Reuters
In the Market: Inside Wall Street’s scramble after ICBC hack
The cyber hack of Industrial and Commercial Bank of China’s U.S. broker-dealer was so extensive on Wednesday, even the corporate email stopped working and forced employees to switch to Google mail, according to two people familiar with the situation. The blackout left the brokerage temporarily owing BNY Mellon $9 billion, an amount many times larger than its net capital, a measure of resources at hand to promptly satisfy claims. ICBC’s New York-based unit, called ICBC Financial Services, got a cash injection from its Chinese parent to help pay back BNY, and it manually processed trades with the custody bank’s help, Reuters reported on Friday.
Source: finance.yahoo.com
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