Geopolitical Cybercrime: LockBit attack on the ICBC

On 8 November 2023, the Industrial and
Commercial Bank of China (ICBC) was attacked
by the LockBit ransomware group. The ICBC is one
of the world’s largest banks and is a Chinese state-owned asset. Financial media sources,
such as the Financial Times and Bloomberg reported that the wider
financial system was impacted
as certain trades on the US Treasury market were unable to clear because of the
LockBit attack. Reuters also reported
that the impact on ICBC’s network …