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Mahesh

15/11/23 09:37 AM IST

World’s biggest bank, China’s ICBC, hit by ransomware

In News
  • The US arm of the Industrial and Commercial Bank of China (ICBC) was hit by a ransomware attack that minimally disrupted trades in the US Treasury market recently.
About ICBC
  • ICBC, a Chinese state-owned commercial bank, is China’s — and the world’s — largest lender in terms of assets (over $ 6 trillion), and one of the most profitable companies in the world, according to Forbes.
  • It is also the 3rd largest bank in the world (behind JPMorgan Chase and Bank of America) by market capitalization, at $ 194.57 billion, according to a Fobes article from August.
Ransomware attacks
  • Ransomware is a type of malicious software (commonly referred to as malware) that either blocks access to, or threatens to publish sensitive data until the victim pays a ransom fee to the attacker.
  • It is a type of a cyber attack that has become increasingly popular among bad actors in recent years.
Lockbit 3.0
  • LockBit 3.0 was created by Lockbit, a group which effectively sells its malware bad actors on the dark web.
  • Lockbit 3.0 is the most popular strain of ransomware, accounting for around 28 per cent of all known attacks from July 2022 to June 2023.
  • LockBit actors have executed over 1,400 attacks against victims in the United States and around the world, issuing over $100 million in ransom demands.
  • The group previously claimed responsibility for ransomware attacks on Boeing last month. It is said to have Russian origins, though this has never been confirmed.
Source- Indian Express

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