Global Banking Giant Forced to Resort to USB Stick After Devastating Cyberattack
TL;DR
Hackers targeted the New York branch of the Industrial & Commercial Bank of China (ICBC), forcing the bank to settle trades using a USB stick and causing disruptions in the Treasury's bond auction. Investigators suspect the ransomware gang Lockbit, with ties to Russia, to be behind the attack. The incident highlights concerns among banking leaders about the potential for a system-wide cyberattack that could cripple the financial system. The ICBC is considering seeking assistance from China's Ministry of State Security. Ransomware attacks on the financial industry have been increasing, prompting financial institutions to enhance their cybersecurity measures.
- Hackers Hit World’s Largest Bank, Forcing Financial Giant to Rely on USB Stick to Settle Trades: Report The Daily Hodl
- Brazen ransomware attack on US unit of Chinese banking giant has financial sector on alert CNN
- After a surprise cyberattack, the world's largest bank had to shuffle a USB stick around Manhattan to do business PC Gamer
- ICBC US unit gets funds to pay US$9 billion for trades after ransomware attack South China Morning Post
- Yellen says ransomware attack on China's biggest bank minimally disrupted Treasury market trades WHIO
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