World's Largest Bank ICBC's US Unit Hit by Major Ransomware Attack

Financial sector on high alert as recovery efforts continue; hackers may face scrutiny from Chinese government due to attack on state-owned institution.

The US unit of the Industrial and Commercial Bank of China (ICBC), the world's largest bank, was hit by a major ransomware attack, causing disruptions in business operations and sparking concern among regulators and officials.
The attack was carried out by a cybercriminal group known as LockBit, which has Russian-speaking members and affiliates in multiple countries, including China. The group is known for targeting powerful companies to extort them for millions of dollars.
The attack led to a brief market sell-off and has posed new challenges to financial institutions' cyber defenses. Despite the financial sector being one of the better defended sectors of the global economy from hacks, the threat of ransomware has proven to be a significant challenge.
The attack could potentially draw the ire of the Chinese government, as ICBC is a state-owned institution. This could lead to increased scrutiny and possible action from the Russian government, given the close relationship between Russia and China.
The recovery from the attack is ongoing, with ICBC Financial Services stating that it successfully cleared US Treasury trades executed on Wednesday and repurchase agreements financing trades done on Thursday. However, it could take days for the ICBC subsidiary to return to normal business operations.