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ausetkmt · 6 months

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The Daily Hodl: Hackers Hit World’s Largest Bank, Forcing Financial Giant to Rely on USB Stick to Settle Trades: Report

Engineers are investigating how hackers managed to crack the New York arm of the Industrial & Commercial Bank of China (ICBC) – a financial institution with $5.74 trillion in total assets.

The hack forced the ICBC to settle trades using a USB stick while forcing banks, brokerages and market makers to reroute trades, reports Bloomberg.

The attack also disrupted the bank’s ability to participate in the Treasury’s bond auction on Thursday.

Investigators believe the ransomware gang Lockbit, which has ties to Russia, is behind the attack.

Without naming names, Bloomberg says banking leaders admit the hack highlights fears that a system-wide attack could one day bring the traditional financial system to a halt.

“The incident spotlights a danger that bank leaders concede keeps them up at night — the prospect of a cyberattack that could someday cripple a key piece of the financial system’s wiring, setting off a cascade of disruptions.”

The ICBC says it’s debating whether to ask for assistance from China’s Ministry of State Security.

The number of ransomware attacks on the financial industry has increased in recent years, according to a report from the cybersecurity firm Sophos.

“The 2023 survey revealed that the rate of ransomware attacks in financial services continues to rise. It went up from 55% in the 2022 report to 64% in this year’s study, which was almost double the 34% reported by the sector in the 2021 report. Although the sector experienced an increased attack rate, it was below the cross-sector average of 66%.”

Sophos says financial institutions are stepping up their efforts to stay secure.

The firm’s survey of 3,000 cybersecurity/IT leaders, including 336 in the financial services sector, found 81% of organizations say their data is encrypted, a 50% rise over the previous year.

#ICBC #Hackers Hit World’s Largest Bank #Forcing Financial Giant to Rely on USB Stick to Settle Trades #bank hacks #cyber security #stolen money #financial institutions #hacks #cybersecurity in america

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allthecanadianpolitics · 2 years

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ICBC is backpedalling on a policy that saw cyclists, pedestrians and other active transportation users billed for vehicle damage in collisions where they were partially responsible.

The changes come after Vancouver cyclist Ben Bolliger went public with his story of receiving a $3,700 bill for damage to a car's hood and windshield after he was struck at an intersection.

The crash last summer sent Bolliger to the hospital, snapped the front end off his bike, and destroyed his helmet and phone. He says he's now coming to terms with the fact that he'll never regain full range of motion with his right hand.

In the announcement made Wednesday, the insurer said it will no longer send repair bills to cyclists or pedestrians who suffer catastrophic injury, are deemed by ICBC to be at 50/50 liability because there's not enough evidence to determine what happened, or when there has been a fatality.

Where a cyclist or pedestrian has suffered a non-severe injury, ICBC said the case will be carefully considered by a committee of experts.

Tagging: @politicsofcanada

#ICBC #Auto Insurance #British Columbia #cdnpoli #canada #canadian politics #canadian news #canadian

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pranaphysiotherapysurrey · 7 days

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Acupuncture - Empowering your journey to wellness

Whether you're seeking relief from stress, managing chronic pain, or simply aiming to optimize your health, acupuncture offers a holistic approach to healing. Experience the benefits of this time-honored therapy and unlock your body's natural ability to heal itself. Book your appointment today. Call: (604) 260-0183 or Visit: www.pranaphysiotherapy.ca

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certifiedquickcarappraisals · 2 months

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in-joylife · 4 months

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POSTURE TIP TUESDAY: Don't forget to book your appointment before the Christmas break. Call Today 604-535-7373 or Learn more at https://bit.ly/3QZ1fiq

#chiropractornearme #chiropractorinwhterock #chiropractorinsurrey #injoylife #drburge #lasertherapy #shockwavetherapy #coldlaser #coverbyinsurance #ICBC

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ulisesbarreiro · 5 months

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El golpe final chino para destronar al dólar mediante el “Proyecto mBridge” x Ulises Barreiro

