The post USB Stick Saves World’s Largest Bank, ICBC, In Cyber Crisis appeared on BitcoinEthereumNews.com.

ICBC, the world’s largest bank, experienced a significant cyberattack, disrupting its ability to clear U.S. Treasury trades and forcing it to use a USB stick for critical data transfer. The attack, suspected to be from the ransomware group Lockbit with Russian ties, caused widespread disruption in financial markets, prompting urgent security reviews and responses. The Industrial & Commercial Bank of China Ltd. (ICBC) was the victim of a recent cyberattack. This isn’t just any disturbance; it’s a major setback for the world’s largest bank.  According to Bloomberg, the attack rendered the bank’s ability to clear US Treasury deals inoperable, resulting in an unusual situation in which important financial data was transferred across Manhattan on a USB stick. While unorthodox, this strategy emphasizes the severity of the attack and the lengths to which the bank had to go to limit the impact. The ICBC hack had rapid consequences, causing substantial disruptions in the financial industry. Brokerages, banks, and market makers were forced to hustle to reroute deals, with no idea when normal operations would return.  Lockbit, a well-known criminal gang with Russian ties, is suspected of being behind this upheaval. This gang is no new to high-profile strikes, having previously targeted Boeing and the Royal Mail of the United Kingdom. Read Also: Hackers Force ICBC To Rely on USB Stick to Settle Trades Cybersecurity Concerns Heightened The ICBC incident highlighted the financial industry’s rising worry about cybersecurity. The prospect of a cyberattack damaging a vital component of the financial system is a nightmare scenario for bank executives and government regulators around the world.  Marcus Murray, the founder of the Swedish cybersecurity firm Truesec, stressed the tsunami this incident has sent through the financial community, encouraging banks worldwide to swiftly beef up their defenses. As a result of the incident, ICBC’s Beijing…

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Filed under: News - @ November 13, 2023 1:26 pm