Cyber Attack Forces World’s Biggest Bank to Trade via USB Stick ...Middle East

On Thursday, trades handled by the world’s largest bank in the globe’s biggest market traversed Manhattan on a USB stick. Industrial & Commercial Bank of China Ltd.’s U.S. unit had been hit by a cyberattack, rendering it unable to clear swathes of U.S. Treasury trades after entities responsible for settling the transactions swiftly disconnected from the stricken systems. That forced ICBC to send the required settlement details to those parties by a messenger carrying a thumb drive as the state-owned lender raced to limit the damage. [time-brightcove not-tgx=”true”] The workaround — described by market participants — followed the attack by suspected perpetrator Lockbit, a proli

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