Ransomware Attack on ICBC's New York Brokerage Disrupts Treasury Market
-
ICBC's New York brokerage owed BNY Mellon $9 billion after ransomware attack paralyzed systems. Parent company injected capital to help pay back.
-
Attack pushed firm close to brink. Raises concerns about Treasury market resilience.
-
ICBC manually processing trades, working with cybersecurity firm MoxFive to restore systems. Expects to take until Monday.
-
Other firms checked for exposure, rerouted trades after hack. Adds to regulatory focus on cyber threats, central clearing.
-
Attack to be key topic at Treasury market conference. ICBC mid-sized player, but halt in trades still disrupted market gears.