A ransomware attack on one of the largest commercial banks in the world has been reported. The attack on the Industrial and Commercial Bank of China (ICBC) has reportedly disrupted some trades in the U.S. Treasury market on Thursday 9th November 2023, the Treasury Department said.

Commenting on the attack, Oz Alashe, founder and CEO of CybSafe said: “The reported ransomware attack on the Industrial and Commercial Bank of China (ICBC) has already caused significant disruption to the U.S. Treasury market. While there is currently no clarity on who was behind the attacks, the ripple effect of such attacks and the impact on the broader market is clear.

“With the rising severity, sophistication and frequency of cyber attacks, often involving human error, companies urgently need to rethink their approach to ransomware defense. It’s not just about technology – a people-centric strategy is crucial. This means inspiring and measuring behavioral change, going beyond basic security awareness and training to improve security posture.”

“With the right information, at the right time, people can be transformed into your best line of defense. The ICBC incident is a reminder of the high stakes involved and the essential role of placing people and measurable behavior change central to safeguarding an organization’s digital assets.”

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