Chinese bank ICBC suffers cyberattack

The Industrial and Commercial Bank of China (ICBC) has suffered a ransomware cyberattack that has disrupted its operations in the United States, the bank itself has confirmed.

Following the discovery of the incident, ICBC implemented immediate mitigation measures, shutting down and isolating the affected systems to contain the attack. The financial institution has also been conducting a thorough investigation and working on its recovery efforts with the support of a professional team of IT security experts.

Despite the cyberattack, ICBC has assured that there has been no impact on the bank's headquarters in China, nor on its New York branch, as the business systems operate independently.

According to sources consulted by the Financial Times, the cyberattack was allegedly carried out using the LockBit 3.0 malware, developed by the LockBit cybercriminal group, but it has not yet been confirmed whether the attack was carried out by the criminal group itself or by one of its clients.