ICBC Financial Services

RANSOMWARE ATTACK

DATE: November 8, 2023

SECTOR: Finance

LOCATION: United States

SUMMARY

Largest bank in the world hit by ransomware affecting US Treasury trades

DETAILED ANALYSIS

Industrial and Commercial Bank of China (ICBC) Financial Services, the US subsidiary of the world's largest bank, was hit by a LockBit ransomware attack that disrupted trading in the US Treasury market. The attack prevented the firm from settling trades, requiring manual processing.

IMPACT ASSESSMENT

Treasury market disruption, manual trade settlement required

INCIDENT METADATA

INCIDENT ID

INC-2024-007

THREAT TYPE

Ransomware

INDUSTRY

Finance

STATUS

Resolved

EXPLOITED VULNERABILITIES (1)

The following CVEs were exploited or related to this incident:

CVE-2023-4966