In a shocking revelation, the notorious hacker group Lockbit has acknowledged its involvement in a cyber attack on the Industrial and Commercial Bank of China (ICBC), recognized as the world’s largest bank based on assets.
A representative of Lockbit made a brazen admission via the Tox platform, stating, “Yes, we confirm” in response to inquiries about their role in the security breach.
ICBC disclosed that its affiliate, ICBC Financial Services, headquartered in New York, fell victim to the cyber attack. The incident, which occurred on Wednesday, has significantly impacted the trading of US bonds.
The nature of the attack has been identified as ransomware, a type of malware that demands a ransom for the release of affected systems. LockBit, the ransomware variant in question, is notorious for coercing victims into paying a ransom under the threat of system shutdown.
Upon detecting the attack, ICBC took immediate action by isolating the affected system to prevent the malware from spreading to other crucial systems. The incident has been promptly reported to the relevant authorities.
Notably, ICBC did not disclose the identity of the specific hacker group responsible for the breach.
The US Department of Treasury has confirmed awareness of the cyber attack and is actively monitoring the unfolding situation. The gravity of the situation is underscored by the fact that various financial institutions in China collectively hold more than $800 billion in U.S. government bonds.
The repercussions of this breach extend beyond the immediate financial impact, raising concerns about the broader implications for cybersecurity and international financial stability. As investigations unfold, the global community watches closely, assessing the measures taken by ICBC and the potential fallout on the intricate web of financial relationships on the global stage.