ICBC ransomware attack triggers global regulator, trader scrutiny
(Reuters) — Global regulators and bond traders were trying Friday to gauge the impact of a ransomware attack on the Industrial and Commercial Bank of China, China's biggest bank, that disrupted trades in the vital U.S. Treasuries market this week.
ICBC's U.S. arm was hit with the attack Thursday.
China's foreign ministry said Friday that ICBC was trying to minimize the risk impact and losses after the attack, which a number of experts attributed to hacking group Lockbit.
Meanwhile, Britain's Financial Conduct Authority said it was “communicating with the relevant U.S. and U.K. authorities and firms to identify any impacts to U.K. financial services.”
China's foreign ministry spokesperson said business remained normal at ICBC’s head office, other branches and subsidiaries across the globe.
Some market participants said trades going through ICBC were not settled due to the incident and that market liquidity had been affected. It was not clear whether this contributed to the weak outcome of a 30-year bond auction Thursday.
Traders and portfolio managers in Europe on Friday said bond markets appeared to be functioning normally.
