The recent cyber attack on the U.S business of ICBC bank has bought to light the considerable influence China has over U.S debt.

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The recent cyber attack on the U.S business of ICBC bank has bought to light the considerable influence China has over U.S debt. China is one of the biggest funders and owners of U.S dept and ICBC bank is a significant intermediary in outsourced settlement in U.S markets interacting with the Fixed Income Clearing Corporation (FICC).

The hack demonstrated the reliance on ICBC as a clearer and the effects of a cyber attack on a treasury clearer. As trades were routed through other clears or manually settled with the FICC. The hack demonstrated the potential for disruption to U.S treasury processes and single points of failure. One waits for the next cyber attack on financial markets, where ever it comes, to test its resilience further.

Ted DziekanowskiBrian D. McCarthy Rachel V. Rose, JD, MBA Bob Dix

#theaugusatgroup #cybersecurity #cyberriskmanagement #treasury

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