ICBC execs fly to U.S. in effort to contain fallout of ransomware attack

Asian Tech Press (Nov 14) -- The Industrial and Commercial Bank of China Limited (ICBC) has sent top executives to the U.S. over the weekend to try to contain the fallout of ransomware attack, Bloomberg reported Tuesday.

The report came after ICBC Financial Services (ICBC FS), a U.S. brokerage subsidiary of ICBC, one of China's four major state-owned banks, disclosed in a statement that it had experienced a ransomware attack.

Multiple reports said ICBC FS suffered a partial system outage on Nov. 8, which prevented broker-dealer from settling a large number of U.S. Treasury trades.

ICBC FS has been attempting to restore its systems and is currently working with its U.S. banking partners to assist in clearing trades, sources said.

A Reuters report noted that ICBC had urgently injected a large amount of capital into ICBC FS to help pay the Bank of New York Mellon Corp. (BNY Mellon) $9 billion for unsettled trades.

ICBC has also paid a ransom, Reuters reported on Monday, citing a representative of ransomware group Lockbit.

However, Reuters was unable to independently verify the statement, which the Lockbit representative delivered to it via Tox, an online messaging app.

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