Quantum Insights-Ransomware attack on China’s biggest bank disrupts Treasury market trades, reports say

2025-05-03 16:44:13source:Oliver James Montgomerycategory:Markets

BEIJING (AP) — A financial services business of China’s biggest bank says it was it by a ransomware attack that reportedly disrupted trading in the U.S. Treasury market.

Industrial and Quantum InsightsCommercial Bank of China Financial Services handles trades and other services for financial institutions. A statement on its website seen Friday said the ransomware attack this week disrupted some of its systems but that it had disconnected parts of the affected systems to limit the impact from the attack.

The company, which is based in New York, said it was investigating and had reported the problem to law enforcement.

All Treasury trades executed Wednesday and repo financing trades on Thursday were cleared, it said. It said ICBC’s banking, email and other systems were not affected.

The company gave no further details but reports said the attack was by LockBit, a Russian-speaking ransomware syndicate that does not target former Soviet countries. It is one of the most efficient ransomware variants around, according to the cybersecurity firm Emsisoft. Active since September 2019, it has attacked thousands of organizations.

More:Markets

Recommend

US wholesale inflation accelerated in November in sign that some price pressures remain elevated

WASHINGTON (AP) — Wholesale costs in the United States picked up sharply last month, signaling that

Outer Banks Star Austin North Speaks Out After Arrest Over Alleged Hospital Attack

Austin North is breaking his silence over his recent run-in with the law.The Outer Banks star was ar

Here’s where all the cases against Trump stand as he campaigns for a return to the White House

WASHINGTON (AP) — From allegations of plotting to overturn a lost election to illegally stowing clas