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Industrial & Commercial Bank of China (ICBC) faced a cybersecurity issue, preventing it from clearing swathes of transactions, including those in the U.S. Treasury market. The U.S. Treasury Department is aware of this issue. ICBC is suspected to have been hacked by a group linked to previous attacks on Boeing, ION Trading UK, and the UK’s Royal Mail. The attack forced ICBC to handle trades via USB stick, and a New York City subsidiary of ICBC confirmed a ransomware attack, resulting in disruption to its systems. The incident raised concerns about the impact of a Chinese bank's hack on the $75 trillion US bond market.
So the US Treasury market was allegedly crippled by a hack of China's largest bank. Isn't the bigger story here that a Chinese bank can paralyze the $75 trillion US bond market?
A U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market. @RebeccaYFeng https://t.co/E9hFiUXPMV https://t.co/E9hFiUXPMV
A New York City subsidiary of China’s largest bank said a ransomware attack on Wednesday U.S. Eastern time had “resulted in disruption” to its systems. https://t.co/XZsmXCxPQ2
The bank apparently had to resort to couriering information directly to traders by USB stick following the #ransomware attack: https://t.co/BRGOfH2FD2
A U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market 👇 https://t.co/u8MvYGIPZ9 https://t.co/u8MvYGIPZ9
So to attempt to cover up the fact that demand for USTs is falling off a cliff edge, there are claims that a cyber attack on the Chinese ICBC bank prevented UST trades being settled on behalf of third parties and this may have impacted yesterday's 30 year auction. There are… https://t.co/fU07E6bTj7
The world’s biggest bank is hacked, Powell says the Fed will "move carefully" and Portugal starts countdown to snap vote. Here’s what's moving markets 🔽 https://t.co/axLYkJ2hGE
The world’s biggest bank is hacked, Powell says the Fed will "move carefully" and Portugal starts countdown to snap vote. Here’s what's moving markets 🔽 https://t.co/GpI261EgEv
World’s biggest bank forced to trade via USB stick after hack https://t.co/kdbXMv8hKE
A hack left the world's biggest bank forced to handle trades via USB stick https://t.co/57QkmqGRuQ
Experts say LockBit is behind the Industrial and Commercial Bank of China hack, a "ransomware as a service" group behind UK's Royal Mail hack among others (Bloomberg) https://t.co/PveiIYYaWk 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/c2qx2SizVa
Industrial & Commercial Bank of China has been hit by a cyberattack, rendering it unable to clear swathes of U.S. Treasury trades. Surprised to see Russian Lockbit ransomware gang to harm China. Is this Putin's new to say "Give us weapons?" https://t.co/oCKjyzJPIc https://t.co/UewGtCCkYY
A hack left the world's biggest bank forced to handle trades via USB stick https://t.co/J5mAmAjZHa
World’s Largest Bank Hit By Ransomware Gang Linked to Boeing, Ion Attacks https://t.co/ysgp8mpNWI
World’s Largest Bank Hit By Ransomware Gang Linked to Boeing, Ion Attacks https://t.co/VEKRLAFfto
The world's biggest bank ICBC was hit by a cyberattack that kept it from clearing many trades, forcing clients to reroute transactions. Here's what we know about the attack so far ⬇️ https://t.co/ieqc2FZed9
Good morning, Asia. While you were sleeping, our most-read story was on a ransomware attack on China's largest bank, which disrupted the US Treasury market https://t.co/qCnEkqNilU
Industrial & Commercial Bank of China is suspected of being hacked by the same group that has also hit Boeing, ION Trading UK and the UK’s Royal Mail https://t.co/drOEhYaW9g
Industrial & Commercial Bank of China is suspected of being hacked by the same group that has also hit Boeing, ION Trading UK and the UK’s Royal Mail https://t.co/n19eWGolt6
US Treasury Dept aware of cybersecurity issue at ICBC affecting Treasury market -spokesperson https://t.co/FNbcbBpny6 https://t.co/Nwojq7KfYP
⚠️ US TREASURY DEPT AWARE OF CYBERSECURITY ISSUE AT ICBC AFFECTING TREASURY MARKET -SPOKESPERSON Full Story → https://t.co/TP3ws4vsiq The U.S. Treasury Department is aware of a cybersecurity issue at Industrial and Commercial Bank of China that has affected the Treasury… https://t.co/RleHZTA6Bb https://t.co/H7h7JJcuiS
Industrial & Commercial Bank of China told some of its brokerage clients to reroute their trades after a cybersecurity issue at its systems prevented it from clearing swathes of the transactions. https://t.co/gUzyc5vIo5
".. The attack prevented ICBC from settling Treasury trades on behalf of other market participants, according to traders and banks." @FT https://t.co/q12jM9VhbB