Ransomware attack on China’s biggest bank disrupts Treasury market trades, reports say

2024-12-26 13:55:53 source:lotradecoin reportsystem category:Stocks

BEIJING (AP) — A financial services business of China’s biggest bank says it was it by a ransomware attack that reportedly disrupted trading in the U.S. Treasury market.

Industrial and Commercial Bank of China Financial Services handles trades and other services for financial institutions. A statement on its website seen Friday said the ransomware attack this week disrupted some of its systems but that it had disconnected parts of the affected systems to limit the impact from the attack.

The company, which is based in New York, said it was investigating and had reported the problem to law enforcement.

All Treasury trades executed Wednesday and repo financing trades on Thursday were cleared, it said. It said ICBC’s banking, email and other systems were not affected.

The company gave no further details but reports said the attack was by LockBit, a Russian-speaking ransomware syndicate that does not target former Soviet countries. It is one of the most efficient ransomware variants around, according to the cybersecurity firm Emsisoft. Active since September 2019, it has attacked thousands of organizations.

More:Stocks

Recommend

Beyoncé's BeyGood charity donates $100K to Houston law center amid Jay

Beyoncé is making a major donation to a criminal justice clinic days after husband Jay-Z was accuse

Taylor Swift attends Kansas City Chiefs playoff game against the Buffalo Bills at Highmark Stadium

Taylor Swift braved the frigid temperatures Sunday at Highmark Stadium in Orchard Park, New York, to

Udinese bans for life one of the fans who racially abused Milan goalkeeper Mike Maignan

MILAN (AP) — Serie A club Udinese has identified a fan who racially abused AC Milan goalkeeper Mike