En esta línea de Guerra Fría económica, China junto a su Banco Popular Central y una serie de entidades financieras asiáticas, lanzó una primera versión de una plataforma digital denominada “Proyecto mBridge”, que utiliza la tecnología Blockchain, al igual que todas las Finanzas Descentralizadas, por lo que se puede enviar dinero y recibirlo desde cualquier parte de este planeta, inclusive desde el espacio exterior (bases militares, empresariales, etc.). Sí leyó bien, Luxemburgo registró hace 20 años la primera empresa de explotación minera espacial y esta tecnología viene a coordinar el pago de bienes y servicios más allá de la esfera cotidiana que conocemos actualmente.

El Proyecto mBridge es realizado en conjunto entre el Banco Popular de China y una serie de entidades privadas asiáticas como el HKMA, el Hub de Innovación del Banco de Pagos Internacionales (BISIH) y Bancos Centrales nacionales de China, Hong Kong, Tailandia y Emiratos Árabes Unidos de gran envergadura que utilizan esta plataforma digital para enviar dinero sin utilizar los canales tradicionales de envío de divisas que conocemos que dependen del dólar norteamericano. Entre las bancas privadas esta el Bangkok Bank.

Este proyecto mBridge apunta a que China quiere habilitar grandes operaciones de intercambio de divisas entre sus países aliados que intercambian dinero entre los Bancos Centrales nacionales y el Banco Central de China, como entre los diversos bancos nacionales que sean parte de este proyecto. Para eso, los Bancos Nacionales deberán haber recibido en sistema FIAT o Digital su correspondiente depósito en sus establecimientos financieros y luego de acreditados se despacha al país que sea el envío de activos digitales.

El período a prueba de esta plataforma ya salió exitoso, por seis semanas se enviaron más de 160 transacciones por 80 millones de dólares. Los Bancos Centrales de muchos países, tengan o no su propia CBDC, pueden participar de esta plataforma de intercambio de divisas, como también las bancas privadas, primeramente en una esfera mayorista de envío de remesas de dinero. Será más dificultoso para la UIF y la AFIP de Argentina poder controlar esto que ya está andando para los grandes contribuyentes, como por ejemplo la Cámara de Comercio China y la de muchos países, que podrán enviar dinero sin su declaración pertinente en los fiscos nacionales.

La única solución es crear un Ministerio de Blockchain y allí diversas dependencias que puedan controlar este tipo de transacciones tokenizadas, donde el dinero es un dato encriptado. Nos guste o no, las Finanzas Descentralizadas ya están entre nosotros.

Nota publicada originalmente en el Diario El Argentino

#Bangkok Bank #China #mBrigde #CBDC #USDT #Criptomonedas #Activos digitales #DEFI #Opinion #Ulises Barreiro #Banco Popular d eChina #ICBC #HSBC #Transferencias de activos internacionales #Globalizacion #Finanzas Globalizadas #Intel;igencia Financiera #Token Mithr

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aesthetically0b5essed · 6 months

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ICBC is currently storing asset information on USBs and sending them around with bike messengers since they shut down certain systems because they were hacked. What could possibly go wrong? This is the largest bank by assets in the world.

#icbc

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head-post · 6 months

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The world’s largest bank ICBC hit by ransomware attack

The US unit of China’s Industrial and Commercial Bank of China (ICBC), called ICBC Financial Services, has suffered a ransomware virus attack, triggering disruptions in transactions involving US Treasuries, Reuters reports.

ICBC, which is China’s largest commercial lender by assets, is currently investigating the attack and working to recover. This incident is just one of many ransomware attacks that have affected various organisations throughout the year.

Cybercrime group Lockbit may be behind the attack on ICBC, cybersecurity experts and analysts say. Interestingly, as of Friday morning, ICBC was not mentioned on the group’s dark website, which usually lists its victims. Allan Liska, an extortion expert at Recorded Future, explained to Reuters that extortion gangs may not disclose information about their victims during ransom negotiations.

