Geopolitical Cybercrime: LockBit attack on the ICBC

On 8 November 2023 LockBit claimed responsibility for a ransomware attack against the Industrial and Commercial Bank of China (ICBC), one of the world’s largest banks; media reporting indicated the incident disrupted US Treasury trade clearing and forced manual processing of multibillion-dollar trades. The report contextualises LockBit as a prolific Ransomware-as-a-Service operator with numerous affiliates and prior arrests, and discusses potential geopolitical fallout between Russia and China stemming from the attack.