The US arm of ICBC was targeted by a ransomware attack, disrupting US Treasury market trades.

ICBC Financial Services is investigating the attack and working towards system restoration.

The Attack

The attack, believed to be orchestrated by LockBit, involved encrypting ICBC's systems and demanding a decryption key.

The Culprit

LockBit 3.0, a new ransomware threat, operates as a Ransomware-as-a-Service (RaaS) model.

LockBit 3.0

LockBit poses threats including operational disruption, financial loss, data theft, reputation damage, and legal consequences.

Threats Posed

Preventing ransomware attacks requires cybersecurity measures, user education, regular backups, and network security measures.

Preventive Measures

As cyberattacks evolve, businesses must invest in robust cybersecurity measures to protect their operations and sensitive data.

Conclusion

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