LockBit, a notorious ransomware gang known for conducting high-profile cyberattacks, has caused a major disruption in the financial world by breaching the Industrial & Commercial Bank of China Ltd. (ICBC), the world’s largest lender by total assets, according to a report by Bloomberg on Friday. The revelation of this breach has had significant repercussions, disrupting Treasury market trades and leading to the rerouting of transactions by brokers and traders. The incident has raised global concerns, prompting cybersecurity experts to underscore the urgency for banks to strengthen their defense mechanisms.
LockBit has emerged as one of the most prolific ransomware gangs in recent years, conducting cyberattacks globally since at least the beginning of 2020. The group’s activities have targeted up to 1,000 victims, with ransom demands totaling over $100 million, according to the US Justice Department. Operating as a “ransomware as a service” enterprise, LockBit’s core hackers develop malware, and freelance cybercriminals sign up with LockBit to execute attacks, earning the gang a commission of around 20% of any ransom paid.
The impact of LockBit’s attacks extends beyond ICBC, affecting entities across Europe, the US, China, India, Indonesia, and Ukraine, as highlighted by cybersecurity firm Kaspersky. LockBit’s modus operandi involves using ransomware to infiltrate systems, holding them hostage and demanding payment for their release. The group is known to regularly update its malicious software to evade detection by cybersecurity products, demonstrating flexibility in its tactics.
The recent attack on ICBC challenges the notion that criminal groups tend to avoid targeting China due to the government’s previous prohibition of cryptocurrency trading. LockBit’s activities underscore the evolving landscape of cyber threats and the need for robust cybersecurity measures to protect critical infrastructure.
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