ICBC bank may have been affected by a ransomware attack that has had a knock on effect on U.S Treasury markets.

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ICBC bank may have been affected by a ransomware attack that has had a knock on effect on U.S Treasury markets. One cannot under estimate the potential effects of a disruption of treasury markets, the inter-connected ecosystem of financial markets. As Chinas largest bank any disruption is challenging, with ICBCs clients having to reroute trades.

“This is a large party on [the Fixed Income Clearing Corporation], so [it is] certainly of major concern, and potentially impacting liquidity of US Treasuries,” said an executive at a large bank that clears US Treasuries.

The fall out of this will become clearer tomorrow as APAC, EU and U.S markets open.

Attack such as this go some way to test the resilience of financial infrastructure.

Ted Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA

#theaugusatgroup #cybersecurity #cyberriskmanagement

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