The significance of the ICBC FS hack on the US Treasury market

The ransomware attack on a prominent Chinese bank’s subsidiary, which stopped it clearing US Treasuries, has raised questions.

by Michael Klimes

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The significance of the ICBC FS hack on the US Treasury market

Image: EPA-EFE/Alex Plavevski

The attack by the notorious ransomware group LockBit earlier this month has raised the profile of cyber security at major investment banks. The US-based clearing house of the Industrial and Commercial Bank of China (ICBC) was compromised in a hack on November 8.

The subsidiary, known as ICBC Financial Services (ICBC FS), is wholly owned by ICBC and mainly provides global clearing, execution and financing services to institutional clients.

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Michael Klimes

Michael Klimes is the investment banking and capital markets editor at The Banker. He joined the publication from Money Marketing where he was acting editor. He wrote about pensions for nine years on the retail and institutional side. He won B2B pensions journalist of the year at the Headline Money Awards 2022.