Despite the attack, ICBC was able to clear Wednesday’s treasury trades and Thursday’s repurchase agreement financing trades.

Read more HERE

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rodadecuia · 6 months

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#ATAQUEHACKER #ICBC

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tanyaagarwal · 6 months

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MarketFacts Advisory Service Inc. introduces the top 10 banks worldwide, ranked by market capitalization. Stay tuned for daily insights by following the company on different social media handles. For more such knowledge, connect with our expert at 1-807-788-8478 or reach out to www.marketfacts.ca, #marketfacts #stockmarkets #marketinsights #topbanks #jpmorgan #bankofamerica #icbc #hsbc #hdfc #wellsfargo #bankofchina

#marketinsights #finance #investment #marketfacts #stockmarkets #stock images #stock market #topbanks #jpmorgan #bankofamerica #icbc #hsbc #hdfc #wellsfargo #bankofchina

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stalawyers · 7 months

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ICBC No Fault Insurance Model: What does this mean?

In recent years, there have been major changes to the ICBC system. ICBC insurance claim no fault model changes restrict an accident victim’s right to bring litigation after a motor vehicle accident. These changes have caused a lot of confusion for accident victims, especially when it comes to claims for compensation. If you are wondering whether you can still make an insurance claim or want to know how ICBC’s current “no fault” insurance scheme impacts your compensation, this article is for you.

Top 5 FAQs regarding ICBC’s no fault insurance model

1) Can I make a claim if I have been in a car accident?

The new ICBC system introduced May 1, 2021 is as ICBC insurance claim no fault model https://simpsonthomas.com/blog/2021/08/24/icbc-no-fault-auto-insurance-model-what-you-need-to-know/ that all but eliminates your ability to file a lawsuit against a negligent driver.

If a car crash occurs after April 30th, 2021, and you fall victim to it, you cannot sue the at-fault driver for compensation for your injuries, unless authorities convict the driver of a criminal driving offence related to the crash, such as drunk driving.

While you are no longer able to sue the at-fault driver for compensation except in limited situations, you can make an ICBC insurance claim under Enhanced Care for accident benefits. Accident benefits under Enhanced Care include medical care (for example, chiropractic treatments, medication, and counselling) and income replacement if you can’t work because of the accident injuries. There are no more damages for “pain and suffering.”

If the accident seriously injures you, you qualify for a lump sum payment as compensation for permanent impairments like loss of mobility, scarring, amputation, or other enduring damages to a body part or function. The ICBC no fault model determines a percentage for injuries based on the impairment level and category/type, and this percentage dictates the lump sum amount you receive for your injury.

2) Do I have to use up my extended health benefits before ICBC will pay for treatment?

Yes. If you have coverage from another provider (e.g., extended health care through your employment or disability insurance that you purchased on your own), ICBC considers your other insurance as the primary payer for most medical expenses. https://simpsonthomas.com/blog/2022/02/04/icbcs-no-fault-insurance-model-can-you-claim-out-of-pocket-expenses/ So even if you weren’t at fault for the accident, you have to claim against your own coverage first when you bring an ICBC claim.

3) How much will ICBC compensate me for a written off vehicle?

If your vehicle is unrepairable (also known as a “total loss” or a “write off”), ICBC calculates your vehicle’s value at the time of the accident and pays you out based on its assessment of fair market value. ICBC will consider things like the year, make and model of your vehicle, its total mileage and its pre-crash condition. You may still need to pay deductible if your vehicle is written off.

4) I’ve missed time from work due to my injuries, will ICBC compensate me for this?

