ICBC's US Unit Hit by Cyberattack, Forces Urgent Response
The US unit of the Industrial & Commercial Bank of China (ICBC) experienced a cyberattack, impacting its ability to process US Treasury trades. This attack swiftly disconnected entities responsible for settling transactions from the affected systems. ICBC had to resort to sending settlement details via a messenger carrying a thumb drive to mitigate the damage.
The attack is suspected to be the work of Lockbit, a criminal gang with ties to Russia, known for targeting prominent entities like Boeing Co., ION Trading UK, and the UK's Royal Mail. This disruption led to significant challenges for market-makers, brokerages, and banks, with uncertain access restoration times. ICBC's US unit had reported $23.5 billion in assets at the end of 2022.
ICBC confirmed the ransomware attack, isolating the affected systems and assuring that its head office, other overseas units, and the New York branch remained unaffected. The bank's Beijing headquarters initiated urgent meetings with the US division and regulators to assess the situation and discuss countermeasures. ICBC is considering seeking assistance from China's Ministry of State Security to safeguard other units from potential attacks.
Cyberattacks targeting international businesses recently
This incident serves as a warning to Nigerian financial institutions to enhance their security measures. Recent cases have shown significant losses to hackers in the banking and fintech sectors, with some involving internal staff.
Alert to Financial Institutions in Nigeria
Commercial banks in Nigeria have also fallen victim to hacks and frauds, with a substantial increase in losses reported in the second quarter of 2023.
Global financial markets have witnessed a surge in cyberattacks, with ION Trading UK's ransomware attack causing market disruptions and heightened concerns. The rise in ransomware payments and a 95% increase in attacks in the first three quarters of this year highlight the growing threat. Additionally, the 2020 cyberattack on the New Zealand Stock Exchange, affecting numerous financial institutions globally, emphasizes the need for heightened cybersecurity measures.
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