SEC settles with ICBC unit over ransomware attack, imposes no fine By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 02 2024
0mins
Source: Investing.com
SEC Settlement: The U.S. Securities and Exchange Commission has settled charges against ICBC Financial Services for failing to maintain proper records following a ransomware attack in November 2023, but did not impose a civil fine due to the company's cooperation and remedial actions.
Cybersecurity Concerns: The SEC highlighted that the attack was partly due to inadequate cybersecurity preparedness, while ICBC did not admit or deny any wrongdoing in the settlement agreement.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
