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Peter Davis

An writer at FOMOdrive

  • Nov 13, 2023
  • 2 min read

The largest bank in the world suffered from a cyber attack by hackers

The American division of the Chinese bank ICBC was paralyzed by a ransomware virus.

US bond trading was disrupted due to a cyberattack on the world's largest bank.

It is possible that the attack was perpetrated by the Lockbit group, which has ties to Russian hackers.

RBC reports that the American division of the Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, experienced a cyber attack involving ransomware. This incident caused disruption in the US Treasury bond market.

Reuters points out that, although the consequences of the attack were limited, the incident serves as a reminder of how vulnerable computer systems still are in large organizations.

Bloomberg reported that a program was used to carry out an attack on ICBC, paralyzing the bank's computer systems until money was transferred to the hackers. Consequently, ICBC was compelled to transfer trading-related data onto a USB drive.

Two sources report that LockBit 3.0 software was utilized in the attack.

LockBit, one of the most notorious cyber criminal groups, has developed software that has been used to carry out devastating attacks on targets such as ION, the City of London and Royal Mail.

It is uncertain who was responsible for the attack on ICBC - whether it was Lockbit, the group associated with Russian hackers, or one of its customers who had rented software from them.

The US Cybersecurity and Infrastructure Security Agency (CISA) has reported that since 2020, 1,700 US organizations have been targeted by Lockbit malware. Washington has also alleged that three Russians are connected to the Lockbit attacks.

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