Cyber Attack Forces World's Biggest Bank to Trade via USB Stick

An anonymous reader shares a report: On Thursday, trades handled by the world's largest bank in the globe's biggest market traversed Manhattan on a USB stick. Industrial & Commercial Bank of China's U.S. unit had been hit by a cyberattack, rendering it unable to clear swathes of U.S. Treasury trades after entities responsible for settling the transactions swiftly disconnected from the stricken systems. That forced ICBC to send the required settlement details to those parties by a messenger carrying a thumb drive as the state-owned lender raced to limit the damage.

The workaround -- described by market participants -- followed the attack by suspected perpetrator Lockbit, a prolific criminal gang with ties to Russia that has also been linked to hits on Boeing, ION Trading U.K. and the U.K.'s Royal Mail. The strike caused immediate disruption as market-makers, brokerages and banks were forced to reroute trades, with many uncertain when access would resume. The incident spotlights a danger that bank leaders concede keeps them up at night -- the prospect of a cyber attack that could someday cripple a key piece of the financial system's wiring, setting off a cascade of disruptions. Even brief episodes prompt bank leaders and their government overseers to call for more vigilance.

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