U.S. Treasury Secretary Janet Yellen stated that the recent ransomware attack on China’s largest bank had minimal impact on the U.S. Treasury market. Yellen emphasized the need for close communications between the U.S. and China in such situations, highlighting the importance of being able to trust one another and work together effectively.
The Industrial and Commercial Bank of China Financial Services, which was affected by the attack, reported that it had to disconnect and isolate its affected systems to limit the impact. The attack, carried out by the ransomware syndicate LockBit, is known for its efficiency and has targeted thousands of organizations since September 2019. Despite the attack, all Treasury trades executed Wednesday and repo financing trades on Thursday were cleared.
The U.S. Treasury reported that it did not observe any impact on the Treasury market as a result of the ransomware attack on China’s largest bank. The Industrial and Commercial Bank of China (ICBC) Financial Services, which was impacted by the attack, disconnected and isolated its affected systems to mitigate the consequences, and the company is currently investigating the incident. Furthermore, it is reported that the ransomware syndicate LockBit is responsible for the attack, known for efficiently targeting organizations. Despite the attack, all Treasury trades executed on Wednesday and repo financing trades on Thursday were cleared. The U.S. Treasury holds the second-largest amount of U.S. debt, making it crucial for the two countries to have a collaborative and communicative approach to handling such cyber threats effectively.
