![]() ![]() It was not clear whether this contributed to the weak outcome of a 30-year bond auction on Thursday. Some market participants said trades going through ICBC were not settled due to the attack and affected market liquidity. "In general, the event had a limited impact on the market," said Scott Skyrm, executive vice president for fixed income and repo at broker-dealer Curvature Securities. ICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. Thursday's incident is likely to raise questions over market participants' cybersecurity controls and draw regulatory scrutiny. While market sources said the impact of the hack appeared limited, it signalled how vulnerable systems at large organizations such as the bank continue to be. Last month it threatened Boeing with a leak of sensitive data.Ī CISA spokesperson referred questions about the ICBC hack to the U.S. Cybersecurity and Infrastructure Security Agency (CISA). Since Lockbit was discovered in 2020, the group has hit 1,700 U.S. ![]() REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing Rights Industrial and Commercial Bank of China Ltd (ICBC)'s logo is seen at its branch in Beijing, China, March 30, 2016. ![]()
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