Ransomware attack on China’s ICBC disrupts US Treasury trades: FT

(Reuters) — The U.S. Securities Industry and Financial Markets Association told members Thursday that the Industrial and Commercial Bank of China had been hit by ransomware that disrupted the U.S. Treasury market by preventing it from settling trades on behalf of other market players, the Financial Times reported.

ICBC, China’s largest commercial lender by assets, was beginning to restore services as of Thursday afternoon, the newspaper said, citing people briefed on the ransomware attack.

SIFMA and ICBC were not immediately available to comment on the reported incident.