The alarming cyber hack at ICBC

Ransomware recently hit ICBC Financial Services, a financial services arm of Industrial and Commercial Bank of China, preventing it from settling transactions in the $25tn US Treasury market. This incident highlights the urgent need for financial corporations and regulators to enhance their efforts on cyber security. With financial systems becoming further digitised, the risks and sophistication of attacks are increasing. There are calls for improved global co-operation, embedding cyber risks into financial stability assessments, and ensuring effective contingency plans.