Cybersecurity
Behind ICBC Hack Is Gang for Hire That Holds Systems Hostage
- LockBit is what’s known as a ‘ransomware as a service’ group
- It is one of the most prolific ransomware attackers in world
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In January, it hacked the UK’s Royal Mail and halted international mail shipments. Less than a month later, it struck a British fintech firm, paralyzing global derivatives trading. It has crippled Japan’s biggest maritime port and struck Boeing Co.’s parts and distribution business.
But arguably none of the recent cyberattacks orchestrated by LockBit — one of the most prolific ransomware gangs of all time — has shaken the financial world more than its hack of Industrial & Commercial Bank of China Ltd. The breach disclosed Thursday by the largest global lender by total assets blocked some Treasury market trades from clearing, forcing brokers and traders to reroute transactions.