{"id":2096152,"date":"2023-11-10T10:18:02","date_gmt":"2023-11-10T15:18:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/icbc-ransomware-attack-triggers-global-regulator-trader-scrutiny\/"},"modified":"2023-11-10T10:20:04","modified_gmt":"2023-11-10T15:20:04","slug":"icbc-ransomware-attack-triggers-global-regulator-trader-scrutiny","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/icbc-ransomware-attack-triggers-global-regulator-trader-scrutiny\/","title":{"rendered":"ICBC ransomware attack triggers global regulator, trader scrutiny"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ficbc-ransomware-attack-triggers-global-regulator-trader-scrutiny%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2096152&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Global Regulators and Traders Assess \u200bImpact of \u200cRansomware Attack \u2062on China&#8217;s Biggest Bank<\/h2>\n<h3>By\u00a0Harry Robertson and Yoruk\u2062 Bahceli<\/h3>\n<p class=\"timestamp\">November 10, \u20622023 \u200b\u2013 2:25 PM UTC<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<blockquote>\n<p>LONDON (Reuters) \u2013 Global regulators and bond traders were on Friday \u200dtrying to gauge the impact of a ransomware attack on the \u200cIndustrial and\u2064 Commercial Bank of China (ICBC), China\u2019s biggest bank, that disrupted trades in the\u200c vital\u200c U.S. Treasuries market this week.<\/p>\n<p>ICBC\u2019s U.S. arm was hit\u2063 on Thursday in\u2062 the latest of a string of \u2063ransomware attacks this year that have targeted companies around the world.<\/p>\n<p>China\u2019s foreign ministry said on Friday that ICBC \u2063was trying to minimise the\u200b risk impact and losses\u200c after the attack, which a number\u200c of experts attributed\u2064 to hacking \u2064group Lockbit.<\/p>\n<p>Meanwhile, \u200bBritain\u2019s Financial Conduct Authority\u200b said it \u200cwas \u201ccommunicating with the relevant U.S. and\u200c UK authorities and firms to \u200didentify any \u2064impacts to UK \u200cfinancial services\u201d.<\/p>\n<p>China\u2019s\u2064 foreign ministry spokesperson Wang Wenbin said that \u200bbusiness remained\u200b normal\u2063 at ICBC head office, other branches and subsidiaries across the globe.<\/p>\n<p>\u201cICBC \u200chas been closely\u2064 monitoring\u200b the matter and has\u2063 done \u2064its\u2062 best in emergency response and supervisory communication,\u201d Wang \u2064told a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mexico-to-nominate-alicia-barcena-to-head-inter-american-development-bank\/\" title=\"Mexico to nominate Alicia Barcena to head Inter-American Development Bank\">regular news conference<\/a>.<\/p>\n<p>Some market participants said trades going through ICBC were not settled due to the \u2063incident and that \u2062market liquidity \u200bhad been affected. It was not clear whether this contributed to the \u2063weak outcome of a 30-year bond auction on Thursday.<\/p>\n<p>Traders\u200b and portfolio managers\u2063 in Europe on Friday said \u2063bond markets appeared\u200d to be functioning normally.<\/p>\n<p>\u201cSome illiquidity can be\u2062 blamed on the U.S. Treasury inter dealer \u2064broker market around the time \u200bof \u200cthe hack and post-auction,\u201d said one fixed income manager at an asset management firm in Europe.<\/p>\n<p>But \u2063the investor said \u200cmarket moves\u200b were hard \u200bto disentangle\u200c from a \u2064bond sell-off after comments from Federal Reserve Chair Jerome\u2062 Powell and the fallout \u200bfrom the poorly\u2062 received auction.<\/p>\n<p>ICBC said it had successfully cleared Treasury trades executed\u2063 on Wednesday and \u2063repurchase agreements \u200d(repo) financing trades done on Thursday.<\/p>\n<p>Since Lockbit\u200b was discovered in 2020, the group has \u2062hit 1,700 U.S. organizations, according to the U.S. Cybersecurity and Infrastructure Security Agency.<\/p>\n<p>While market sources said on Thursday the impact \u200dof the ICBC hack appeared limited,\u200b the attack underlined how vulnerable systems at large organizations continue\u2063 to be.<\/p>\n<p>The yield on the 10-year U.S. Treasury note , which sets the tone for borrowing costs around the \u200bworld, \u200cwas last down 3 basis points at around 4.59%. It rose 11 basis points on Thursday, with yields moving inversely to prices.<\/p>\n<p>ICBC\u2019s\u2063 Hong Kong-listed shares\u200c ended \u200dFriday down 0.8% compared to a 1.13% drop in a Hong Kong index of mainland Chinese banks. (.HSMBI) Its Shanghai-listed shares closed flat. (601398.SS)<\/p>\n<p><sup>Reporting by Harry Robertson in London,\u200b Yoruk Bahceli in Amsterdam; Editing by Dhara Ranasinghe\u2063 and Alexander Smith<\/sup><\/p>\n<\/blockquote>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\">Share this post!<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>As Israel&#8217;s war against Hamas continues, Iranian \u200bproxy attacks against the U.S. are growing and causing fears that this war could escalate into something bigger.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Joe Machin\u2019s ride \u2064into the sunset may not be final, 70 Republicans clear a payday for the FBI and James Comer announces \u200cnew Hunter Biden-linked subpoenas.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>We\u2019re six \u2063weeks into the first of\u2062 Donald Trump\u2019s trials. He and \u2062his \u200dadult children have testified and the prosecutions rests.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>The\u2063 owners of a funeral\u2062 home in \u200dColorado are arrested for mishandling hundreds of dead bodies.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Regulators and traders were \u200dtrying\u200d to gauge the impact of a ransomware attack \u2064on the Industrial and Commercial Bank of China.