- Ransomware attack on China's ICBC disrupts Treasury market trades

A ransomware attack on Industrial and Commercial Bank of China (ICBC) disrupted some trades in the U.S. Treasury market on Thursday, according to the Treasury Department. In ransomware attacks, hackers encrypt an organization’s systems and demand ransom payments in exchange for unlocking them. The identity of the attackers is currently unknown. The U.S. Securities Industry and Financial Markets Association (SIFMA) informed its members that ICBC had been hit by ransomware, causing disruptions in the U.S. Treasury market. The Treasury spokesperson acknowledged the cybersecurity issue and stated that they are in contact with key financial sector participants and federal regulators. ICBC, China’s largest commercial lender, is in the process of restoring services following the ransomware attack. The Treasury market, however, appeared to be functioning normally. SIFMA declined to comment, and ICBC was not immediately available for comment.