Hacker says globe`s largest bank paid ransom due to cyberattack

(MENAFN) In a significant cybersecurity incident, the Industrial and Commercial bank of China (ICBC), the world's largest bank by total assets, reportedly paid a ransom after falling victim to a cyberattack on some of its United States-based systems. The breach, disclosed on November 9, led to disruptions in some United States Treasury market deals, forcing brokers and traders to reroute transactions. LockBit, the hacking group responsible for the attack, claimed on Monday that ICBC had indeed paid the ransom, confirming the severity of the cyber incident.

According to a representative from LockBit, who communicated with Reuters via an online messaging app Tox, the ransom payment had been made, but specific details were not disclosed. The extent of the cyberattack was substantial, with reports indicating that it disrupted ICBC's corporate email systems to the point where employees had to resort to using Google mail.

The ICBC cyberattack highlights the growing threat of ransomware, a type of cyber threat where hackers seize control of systems or information, demanding a ransom for its release. In recent years, ransomware attacks have become increasingly popular among hackers due to their disruptive nature and potential for financial gain.

While the ICBC incident has been addressed, the Financial Services Information Sharing and Analysis Center, a cybersecurity group in the financial industry, issued a warning to companies.

They urged organizations to stay vigilant and ensure they are up to date on all protective measures while promptly patching critical vulnerabilities. The spokesperson for the group emphasized that ransomware remains a top threat vector facing the financial sector, underscoring the ongoing challenges and risks posed by cyber threats in the digital age.
 

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