Financial sector on edge after LockBit attack on major Chinese bank’s US unit

Last week's compromise of the Industrial & Commercial Bank of China's U.S. subsidiary ICBC Financial Services claimed by the LockBit ransomware operation has prompted increased vigilance within the financial sector, CNN reports. Information-sharing activities regarding the attack have been commenced by the Financial Services-ISAC, which has urged members to ensure system protections and immediately remediate vulnerabilities. Potential system availability disruptions have made intelligence sharing "critical" during cyberattacks, according to an FS-ISAC spokesperson. Other finance executives noted that they have been watching the ICBC Financial Services attack closely. "We're taking a look at the response and the broader impact given ICBC's size and role in the global financial sector," said a senior cybersecurity official from a major U.S. financial organization. Meanwhile, Recorded Future ransomware expert Allan Liska noted that the attack by Russia-linked LockBit could prompt more scrutiny from the Chinese government. "If China sees this as a black eye, they may demand action from the Russian government. The team behind LockBit has benefited greatly from the poor relations between the United States and Russia," said Liska.

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