Treasury Markets Disrupted by ICBC Ransomware Attack

The US Treasury states that it is in contact with financial regulators as it monitors the breach.

The Industrial and Commercial Bank of China (ICBC) was hit with a
ransomware attack
today, preventing the US Treasury from settling trades on behalf of other market players.
The ICBC began to restore its services this afternoon, though it was not available for comment, nor was the US Securities and Financial Markets Association (SIFMA).
Attacks such as these revolve around encrypting data in an organization, leading to the threat actors
asking for a ransom
in order to restore the organizations access to its information. It is unknown whether any data has been leaked or if any
ransom has been demanded
or paid.
We are aware of the cybersecurity issue and are in regular contact with key financial sector participants, in addition to federal regulators. We continue to monitor the situation, stated a Treasury spokesperson.
The Treasury
first issued this statement
after a Financial Times report was released with initial details of the breach.

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Treasury Markets Disrupted by ICBC Ransomware Attack