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>X has just 2,294 content moderators to ensure users comply with EU online \u2063content\u200d rules.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Meta\u2064 and Snapchat have been given \u200da \u2064deadline to \u200cgive more information on how they protect children \u2064from illegal and harmful content.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>An adviser to Europe\u2019s top court said an EU tribunal made legal errors when \u2064it ruled in favor of Apple.<\/p>\n<\/div>\n<p> <\/p>\n<h2> What measures is \u200bICBC taking to minimize the risk impact and losses following\u200b the ransomware \u200battack? How are \u2064global regulators and bond traders collaborating\u200b to assess the potential\u200d impacts on UK financial services?<\/h2>\n<p><span>  Global\u2062 regulators and \u200cbond traders are currently assessing the impact of a recent ransomware attack \u200con the Industrial and Commercial Bank of China (ICBC), the largest bank in China. This attack disrupted \u200btrades in the vital U.S. Treasuries market, leading to concerns about the security of global financial systems.<\/p>\n<p>ICBC&#8217;s U.S. arm was targeted in the ransomware attack on Thursday, adding to the string of attacks that have plagued companies worldwide throughout the year. \u2064The Chinese foreign ministry has stated that ICBC is working\u200b to minimize the risk\u200b impact and losses\u2063 following the attack, with experts attributing the incident to\u2064 the hacking group \u200cLockbit.<\/p>\n<p>In response to this\u2062 situation, the \u2064Financial Conduct Authority \u200cof Britain\u2062 expressed its commitment to collaborating with relevant U.S. and \u200dUK authorities and firms to\u200b assess any \u200dpotential impacts on UK financial services. \u2063Meanwhile, the Chinese foreign ministry spokesperson,\u200c Wang Wenbin, assured that ICBC&#8217;s head office, branches, and subsidiaries \u200cacross the globe are operating normally. He further \u200bemphasized that \u2062ICBC has been closely monitoring the situation\u2062 and has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/icbc-ransomware-attack-triggers-global-regulator-trader-scrutiny\/\" title=\"ICBC ransomware attack triggers global regulator, trader scrutiny\">implemented emergency response \u2064measures<\/a> and supervisory communication.<\/p>\n<p>Market participants \u200bhave reported that trades conducted through\u200b ICBC were not \u200dsettled due to the incident, thereby impacting \u200cmarket\u200b liquidity. It \u200bremains unclear whether\u2063 this contributed to \u200cthe weakened outcome of a 30-year bond \u2062auction held on \u2063Thursday.\u2062 However,\u2062 traders and portfolio\u200b managers in Europe have commented that bond \u2062markets\u2063 generally appear to be\u200d functioning normally.<\/p>\n<p>While\u200b some illiquidity can be attributed to the U.S. \u200cTreasury interdealer broker market\u200c during the time of the hack and the post-auction\u2062 period, it is challenging to disentangle market moves from\u200c other factors such\u200c as comments\u200c from Federal Reserve \u2062Chair Jerome Powell and\u200d the fallout from the poorly received auction. ICBC has \u2062stated that it successfully\u200b cleared Treasury trades\u200b executed on Wednesday and repurchase agreements (repo) financing\u200c trades conducted\u2062 on Thursday.<\/p>\n<p>Lockbit, which \u2062was first discovered in 2020, has targeted approximately 1,700 U.S.\u2063 organizations, according to the U.S. Cybersecurity and Infrastructure Security Agency.\u200d This latest attack on ICBC highlights\u200c the ongoing vulnerability of large organizations&#8217; systems and the need for robust \u200ccybersecurity \u200bmeasures.<\/p>\n<p>As a result of the attack, the yield on the 10-year U.S. Treasury note, which serves as a benchmark for borrowing costs globally, experienced\u200d a 3 basis point decrease,\u200c currently standing at \u200baround 4.59%. On\u200c Thursday, it rose by 11 basis points, with yields moving inversely \u2062to prices. In\u2062 terms\u2063 of ICBC&#8217;s performance, its Hong\u200d Kong-listed shares concluded Friday with\u2063 a \u20620.8% decline, compared to a 1.13% drop in the Hong\u2062 Kong main index.<\/p>\n<p>The\u2064 ransomware attack on ICBC serves as a reminder of the ongoing threats faced by global financial institutions and the potential\u2064 consequences for financial markets. Regulators and market participants must remain vigilant and\u200d proactive in their efforts to prevent and\u2062 mitigate such attacks,\u200b ensuring the stability and security of the global financial system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Harry Robertson\u00a0and\u00a0Yoruk Bahceli November 10, 2023 \u2013 2:25 PM UTC Advertisement LONDON (Reuters) \u2013 Global regulators and bond traders were on Friday trying to gauge the impact of a ransomware attack on the Industrial and Commercial Bank of China (ICBC), China\u2019s biggest bank, that disrupted trades in the vital U.S. Treasuries market this week. ICBC\u2019s<\/p>\n","protected":false},"author":1911,"featured_media":2096153,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2096152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2096152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2096152"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2096152\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2096153"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2096152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2096152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2096152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}