Ransomware Attack on ICBC Disrupts US Treasury Market, Raising Concerns

Money MattersLeases & Loans
Written By Jennifer Joslyn

A ransomware attack on China's Industrial and Commercial Bank (ICBC) disrupted trading in the $25 trillion US Treasury market, forcing ICBC to send trading data on a USB stick to BNY Mellon for settlement. The attack prevented ICBC from settling Treasury trades for other market participants, affecting liquidity in the Treasury market, with some traders suggesting it contributed to a sell-off in long-dated Treasuries. BNY Mellon disconnected ICBC from its platform and does not plan to reconnect until it is deemed safe, resorting to manual solutions for processing trades.

Read more at Financial Times >

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Ransomware Attack on ICBC Disrupts US Treasury Market, Raising Concerns
Ransomware Attack on ICBC Disrupts US Treasury Market, Raising Concerns

A ransomware attack on China's Industrial and Commercial Bank (ICBC) disrupted trading in the $25 trillion US Treasury market, forcing ICBC to send trading data on a USB stick to BNY Mellon for settlement.

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Jennifer Joslyn
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