ICBC puts capital into US unit, seeks cyber review after hack

economictimes.indiatimes.com:

Industrial and Commercial Bank of China injected capital into its US unit to help pay BNY Mellon $9 billion for unsettled trades and hired a cybersecurity firm to enable it to resume normal business after a ransomware attack, sources familiar with the matter said.

ICBC's US unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. Meanwhile, the bank is using manual processes to trade, they said.

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The details, including the cash injection for unsettled trades, have not been previously reported.
The ransomware attack was claimed by cybercrime gang Lockbit, a widely deployed ransomware first seen on Russian-language-based cybercrime forums in January 2020. It is the latest in a string of ransom demands by hackers this year.
The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. While the extent of disruption to market was limited, it brought into focus the resilience of a market that underpins global finance.
When the hack happened earlier this week, ICBC was unable to access its systems, leaving it temporarily owing BNY $9 billion for unsettled trades, two of the sources said. The custody bank is the sole settlement agent for Treasuries.

The Chinese parent then injected capital into the US unit, allowing it