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World’s Largest Bank ICBC Hit by Lockbit

World’s Largest Bank ICBC Hit by Lockbit Ransomware

November 10, 2023

GS Paper III Cyber Security

Context:

  • The US branch of Industrial & Commercial Bank of China Ltd.(ICBC) is suspected of being hacked by the ‘Lockbit’.

More on News:

  • ICBC, the world’s largest lender by assets, the attack has resulted in disruptions across the US Treasury market.The prolific gang known as Lockbit is suspected to have orchestrated a ransomware attack,  just in the past year — also attacked  Boeing Co. and ION Trading UK.
  • Lockbit, a criminal gang with ties to Russia, uses ransomware to encrypt files on its victims’ computers, demanding payment to unlock them. 
    • For example: Earlier, Lockbit threatened to release “sensitive data” belonging to Boeing Co. if it didn’t pay a ransom.
  • Recent Lockbit victims include Japan’s biggest maritime port (The Port of Nagoya), the UK’s Royal Mail, California’s finance department and a Canadian children’s hospital.
Ransomware is a form of malware designed to encrypt files on a device, rendering any files and the systems that rely on them unusable. Malicious actors then demand ransom in exchange for decryption.


Source: The Economic Times

 

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