If you were employed at the time of the accident and you are unable to work because of your injuries, you are eligible to receive wage loss benefits. https://simpsonthomas.com/blog/2021/11/25/icbcs-no-fault-insurance-can-you-receive-wage-loss-compensation-under-enhanced-care/

If you are eligible, income replacement under ICBC’s Enhanced Care covers up to 90 percent of your net income each week, up to a cap of $105,500 gross annual income (in other words, if you earn more than that per year, you will not be adequately compensated unless you purchased additional coverage). Under the old ICBC system a car accident victim could sue the at-fault driver to recover all lost wages, not just a portion of them.

Even if you are eligible for income replacement, you will not receive wage loss benefits until the 8th day after the accident. In other words, there is a 7-day waiting period before income replacement kicks in, and ICBC benefits do not cover your first week of lost wages. https://simpsonthomas.com/blog/2021/11/25/icbcs-no-fault-insurance-can-you-receive-wage-loss-compensation-under-enhanced-care/

Another catch? The ICBC insurance claim no fault model is secondary to any other wage loss benefits available to you, such as an employer plan, Employment Insurance, or disability benefits. Because ICBC no-fault wage loss benefits are secondary, you MUST apply for other benefits first, and then your income replacement benefit calculation will take those benefits into account.

5) If you caused an accident, can others still sue you?

Yes, others can sue you in specific situations if you caused the accident. For instance, if authorities convict you of impaired driving related to the crash, injured parties can sue you. If you played a different role in causing the accident, such as a pub owner accused of serving too much alcohol to a patron who then caused a car accident, they can also sue you. Importantly, even if the accident injured you and you were entirely at fault, you qualify for accident benefits under Enhanced Care. https://simpsonthomas.com/blog/2021/08/24/icbc-no-fault-auto-insurance-model-what-you-need-to-know/

Contact STA if You Have Questions about No Fault

About Simpson Thomas and Associates:

STA is a prominent law firm, with a rich history of over 50 years. It is based in the lower mainland with offices in Vancouver and Surrey.

The firm is active in various practice areas. Namely, personal injury, family law, immigration, employment law, estate litigation, and insurance denials.

STA commits to serving the community with its legal expertise. Also, actively support causes that enhance the well-being of individuals and families.

Reach out and consult with us:

Phone: (604) 689 – 8888

Email: [email protected]

#Accident Benefits #Compensation #Enhanced Care #ICBC #No Fault Insurance #Vehicle Assessment #Wage Loss

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ausetkmt · 5 months

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ICBC US unit gets funds to pay US$9 billion for trades after ransomware attack

ICBC pumps funds into US unit after ransomware attack to pay US$9 billion for unsettled trades, hires cybersecurity firm

ICBC’s US unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. Meanwhile, the bank is using manual processes to trade, they said.

The details, including the cash injection for unsettled trades, have not been previously reported.

The ransomware attack was claimed by cybercrime gang LockBit, a widely deployed ransomware first seen on Russian-language-based cybercrime forums in January 2020. It is the latest in a string of ransom demands by hackers this year.

Ransomware attack on ICBC unit disrupts US Treasury market trades10 Nov 2023

The cyberattack sent ripples through the US Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. While the extent of disruption to market was limited, it brought into focus the resilience of a market that underpins global finance.

When the hack happened earlier this week, ICBC was unable to access its systems, leaving it temporarily owing BNY US$9 billion for unsettled trades, two of the sources said. The custody bank is the sole settlement agent for Treasuries.

The Chinese parent then injected capital into the US unit, allowing it to settle the trades and pay back BNY Mellon, the sources said. That has now happened, they said.

ICBC did not respond to a request for comment. ICBC Financial Services, the bank’s US unit, has said it was investigating the attack that disrupted some of its systems, and making progress toward recovering from it.

ICBC’s representatives told market participants on a call organised by the Securities Industry and Financial Markets Association (SIFMA), a trade group, on Friday afternoon that they had hired a cybersecurity firm to do an assessment to ensure that its systems are safe, three sources familiar with the matter said.

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ICBC said it hopes to be done as soon as this weekend, the sources said, noting that it could take longer, given the complexity of the task. They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said.

