China's top bank ICBC hit by ransomware, derailing global trades

China's largest bank, ICBC, was hit by ransomware that resulted in disruption of financial services (FS) systems on Thursday Beijing time, according to a notice on its website. "Immediately upon discovering the incident, ICBC FS disconnected and isolated impacted systems to contain the incident," said the bank’s financial …

[Anonymous Coward]

‘Financial services (FS) Treasury market Trades’ be like

This fintech stuff reminds me of a David Attenborough documentary shown on BBC long ago. Depicting an Island society in the Pacific. Where the denizens used large rocks to trade for goods and services. Like some family throwing a wedding party. One rock could be worth a few hundred goats or sheep. The rocks were considered valuable as they had to be harvested from an island miles away. They stopped making such documentaries as the woke Taliban decided to get offended on behalf of indigenous peoples everywhere.

Non paywalled Full Text

[Doctor Syntax]

Given that Russia needs China to help bypass sanctions I wonder if the price they have to pay might go up. Such as the Lockbit crew finding themselves conscripted into the sharp end of the Russian army.

[Blazde]

Prohibition on the payment of demands

'the time has come for serious consideration to be given to a prohibition on the payment of demands, or at least severely restricting the circumstances in which they can be paid'

Cryptocurrency transactions of course already illegal in China, which is a pretty big restriction on ransom payment. I wonder how this is changing targetting there? You'd imagine a too-big-for-rules state owned company like ICBC would be able to find a way to pay if needed, but perhaps smaller orgs are enduring less attacks? Or is the ban not enforced well enough to affect this?

[sitta_europea]

Re: Prohibition on the payment of demands

" ... Cryptocurrency transactions of course already illegal in China ... "

And it's illegal to mislead investors in the USA, but...

[steviebuk]

Nice

Way of the Chinese banks not paying out money to its Chinese citizens. Their banking system is in a mess and there were protests outside some banks because they wouldn't let them withdraw their money.

[Anonymous Coward]

Not just their banking system...

... their whole economy.

Even internal news outlet are starting to openly voice concerns and are pointing fingers at inept state interference as the root cause.

Clan war between hardliners and free market proponents being the cherry on the cake.

[steviebuk]

Re: Not just their banking system...

And the mad housing market there. You can build a massive high rise, sell the apartments, delay moving the people in, eventually condemn the place, convince them it needs to be knocked down and rebuilt again but they need to cough up a bit more money. Rinse and repeat. Also doesn't help the quality of the builds is shit. There is also so much waste due to the belief in the bullshit that is feng shui. A person will move into a apartment and what everything ripped out because someone else lived in it before and it will upset the feng shui.