ICBC Financial Services, a New York-based entity owned by the Industrial and Commercial Bank of China, was the victim of a ransomware attack on Wednesday. The attack used ransomware developed by Russian hacking group LockBit, according to Marcus Murray, the founder of Truesec, a cybersecurity company. “We’ve seen previous cyberattacks against big banks, but the hackers haven’t used ransomware. ICBC had $5.7 trillion of assets at the end of last year, making it the largest bank in the world, according to S&P Global Ratings. ICBC FS’s clients include hedge funds, broker-dealers and global banks, according to the bank’s own website.

Source: Wall Street Journal November 10, 2023 13:11 UTC