The world's largest bank, Industrial and Commercial Bank of China (ICBC) has reportedly been the target of a major hack, forcing the bank to adopt unusual methods of settling trades. The attack, reportedly perpetrated by the Russian ransomware gang Lockbit, has caused banks, brokerages, and market makers to have to reroute their trades, and has resulted in the bank's inability to participate in the Treasury's bond auction. This hack has highlighted the danger of a system-wide attack and threat of a cascade of disruptions to the traditional financial system. As ransomware attacks increase in the financial industry, companies are beginning to take security more seriously with an increase in encrypted data and other protective measures.



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