ICBC Reportedly Attacked by Renowned Cyber Gang

China’s ICBC has been reportedly hit by a cyber gang known for its headline ransomware attacks against major companies, including Boeing.

ICBC – the world’s largest lender by assets – is suspected of being a victim of a ransomware attack by «Lockbit», according to a «Bloomberg» report citing unnamed sources. The attack hit ICBC’s US unit and has resulted in disruptions across the US Treasury market, including failure to clear transactions and efforts to reroute trades. 

Separately, ICBC confirmed in a statement that a ransomware attack has resulted in disruptions, though it added that systems in the head office and other affiliates, including the New York branch, were not affected. An investigation and recovery efforts are already underway. 

Lockbit

Ransomware attacks involve malicious software that encrypts victims’ computer files and demands payments to unlock them. Lockbit is a prolific criminal gang with ties to Russia that specializes in such attacks. 

In addition to ICBC, the gang has also claimed credit for other high-profile attacks with a list of victims that include Boeing, the UK’s Royal Mail and many more.