Chinese bank ICBC data breach overview:
- Who: Chinese bank Industrial and Commercial Bank of China revealed last week that its financial services arm ICBC Financial Services suffered a data breach as a result of a ransomware attack on Nov. 8.
- Why: The data breach reportedly disrupted the trading of US Treasury bonds, according to multiple news outlets.
- Where: ICBC is headquartered in Beijing, China.
The U.S financial services division of Industrial and Commercial Bank of China (ICBC) suffered a data breach last week that reportedly disrupted trading of US Treasurys.
ICBC — the largest lender in the world by assets — said last week that its financial services arm ICBC Financial Services experienced a ransomware attack on Nov. 8 that caused a disruption in certain of its systems, reports CNBC.
Multiple news outlets reported that there had been a disruption in the trade of US Treasury bonds due to the cyber attack, with The Financial Times reporting that banks and traders said the incident kept the ICBC division from being able to settle Treasury trades for other market participants.
ICBC, however, said it had “successfully cleared” both Treasury trades executed on Nov. 8 and repo financing trades done on Nov. 9, reports CNBC.
ICBC does not reveal who was behind ransomware attack that led to Nov. 8 data breach
The state-owned bank reportedly did not reveal who was behind the ransomware attack but said it contained the incident by isolating the impacted systems immediately upon its discovery of the hack.
ICBC said it is working with law enforcement to get to the bottom of the data breach and that it is “conducting a thorough investigation,” reports CNBC.
Wang Wenbin, spokesperson for China’s Ministry of Foreign Affairs, meanwhile reportedly said on Nov. 10 that the ICBC was working to minimize both the impact of the attack and losses that came as a result of it.
The U.S. Treasury Department, in a statement to CNBC, said it was aware of the incident, is in regular contact with “key financial sector participants” and federal regulators and “continues to monitor the situation.”
In other news involving a financial institution, a class action lawsuit was filed against Umpqua Bank in September over claims it bore responsibility for nearly 43,000 customers having their personal information compromised during the MOVEit data breach.
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