Meanwhile, ICBC’s computer systems have been isolated from the rest of Wall Street, the sources said. But alternative systems have been put in place to enable trading by ICBC, which involve moving information manually, including by carrying USB sticks with information, two of the sources said.

SIFMA declined to comment.

Yellen, Chinese counterpart begin talks to lay groundwork for Biden-Xi meeting10 Nov 2023

Global regulators on Friday were monitoring the impact. US Treasury Secretary Janet Yellen said on Friday that she and China Vice Premier He Lifeng spoke about the issue during talks in San Francisco this week. She said the hack had not interfered with the market for US government debt.

Rumours about the hack started to circulate in the market on Wednesday afternoon, but one of the sources close to a major marketmaker said it was not clear to most people on Wall Street what was going on until Thursday morning.

As news of the hack spread, other firms started removing any connectivity between ICBC’s computer systems and their own, the source said. SIFMA, the trade group, organised calls for market participants with updates, the sources said.

ICBC is not among the top-tier firms that deal in Treasuries, including the primary dealers that trade directly with the New York Federal Reserve, which limited the impact it had on the market, the sources said.

ICBC chosen as bookrunner for Saudi Arabia’s US$11 billion syndicated loan18 Sep 2023

Still, Scott Skyrm, who works at money market trading firm Curvature Securities, said overnight rates in the repo market were volatile and closed Thursday at levels lower than would have otherwise been the case. There was a rise in the number of firms that failed to return bonds they had borrowed.

US Treasury fails, the value of Treasury securities that were not delivered to fulfil a trade contract, rose to US$62.2 billion on Thursday, the highest since March, up from US$25.5 billion a day earlier, according to Depository Trust & Clearing Corp.

To give the market more time to settle trades, the Federal Reserve’s system for moving cash through the financial system said it had extended the closing time for certain customers on Friday.

“These cyberattacks are scary,” said Jack McIntyre, a fixed-income portfolio manager at Brandywine. “The good news would be that I guarantee you primary dealers are having (a) discussion to make sure this cannot happen to them. I’m sure everybody’s doing a deep dive on their security systems.”

ICBC’s Hong Kong-listed shares ended Friday down 0.8 per cent, compared to a 1.13 per cent drop in a Hong Kong index of mainland Chinese banks. Its Shanghai-listed shares closed flat.

#icbc #china #bank fraud #bank hacks #banking cyber security #stolen money #cyberattacks

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soumyapanda28 · 9 months

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Largest banks of the world by Total Assets:

1] Industrial and Commercial Bank of China: It was established on 1 January 1984. On 28 October 2005, the Bank was wholly restructured to a joint-stock limited company. On 27 October 2006, the Bank was successfully listed on both Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited. Headquarters is in China. It uses IFRS accounting princple. Total assets 5742.86 US$ billion.

2] China Construction Bank: It is one of the “big four” banks in China. In 2015, CCB was the 2nd largest bank in the world by market capitalization and 6th largest company in the world. The bank has approximately 13,629 domestic branches. Headquarters is in Xicheng district, Beijing China. It uses IFRS accounting principle. Total assets 5016.81 US$ billion.

3] Agricultural Bank of China: The predecessor of the Bank was Agricultural Cooperative Bank established in 1951.Since the late 1970s, the Bank has changed from being a state-owned specialist bank to a commercial bank that is entirely owned by the state, and then to a commercial bank that is under state management. In January 2009, The Bank underwent a restructuring to become a joint stock limited liability business. The Bank debuted on the Shanghai Stock Exchange and the Hong Kong Stock Exchange in July 2010. Headquarters is in Dongcheng district, Beijing China. It uses IFRS acounting principle. Total assets 4919.03 US$ billion.

