LockBit ransomware attack targeting Industrial and Commercial Bank of China

    Media reports on Thursday disclosed a ransomware attack on the state-owned Industrial and Commercial Bank of China (ICBC). The LockBit ransomware gang reportedly executed this attack, impacting ICBC, China’s largest bank with 2022 revenues of $214.7 billion. This incident affected certain trades in the U.S. Treasury market.

    The Securities Industry and Financial Markets Association, representing securities firms, banks, and asset management companies, alerted its members about this event. Bloomberg revealed that ICBC had to inform several clients about rerouting some trades due to this cybersecurity breach.

    Cybersecurity researcher Kevin Beaumont discovered an unpatched Citrix Netscaler box at ICBC, leaving it vulnerable. The CVE-2023-4966 vulnerability, named “CitrixBleed,” affects NetScaler ADC and NetScaler Gateway appliances, which manage network traffic for companies.

    The attack on ICBC might significantly impact global financial markets, especially U.S. Treasuries, vital in international banking and finance. It underscores how ransomware operators often target critical infrastructure providers like financial institutions, where the urgency for resolution could increase ransom payments.

    This attack demonstrates the far-reaching and disruptive impacts of such incidents. It emphasizes the necessity for robust cybersecurity measures to safeguard financial institutions and other vital infrastructure.

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