chinese multinational bank hit by ransomware

The state-owned Industrial and Commercial Bank of China, which is one of the largest banks in the world, has been hit by a ransomware attack that led to disrupted trades in the US Treasury market.

"On November 8, 2023, U.S. Eastern Time, ICBC Financial Services experienced a ransomware attack that resulted in disruption to certain FS systems. Immediately upon discovering the incident, ICBC FS disconnected and isolated impacted systems to contain the incident," the bank said in their security incident notice.

Several news outlets, including the Financial Times and Bloomberg, have reported that the LockBit ransomware gang is behind the attack.

"We successfully cleared US Treasury trades executed Wednesday and Repo financing trades done on Thursday," ICBC added.

"ICBC FS's business and email systems operate independently of the Industrial and Commercial Bank of China Group. The systems of the ICBC Head Office and other domestic and overseas affiliated institutions were not affected by this incident, nor was the ICBC New York Branch."

Citrix Bleed has been exploited by attackers in the wild since late August 2023, and has since been leveraged by ransomware gangs.

News URL

https://www.helpnetsecurity.com/2023/11/10/china-bank-ransomware/