4] Bank of China: It is the bank with the longest continuous operation among Chinese banks. The Bank was formally founded in February 1912 and held the roles of the nation’s central bank, bank for foreign exchange, and bank specifically for international trade. After 1949, the Bank assumed management of China’s foreign exchange operations and provided international trade settlement, overseas cash transfers, and other non-trade foreign exchange services, building on its lengthy history as the state-designated specialized foreign exchange and trade bank. The Bank was reorganized in 1994 to become a fully state-owned commercial bank. Since then, it has grown into a sizable commercial bank that offers services in both local and foreign currencies and has a solid financial foundation. In 2006, the Bank went public on the Shanghai Stock Exchange as well as the Hong Kong Stock Exchange.. Headquarters is in Beijing. It uses IFRS accounting principle. Total assets 4192.12 US$ billion.

5] JP Morgan Chase: It is an American multinational financial services firm headquartered in New York. It uses US GAAP accounting principle. Total Assets 3665.74

6] Bank of America: It was founded in 30th September 1998.From small towns to sprawling urban centers and everywhere in between, our customers and their lives are as varied as their locations. They’re in every stage of life, pursuing every type of financial growth — and we help them build the financial future they want. We relate to them as neighbors who know their communities, with the ability to draw on our full capabilities to offer precisely the right solutions. Headquarters is in Charlotte, North Carolina. It uses US GAAP accounting prnciple. Total Assets 3051.38 US$ billion.

7] Mitsubishi UFJ financial Group: It is Japan’s largest financial group. It was founded in October 1st 2005.Headquarter is in Tokyo. It uses Japanese GAAP accounting prnciple. Total Assets 3176.84 US$ billion.

8] HSBC Holdings: It was founded in 3rd March 1865. The bank has around 180,000 shareholders in 126 countries and territories. HSBC has branch listings on the Hong Kong Stock Exchange and Bermuda Stock Exchange in addition to its primary share listing on the London Stock Exchange of the United Kingdom. Additionally, the New York Stock Exchange lists its shares.The company offers banking and financial services. Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, Global Private Banking, and Corporate Center are the business divisions through which it conducts its operations. Retail banking, wealth management, asset management, and insurance are all included in the retail banking and wealth management section. Offering banking services and goods is the business of commercial banking. The transaction banking, financing, advice, capital markets, and risk management services are all a part of the global banking and markets industry. Headquarter is in London. It uses IFRS accounting principle. Total Assets 2953.64 US$ billion.

9] BNP Paribas: It was founed in 1822.Its a multinational universal bank and financial services holding company. Headquarters is in Paris. It uses IFRS accounting principle. Total assets 2905.83.

10] Credit Agricole: It was founded in 5th November 1894. It engages in the provision of banking and financial services. It functions through the following divisions: International Retail Banking, Savings Management & Insurance, Specialized Financial Services, Corporate & Investment Banking, and Corporate Center are some of the French retail banking options available. Individual customers, farmers, small enterprises, corporations, and local governments can all access banking and financial services from the French Retail Banking — Regional Banks category.Headquarters is in Montrouge, France. It uses IFRS accounting principle. Total Assets 2674.35 US$ billion.

#ICBC #HSBC Holdings #Bank of America #Bank of china #Agriculture bank of china

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pranaphysiotherapysurrey · 11 days

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Unlock your full potential with the best physiotherapists in New Westminster

Experience the power of unlocking your full potential with our elite team of physiotherapists. Say goodbye to limitations and hello to your best self! Book your appointment today. Call: (604) 260-0183 or Visit: www.pranaphysiotherapy.ca

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certifiedquickcarappraisals · 4 months

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in-joylife · 6 months

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National Chiropractic Health Awareness Month: Quick reminder and tips to reduce your screen time this month and give your spine and nervous a break. https://bit.ly/3sRahC6 book on line at Book Online | In-Joy Life Chiropractic and Physio Care (https://bit.ly/3PBGUz1)

#chiropractornearme #chiropractictreatment #surreychiropractor #shockwave #lasertherapy #orthotics #enjoylife #injoylfe #drburge #posture #lowbackpain #sciatica #neckpain #ICBC

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