Cybersecurity Breach: ICBC Reportedly Pays Ransom to Lockbit Gang

The Industrial and Commercial Bank of China (ICBC), one of the largest financial institutions in the country, recently faced a Lockbit ransomware attack. According to the latest information, the bank’s management decided to comply with the demands of the criminals to expedite the restoration of access to valuable archives.

A representative of the hacker group Lockbit informed journalists that the bank had paid the ransom and the matter was closed, but this information has not yet been officially confirmed.

The attack affected the American division of ICBC, disrupting transactions in the treasury bond market. The situation was so critical that ICBC eventually owed approximately 9 billion dollars to BNY Mellon Bank.

One of the repercussions of the incident was a complete disruption of the bank’s corporate email system. For a time, employees had to resort to using Google services for communication.

Meanwhile, Zhiwei Ren, an asset management manager at Penn Mutual Asset Management, asserts that “The market is mostly back to normal now.”

Authorities typically advise against engaging with criminals and acceding to their demands, especially in cases involving monetary ransom. Most hackers demand payment in cryptocurrency, ensuring their complete anonymity and complicating the efforts of law enforcement agencies.

Some organizations, however, choose to capitulate to avert reputational risks and even greater financial losses. If a company lacks backup copies of its most crucial files, it often has no other choice.

Lockbit is globally renowned for its sophisticated methods. In just three years, the group has evolved into one of the most serious threats in the world of cyber extortion. According to American regulators, the hackers have targeted more than 1700 organizations in the USA, including those in finance, education, transportation, and government sectors.