A ransomware attack has reportedly hit the Industrial and Commercial Bank of China (ICBC), one of the world’s largest banks. The attack also affected certain trades on the U.S. Treasury market, leading to concerns about the potential impact on global financial markets. The attack is believed to have been carried out by the LockBit ransomware gang.
Despite the reports, ICBC, the Securities Industry and Financial Markets Association, and the U.S. Treasury Department have not commented on the incident. Cybersecurity experts have also identified a vulnerability in ICBC’s system that may have been exploited by the attackers. The attack is yet another example of how critical infrastructure providers are increasingly targeted by ransomware operators. The potential for disruption of global financial markets is a cause for concern, reflecting the high stakes involved in such attacks.