U.S. arm of China mega-lender ICBC hit by ransomware attack

The U.S. arm of China’s largest bank said Thursday that it was hit by a ransomware attack, forcing clients to reroute trades and disrupting the U.S. Treasury market.

Ransomware attacks typically access vulnerable computer systems and encrypt or steal data, before sending a ransom note demanding payment in exchange for decrypting the data or not releasing it publicly. The Industrial and Commercial Bank of China Financial Services (ICBC FS) said Thursday it “experienced a ransomware attack that resulted in disruption to certain (financial services) systems.”

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Source: CBS News