The US trading arm of the Industrial and Commercial Bank of China (ICBC) has been hit by a ransomware attack that reportedly forced it to handle trades via messengers carrying USB thumb drives across Manhattan.
A notice on the ICBC Financial Services website confirmed that its systems were disrupted on November 8 2023, and that it is "conducting a thorough investigation" into the security incident, and has informed relevant authorities.
ICBC, the world's biggest bank, is believed to have been attacked by the Russia-linked LockBit ransomware gang that has numbered the likes of IT giant Accenture, the German autoparts firm Continental, and the UK's Royal Mail, amongst its many past victims.
According to the company, the affected systems are isolated from ICBC's head office, and overseas units are not impacted.
The vulnerability is considered particularly serious because of how it can be exploited to allow hackers to easily bypass authentication - opening avenues for ransomware groups to break into corporate systems.
The same Citrix Bleed vulnerability has been actively exploited for weeks in attacks against unpatched government networks and corporations.
The US unit of the Industrial & Commercial Bank of China (ICBC) was hit by a cyberattack, causing disruption to US Treasury trades. ICBC had to send settlement details to parties via a messenger carrying a USB stick after the hacked systems were disconnected.
ICBC, the world's largest lender by assets, said Thursday its financial services arm experienced a ransomware attack “that resulted in disruption to certain” systems. Security expert have said ransomware from the hacking group LockBit was used to carry out the cyberattack on ICBC.
However, many users hadn't updated their systems, leaving their computers vulnerable to cyber attacks. One of the costliest and most famous ransomware attacks in history, WannaCry cost an estimated $4 billion.
The Bank of America has not yet revealed how many users were affected by the data breach. However, a letter filed with the Attorney General of Maine disclosed that 57,028 individuals were impacted. This cybersecurity incident emphasizes the importance of securing customer data.
In the case of the Bank of America data breach, LockBit found Infosys McCamish Systems (IMS), a Indian tech services giant, to serve this purpose. The first sign of the breach was the “unavailability of certain applications and systems in IMS.” LockBit claims that over 2,000 systems were encrypted during the breach.
Am I going to get my money back? Your bank should refund any money stolen from you as a result of fraud and identity theft. They should do this as soon as possible - ideally by the end of the next working day after you report the problem.
JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.
If a hacker uncovers the one password, that can make it easier for them to access your other accounts. This can potentially include bank accounts with your sensitive financial or payment information. Jeremiah Grossman, cybersecurity expert and CEO of an IT startup, agrees.
Attorney General Paxton joined a multistate investigation into Bank of America Corporation, Wells Fargo & Company, Morgan Stanley & Co.LLC, JPMorgan Chase & Co., The Goldman Sachs Group, Inc., and Citigroup Inc. for potential violations of consumer protection laws.
Use Avast Hack Check to see what accounts have been compromised. If you find any, change their passwords immediately — use our password generator for the best results.
In January 2024, a data breach dubbed the "mother of all breaches" was uncovered. Over 26 billion records, including some from Twitter, Adobe, Canva, LinkedIn, and Dropbox, were found in the database. No organization immediately claimed responsibility.
In 2023, the U.S. Internet Crime Complaint Center (IC3) received approximately 250 complaints indicating ransomware attacks in healthcare organizations. The second most victimized industry sector was critical manufacturing. Government facilities ranked third, with 156 complaints.
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