U.S. Arm of Industrial & Commercial Bank of China Hit by Ransomware Attack, Causing Disruptions to U.S. Treasury Market

The U.S. arm of the Industrial & Commercial Bank of China was hit by a ransomware attack, reportedly causing disruptions to the U.S. Treasury market.

“We successfully cleared US Treasury trades executed Wednesday and Repo financing trades done on Thursday ,” ICBC said. The Securities Industry and Financial Markets Association alerted its members of the cyberattack on Wednesday, the Financial Times reported. A Treasury Department spokesperson told the FT it was aware of the incident and is monitoring the situation.The cybercrime gang Lockbit is suspected in the attack, according to Bloomberg and Reuters. The same gang is suspected of cyberattacks against Boeing Co. BA, +0.

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