Growing Concerns as Hackers Attack World Biggest Bank in China

Growing Concerns as Hackers Attack World Biggest Bank in China

  • A prolific criminal gang has attacked the biggest bank in China, and this has shocked the world
  • The attack is suspected to have been launched by a gang with ties to Russia
  • The same group a week ago took down an American multinational corporation in a matter of hours

Industrial & Commercial Bank of China (ICBC), the world's biggest bank, has reported a cyber attack on its Financial Services section.

The attack was reportedly launched by the Lockbit gang with ties to Russia.

In a statement posted on its website on Thursday 9, 2023, the bank said the ransomware attack caused some system disruptions.

Hackers attack World biggest bank, disrupt US Treasury market
The attack was reportedly launched by the Lockbit gang with ties to Russia. Photo Credit: Adam Berry, NurPhoto
Source: Getty Images

Ransomware attack caused system disruption

The strike forced the banks to send settlement details for US Treasury trades after its systems were disconnected using a USB stick.

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US arm of China mega-lender ICBC hit by ransomware attack

According to the lender, there was no impact on the systems of its main office, and other local and international affiliates, including its branch in New York.

The bank, according to a Bloomberg report, stated that it is moving on with its recovery efforts and undertaking a comprehensive investigation.

Notably, Boeing, an American multinational corporation that designs, manufactures, and sells airplanes and other facilities was recently attacked. It announced a week ago that the website where it sells replacement parts, software, and aircraft services was taken down due to a hack.

Boeing was warned by Lockbit to expose sensitive data if it didn't pay a ransom by November 2. The company's name and a countdown to the day were posted by the hackers on its website last week. The name eventually vanished from the website.

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The largest maritime port in Japan, Royal Mail in the UK, the finance department of California, and a children's hospital in Canada are among the other recent Lockbit victims.

The prolific criminal gang has also been linked to an attack against ION that affected derivatives trading, which forced several banks and brokers to process business manually.

"Russian Boy" Hacked INEC's Website, Released ‘Authentic’ 2023 Election Results? Fact Emerges

Africa Check has fact-checked a viral Facebook post claiming that a Russian boy has hacked the website of the Independent National Electoral Commission (INEC) and released “authentic” results that show Peter Obi won the 2023 presidential election, Legit.ng reported.

According to the fact-checking organization, the post includes a photo of a young white man in a suit.

The hacker purportedly revealed that Obi’s Labour Party had 55 million votes, while the Peoples Democratic Party (PDP) had 25 million and the ruling All Progressives Congress (APC) 15 million.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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