Sign In
Learn bits
World Affairs
Mahesh

15/11/23 09:37 AM IST

World’s biggest bank, China’s ICBC, hit by ransomware

In News
  • The US arm of the Industrial and Commercial Bank of China (ICBC) was hit by a ransomware attack that minimally disrupted trades in the US Treasury market recently.
About ICBC
  • ICBC, a Chinese state-owned commercial bank, is China’s — and the world’s — largest lender in terms of assets (over $ 6 trillion), and one of the most profitable companies in the world, according to Forbes.
  • It is also the 3rd largest bank in the world (behind JPMorgan Chase and Bank of America) by market capitalization, at $ 194.57 billion, according to a Fobes article from August.
Ransomware attacks
  • Ransomware is a type of malicious software (commonly referred to as malware) that either blocks access to, or threatens to publish sensitive data until the victim pays a ransom fee to the attacker.
  • It is a type of a cyber attack that has become increasingly popular among bad actors in recent years.
Lockbit 3.0
  • LockBit 3.0 was created by Lockbit, a group which effectively sells its malware bad actors on the dark web.
  • Lockbit 3.0 is the most popular strain of ransomware, accounting for around 28 per cent of all known attacks from July 2022 to June 2023.
  • LockBit actors have executed over 1,400 attacks against victims in the United States and around the world, issuing over $100 million in ransom demands.
  • The group previously claimed responsibility for ransomware attacks on Boeing last month. It is said to have Russian origins, though this has never been confirmed.
Source- Indian Express

More Related Current Affairs View All

17 Sep

Reasons Behind the heavy rain in Uttarakhand, Himachal

'Dehradun and several other districts in Uttarakhand have experienced very heavy rainfall over the past few days, triggering landslides in multiple areas and causing rivers to swel

Read More

08 Sep

Rajasthan’s coaching centre Bill

'The Rajasthan Coaching Centres (Control and Regulation) Bill, 2025, is a significant piece of legislation passed by the Rajasthan Assembly to regulate and oversee the state's burg

Read More

28 Aug

IADT-1

'Recently, the Indian Space Research Organisation (ISRO) successfully carried out its first Integrated Air Drop Test (IADT-1), a crucial milestone in the preparation for the countr

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps