{"id":12398,"date":"2023-11-10T23:27:30","date_gmt":"2023-11-10T23:27:30","guid":{"rendered":"https:\/\/infundpros.com\/business\/brazen-ransomware-attack-on-us-unit-of-chinese-banking-giant-has-financial-sector-on-alert\/"},"modified":"2023-11-10T23:27:31","modified_gmt":"2023-11-10T23:27:31","slug":"brazen-ransomware-attack-on-us-unit-of-chinese-banking-giant-has-financial-sector-on-alert","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12398","title":{"rendered":"Brazen ransomware attack on US unit of Chinese banking giant has financial sector on alert"},"content":{"rendered":"
\n

\n A ransomware attack on a US unit of the\u00a0powerful Industrial and Commercial Bank of China that may have contributed to a brief market sell-off on Thursday was a significant escalation for cybercriminals that underscored how big hacks can disrupt business for even the best-resourced companies, experts told CNN.\n <\/p>\n

\n The incident immediately sparked concern among regulators and senior US and Chinese officials. It led to a flurry of behind-the-scenes coordination with the affected bank and across the financial sector about the threat.\n <\/p>\n

\n FS-ISAC, an industry group for sharing cyberthreat intelligence composed of big banks around the world, has been sharing data on the attack with its members and reminding them \u201cto stay current on all protective measures and patch critical vulnerabilities immediately,\u201d a spokesperson for the group told CNN on Friday.\n <\/p>\n

\n Intelligence sharing around cyberattacks like this is \u201ccritical,\u201d the spokesperson said, \u201cgiven the potential for disrupting system availability.\u201d\n <\/p>\n

\n The financial sector, and particularly its big banks, has long been considered one of the better defended sectors of the global economy from hacks. But the threat of ransomware, which has touched virtually every sector of the economy, has posed new challenges to financial institutions\u2019 cyber defenses.\n <\/p>\n

\n \u201cThe combination of advanced [hacking] techniques and security solutions that were not designed to address ransomware specifically means even sectors like financial and banking, which typically have the most mature security programs, are not going to be able to defend against a determined and well-resourced threat actor,\u201d Jon Miller, CEO of US cybersecurity firm Halcyon, told CNN.\n <\/p>\n

\n The hackers hit New York-based ICBC Financial Services, a subsidiary of the world\u2019s largest bank by assets and a Chinese state-owned institution. The recovery was ongoing, the bank said in a statement on Thursday that remained on its website as of Friday afternoon.\n <\/p>\n

\n \u201cWe successfully cleared US Treasury trades executed Wednesday \u2026 and [repurchase agreements] financing trades done on Thursday,\u201d the statement said.\n <\/p>\n

\n ICBC Financial Services did not respond to CNN\u2019s request for comment on Friday.\n <\/p>\n

\n It could take days for the ICBC subsidiary to return to normal business operations, Reuters\u00a0reported\u00a0Friday. At least one bank, BNY Mellon, was manually settling trades of Treasury securities with the ICBC because of the hack, the wire service reported.\n <\/p>\n

\n ICBC Financial is not currently connected to BNY Mellon\u2019s Treasury settlement platform due to the cyberattack, a person familiar with the matter told CNN. However, BNY Mellon is helping ICBC Financial manually process its Treasury trades, the source said.\n <\/p>\n

\n \u201cWe\u2019ve been tracking [the ransomware attack on the ICBC subsidiary] for a couple days now,\u201d a senior cybersecurity executive at a big US financial institution told CNN. \u201cWe\u2019re taking a look at the response and the broader impact given ICBC\u2019s size and role in the global financial sector,\u201d said the executive, who spoke on the condition of anonymity because they were not authorized to speak to the press.\n <\/p>\n

\n A prolific cybercriminal group known as LockBit claimed responsibility for the ransomware attack on Friday. LockBit has Russian-speaking members, but it also has \u201caffiliates,\u201d or criminal partners, in multiple countries, that rent the ransomware and use it in attacks. Cybersecurity researchers believe one of those affiliates is based in China.\n <\/p>\n

\n It is unclear which LockBit affiliate carried out the hack.\n <\/p>\n

\n By going after such a big target, the hackers may have overplayed their hand by potentially drawing the ire of the Chinese government, cybersecurity analysts told CNN.\n <\/p>\n

\n The Russian government has often resisted US government appeals to crack down on ransomware gangs operating from US soil, but Russia and China\u2019s closer relationship means the hackers may draw more scrutiny after this incident, said Allan Liska, a ransomware expert with cybersecurity firm Recorded Future.\n <\/p>\n

\n \u201cIf China sees this as a black eye, they may demand action from the Russian government,\u201d Liska told CNN. \u201cThe team behind LockBit has benefited greatly from the poor relations between the United States and Russia.\u201d\n <\/p>\n

\n A series of disruptive cyberattacks on US banks more than a decade ago, which the US blamed on Iran, was a wakeup call for the financial sector. The sector has since poured billions of dollars into defenses. JPMorgan Chase alone spends $600 million a year on cybersecurity, according to its website.\n <\/p>\n

\n But groups like LockBit tend to single out powerful companies to try to extort\u00a0<\/em>them for millions of dollars.\u00a0LockBit ransomware\u00a0was the most deployed ransomware around the world in 2022, according to US cybersecurity officials.\n <\/p>\n

\n \u201cWhile recent trends have suggested that some ransomware groups are shifting to go after medium-size, less well-defended organizations, LockBit and its affiliates continue to garner headlines unabated,\u201d Will Thomas, a cybersecurity expert who closely tracks ransomware groups, told CNN.\n <\/p>\n

\n The FBI declined to comment on Friday when CNN asked if the bureau was investigating the incident. The federal Cybersecurity and Infrastructure Security Agency, which also responds to big private-sector hacks, referred questions to the Treasury Department, which did not comment by press time.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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