The United States Securities and Exchange Commission (SEC) has reached a settlement regarding record-keeping violations with the New York-based subsidiary of the Industrial and Commercial Bank of China (ICBC) in the aftermath of a ransomware attack that occurred in November 2023. The SEC highlighted the subsidiary’s failure to maintain accurate records in a timely manner and its negligence in informing customers about securities-related transactions following the incident.
No financial penalties were levied, as the ICBC subsidiary exhibited significant cooperation with the authorities and enacted comprehensive remedial measures. Although the bank refrained from admitting or denying any wrongdoing, the SEC identified its insufficient cybersecurity preparedness as a relevant factor in the case.
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