SEC settles with ICBC unit over ransomware attack, imposes no fine

THE US Securities and Exchange Commission has settled record keeping charges against an Industrial and Commercial Bank of China unit concerning a November 2023 ransomware attack, but decided not to impose a civil fine.

Monday’s accord resolves accusations that for nearly four months after the attack, New York-based ICBC Financial Services failed to keep its books and records current, or send written notifications for securities-related transactions to customers.

The SEC decided against a fine in light of the ICBC unit’s “meaningful cooperation and extensive remedial measures.” It also said the causes of the attack included inadequate preparation for a potentially severe cybersecurity incident.

The ICBC unit did not admit or deny wrongdoing in agreeing to settle. REUTERS