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The original was posted on /r/worldnews by /u/Silly-avocatoe on 2023-11-11 02:09:06.
Original Title: Suspected Russian hackers disrupted the market in U.S. Treasuries by attacking China’s—and the world’s—largest bank.ICBC was reportedly forced to conduct some trades via a portable USB drive after the bank was hit by a ransomware attack
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
The financial services arm of the Industrial and Commercial Bank of China announced Thursday that a ransomware attack disrupted its systems and that it prevented it from settling Treasury trades on behalf of other market participants.
The bank was even forced to get settlement data from affected parties using a messenger and a portable USB drive, reports Bloomberg.
The bank said it was conducting a “thorough investigation” and is “progressing its recovery efforts,” according to a notice posted to ICBC Financial Service’s website on Thursday.
Fortunately, disruption from the ICBC attack may have been limited, as Treasury market experts note that traders often have relationships with several banks.
Yet the ICBC attack highlights the challenge of keeping banking and financial institutions safe as more transactions move online.
But it’s highly unusual for a bank as big as ICBC to be hit “with this disruptive of a ransomware attack” Allan Liska, an expert at the cybersecurity firm Recorded Future, told Reuters.
The original article contains 437 words, the summary contains 160 words. Saved 63%. I’m a bot and I’m open source!