Ransomware and ChatGPT
Some notes & quotes from recent reads:
Wall Street traders and brokers are scrambling to minimise the fallout from a ransomware attack on China’s biggest bank, which disrupted trading in the $25tn market for US Treasuries.
The attack on a New York unit of the Industrial and Commercial Bank of China, first revealed by the Financial Times on Thursday, has exposed vulnerabilities in the Treasury market, the world’s biggest and most liquid, which underpins asset prices around the globe.
With its systems compromised, ICBC Financial Services was forced to send a USB stick with trading data to BNY Mellon to help it settle trades, according to people familiar with the situation.
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