ICBC hack led to unit temporarily owing
BNY $9 billion - sources
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[November 11, 2023]
NEW YORK (Reuters) -Industrial and Commercial Bank of
China's hack left its U.S. unit temporarily owing Bank of New York
Mellon $9 billion as a result of unsettled trades, prompting the parent
to inject capital into the unit to settle the trades, sources familiar
with the matter said. |
![](../images/111123PIX/busine63.jpg)
The logo of Industrial and Commercial Bank of China (ICBC) is seen at
its branch at its headquarters in Beijing, China, March 30, 2016.
REUTERS/Kim Kyung-Hoon/File Photo |
BNY
has since been paid back, the sources said.
The attack, confirmed by ICBC on Thursday, is the latest in a
string of ransom demands by hackers this year. ICBC Financial
Services, the bank's U.S. unit, said on Thursday it was
investigating the attack that disrupted some of its systems, and
making progress toward recovering from it.
ICBC’s representatives told market participants on a call
organized by industry group the Securities Industry and
Financial Markets Association (SIFMA) earlier on Friday that it
has hired a third party to make sure its systems are safe,
sources said.
ICBC did not respond to requests for comment.
(Reporting by Paritosh Bansal; editing by Megan Davies)
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