Attack On Chinese Bank Disrupts Financial Trading

The US financial services division of the Industrial and Commercial Bank of China reported on Thursday 10th November that its financial services arm, called ICBC Financial Services, experienced a ransomware attack that caused disruption to a number of its systems. 

ICBC said it was investigating the attack that disrupted some of its systems and making progress towards recovering from it, however, sources have reported there was disruption to trading in certain financial instruments.

In particular, the ransomware attack prevented the ICBC US division from settling US Treasury trades.

China’s foreign ministry said on Friday 10th November that the lender was striving to minimise risk impact and losses after the attack. Immediately after discovering the hack, ICBC “isolated impacted systems to contain the incident,” the state-owned bank said. ICBC has not said who was behind the attack but it did say has been “conducting a thorough investigation and is progressing its recovery efforts with the support of its professional team of information security experts.”

While nobody has claimed responsibility for the attack here are clues about what kind of software was used to carry out the attack. According to sources, the ransomware used in the attack is LockBit 3.0 - a persistent type of malware used to exfiltrate confidential data.

Different iterations of LockBit can rapidly infect corporate networks, typically someone clicking on a malicious link in an email.  

ICBC said it “successfully cleared” US Treasury trades and repo financing trades done on Thursday 10th Nov. A repo is a repurchase agreement, a type of short-term borrowing for dealers in government bonds. However, multiple news outlets reported there was disruption to US Treasury trades and that the ransomware attack prevented the ICBC division from settling Treasury trades on behalf of other market participants.

A spokesman for China’s Ministry of Foreign Affairs, has said that ICBC is striving to minimise the impact and losses after the attack and ICBC has not commented on whether Lockbit was behind the hack.

ICBC has said it is working with law enforcement concerning the attack and US and Chinese Government officials have discussed the attack ahead of a forthcoming regional economic summit.

CNBC:   ICBC:     APNews:   WSJ:      Guardian:    FT:     Reuters:    CybersecurityDive:  

You Might Also Read: 

Cyber Security & The  Financial Services Industry;

___________________________________________________________________________________________

If you like this website and use the comprehensive 6,500-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.

  • Individual £5 per month or £50 per year. Sign Up
  • Multi-User, Corporate & Library Accounts Available on Request

Cyber Security Intelligence: Captured Organised & Accessible


 

 

« Global Law Firm Breached & Data Stolen
British Online Safety Act Is Now Law »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

NordLayer

NordLayer

NordLayer is an adaptive network access security solution for modern businesses — from the world’s most trusted cybersecurity brand, Nord Security. 

ON-DEMAND WEBINAR: What Is A Next-Generation Firewall (and why does it matter)?

ON-DEMAND WEBINAR: What Is A Next-Generation Firewall (and why does it matter)?

Watch this webinar to hear security experts from Amazon Web Services (AWS) and SANS break down the myths and realities of what an NGFW is, how to use one, and what it can do for your security posture.

North Infosec Testing (North IT)

North Infosec Testing (North IT)

North IT (North Infosec Testing) are an award-winning provider of web, software, and application penetration testing.

ZenGRC

ZenGRC

ZenGRC - the first, easy-to-use, enterprise-grade information security solution for compliance and risk management - offers businesses efficient control tracking, testing, and enforcement.

Resecurity, Inc.

Resecurity, Inc.

Resecurity is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence.

Acunetix

Acunetix

Acunetix is a leading web vulnerability scanner, widely acclaimed to include the most advanced SQL injection and XSS black box scanning technology.

IABG

IABG

IABG offer independent, product-neutral consulting as well as technical and scientific services for the use of safety-relevant systems and technologies.

FixMeStick

FixMeStick

FixMeStick is a virus removal device, a USB key that removes malware conventional antivirus software often can’t detect.

SparkCognition

SparkCognition

SparkCognition’s AI-powered solutions enhance cybersecurity, identify and prevent equipment failures before they happen, and provide prescriptive intelligence for maintaining your most critical assets

ThreatSTOP

ThreatSTOP

ThreatSTOP is a cloud-based automated threat intelligence platform that converts the latest threat data into enforcement policies to stop attacks before they become breaches.

Uleska

Uleska

Uleska is a scalable platform that provides automated and continuous software security testing whilst translating cyber risk.

Jerusalem Venture Partners (JVP)

Jerusalem Venture Partners (JVP)

JVP’s Center of Excellence in Be’er Sheva aims to identify, nurture and build the next wave of cyber security and big data companies to emerge out of Israel.

InsightCyber

InsightCyber

InsightCyber is on a mission to keep the world’s critical infrastructure, supply chains, and manufacturing operations cyber-safe, helping to prevent attacks that can have catastrophic impacts.

Kratos Defense & Security Solutions

Kratos Defense & Security Solutions

The Kratos Space, Training, and Cybersecurity division addresses key cybersecurity challenges, including cloud security, continuous monitoring, IT security, and risk management.

National Cybersecurity Consortium (NCC)

National Cybersecurity Consortium (NCC)

The NCC’s mandate is to keep Canada’s cyber and critical infrastructures and citizens safe while ensuring Canada’s global competitiveness and leadership in cybersecurity.

Bosch Global Software Technologies (BGSW)

Bosch Global Software Technologies (BGSW)

Bosch Global Software Technologies offer an advanced innovation for AI security. The Bosch AIShield is the definite answer to safeguard your business against model extraction attacks.

NXM Labs

NXM Labs

NXM is a leader in a leader in advanced cybersecurity software for connected devices.

Flotek

Flotek

Flotek is an IT & Comms service provider delivering SMEs with trusted, innovative and cost effective cloud technology, with confidence, clarity and clout.

DerSecur

DerSecur

DerSecur has been engaged in advanced technology activities in the field of Application Security since 2011. We offer R&D technology solutions in the field of SAST, DAST and SCA analysis.

Technoware Solutions

Technoware Solutions

Technoware Solutions is a global company committed to helping entities navigate the digital waters of modernizing their system processes in an ever changing cybersecurity landscape.

Prophet Security

Prophet Security

Prophet Security empowers organizations to triage, investigate, and respond to alerts with unparalleled speed and accuracy.