Industrial & Commercial Bank of China Ltd., which is listed as the world's largest bank, was recently affected by a crippling ransomware attack. Specifically, the cyberattack targeted its U.S. division, ICBC Financial Services (ICBC FS), based in New York.
It has been reported that the incident, which disrupted several of the company's systems responsible for settling financial transactions, impacted the trading of U.S. Treasury securities earlier this week. Instead of settling transactions electronically via secure systems, ICBC FS was forced to rely on messengers carrying USB thumb drives around Manhattan, NY loaded with the settlement details.
