ICBC's U.S. brokerage unit hit by ransomware attack

Asian Tech Press (Nov 10) -- ICBC FS, a brokerage subsidiary of the Industrial and Commercial Bank of China Limited (ICBC) in the U.S., one of China's four major state-owned banks, said it was hit by a ransomware attack.

ICBC Financial Services (ICBC FS) released a statement on its official website, stating that it experienced a ransomware attack that resulted in the disruption of some of its systems on November 8, U.S. Eastern Time.

The broker-dealer said it cut off and isolated the affected systems immediately after discovering the attack, has launched a thorough investigation and reported it to law enforcement, and is pushing forward with recovery efforts with the support of its professional team of information security experts.

ICBC FS said it has successfully cleared U.S. Treasury trades executed Wednesday and repo financing trades done on Thursday.

It said in the statement that ICBC FC's business and mail systems operate independently, and that the systems of ICBC headquarters and other domestic and overseas affiliates were not affected by the incident, nor was ICBC's New York branch.

Based in New York, ICBC FS provides global clearing, execution and financing services in all major markets to a wide range of institutional clients, as well as, facilities management services.

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