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World’s Biggest Bank Forced to Trade via USB Stick After Hack

November 15, 2023
Contributed by: Bill Russell
Summary
ICBC's US unit hit by a cyberattack, causing disruption in US Treasury trades. Trades routed manually via USB stick. Suspected attack by Russia-linked Lockbit gang, forcing rerouting of transactions. Incident underscores cyberattack risks for financial system. Bank's defenses to be strengthened. Ransomware attacks expected to hit record levels this year, prompting further vigilance.
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