Explore the measures taken by ICBC FS to ensure the independence of its business and email systems from the ICBC China Group, safeguarding against widespread impact.
On Thursday, an attack targeted ICBC, one of the world’s largest financial institutions, specifically focusing on its New York-based subsidiary, ICBC FS. The company’s statement indicates that the attack disrupted “certain FS systems.” Consequently, upon detecting the breach, the company swiftly disconnected and contained the incident.
Currently, ICBC FS’s team of information security experts is actively investigating and progressing recovery efforts. Despite the lack of confirmed details about the attackers’ identity, vx-underground security researchers assert that the notorious ransomware group LockBit claimed responsibility for the assault.
Moreover, ICBC FS announced successfully managing to resume US Treasury trades and Repo financing trades, temporarily interrupted by the ransomware attack, causing its systems to go offline. The company highlighted the autonomy of its business and email systems from the ICBC China Group. This clarification assures that the ICBC Head Office and other global affiliated institutions, including the ICBC New York Branch, remained unaffected.
Based in New York, ICBC FS, a subsidiary of ICBC, offers global clearing, execution, and financing services. Notably, ICBC, China’s largest commercial lender, with assets exceeding $6 trillion and nearly 435,000 employees, is predominantly owned by the Chinese government.
While attacks on Chinese-owned financial institutions are unusual, ransomware operators typically avoid targeting Russian and Chinese entities, focusing instead on Western targets.
The incident involving ICBC, a substantial organization, might be perceived as a miscalculation by an inexperienced ransomware operator, according to cybersecurity expert Roger Grimes. Furthermore, he suggests that the Chinese government possesses potent hacking capabilities. Consequently, engaging such a prominent organization could draw considerable attention and repercussions from U.S. authorities.
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