Industrial and Commercial Bank of China Receives No Fine from US Regulator Over Ransomware Attack

MT Newswires Live12-05

The US Securities and Exchange Commission imposed no fine after setting charges of deficient books and records against Industrial and Commercial Bank of China (SHA:601398, HKG:1398), according to a Dec. 2 filing.

The recordkeeping charges were related to a ransomware attack in November 2023, which disrupted the company's access to its books and records information and caused the company to fail to send written notifications for securities-related activity to its customers.

The regulator said no civil penalty was imposed because the bank "promptly undertook remedial measures and cooperated with the staff's examination and investigation."

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