ICBC Flies Top Executives to US in Race to Contain Hack Fallout

Within days of a cyberattack at its US unit, members of Industrial & Commercial Bank of China Ltd.'s management were on a plane. The bank is racing to reassure market participants it has a handle on the situation following the attack by prolific ransomware gang LockBit, which rendered it un...

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Bibliographic Details
Published in:Insurance Journal 2023-11
Main Authors: Robertson, Jordan, Doherty, Katherine
Format: Article
Language:English
Subjects:
Malware
Ransomware
Regulation of financial institutions
Securities industry
Online Access:Get full text
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Summary:Within days of a cyberattack at its US unit, members of Industrial & Commercial Bank of China Ltd.'s management were on a plane. The bank is racing to reassure market participants it has a handle on the situation following the attack by prolific ransomware gang LockBit, which rendered it unable to clear swathes of US Treasury trades and forced many to reroute their orders. Related: World's Biggest Bank Has to Trade Via USB Stick After Hack And while the bank has been working to restore access to its systems, a subsequent investigation and ongoing discussions with regulators have made any resumption of normal service hard to predict, one of the people said.
ISSN:0020-4714