Lockbit - hacking world largest bank
2023-11-27![Lockbit - hacking world largest bank Lockbit - hacking world largest bank](https://varindia.com/public/storage/news/uploads/2018/02/6564430ed795e.jpg)
Ransomware is a type of cyberattack. It involves hackers taking control of systems or information and only letting them go, once the victim has paid a ransom. The Industrial and Commercial Bank of China (ICBC) has been hit by a cyberattack, forcing it to trade using USB sticks in New York.
The U.S. financial services division of Chinese bank ICBC was hit with a cyberattack that reportedly disrupted the trading of Treasurys. Immediately after discovering the hack, ICBC “isolated impacted systems to contain the incident.
Lockbit, a notorious ransomware group, successfully hacked into the Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, in October 2023. The attack caused significant disruptions to the bank's operations and highlighted the growing threat of cyberattacks to financial institutions.
LockBit is a ransomware-as-a-service (RaaS) that allows cybercriminals to rent access to the ransomware and use it to attack victims and it is known for its sophisticated hacking techniques and its use of double extortion tactics, where it threatens to release stolen data if its ransom demands are not met.
In the ICBC attack, the group reportedly stole a large amount of sensitive data from the bank, including customer information and financial records.
The U.S. government’s Cybersecurity and Infrastructure Security Agency calls LockBit 3.0 “more modular and evasive,” making it harder to detect. The attack has caused significant disruptions to the bank's operations and could have implications for the global financial system.
In June, the U.S. Department of Justice charged a Russian national for his involvement in “deploying numerous LockBit ransomware and other cyberattacks” against computers in the U.S., Asia, Europe and Africa.
Overall, this is a mixed bag of news. The cyberattack on ICBC is a major setback, but the conclusion of China's International Import Expo is a positive development. The protests in Bangladesh are a cause for concern, but the UK's avoidance of a recession is a positive sign.
While there is no fool-proof way to prevent cyberattacks, taking these steps can help financial institutions significantly reduce their risk.
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