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Engineers are investigating how hackers managed to crack the New York arm of the Industrial & Commercial Bank of China (ICBC) \u2013 a financial institution with $5.74 trillion in total assets.<\/p>\n
The hack forced the ICBC to settle trades using a USB stick while forcing banks, brokerages and market makers to reroute trades, reports<\/a> Bloomberg.<\/p>\n The attack also disrupted the bank\u2019s ability to participate in the Treasury\u2019s bond auction on Thursday.<\/p>\n Investigators believe the ransomware gang Lockbit, which has ties to Russia, is behind the attack.<\/p>\n Without naming names, Bloomberg says banking leaders admit the hack highlights fears that a system-wide attack could one day bring the traditional financial system to a halt.<\/p>\n \u201cThe incident spotlights a danger that bank leaders concede keeps them up at night \u2014 the prospect of a cyberattack that could someday cripple a key piece of the financial system\u2019s wiring, setting off a cascade of disruptions.\u201d<\/em><\/p>\n The ICBC says it\u2019s debating whether to ask for assistance from China\u2019s Ministry of State Security.<\/p>\n The number of ransomware attacks on the financial industry has increased in recent years, according to a report<\/a> from the cybersecurity firm Sophos.<\/p>\n \u201cThe 2023 survey revealed that the rate of ransomware attacks in financial services continues to rise. It went up from 55% in the 2022 report to 64% in this year\u2019s study, which was almost double the 34% reported by the sector in the 2021 report. Although the sector experienced an increased attack rate, it was below the cross-sector average of 66%.\u201d<\/em><\/p>\n Sophos says financial institutions are stepping up their efforts to stay secure.<\/p>\n The firm\u2019s survey of 3,000 cybersecurity\/IT leaders, including 336 in the financial services sector, found 81% of organizations say their data is encrypted, a 50% rise over the previous year.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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