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US SEC Reaches Settlement with ICBC (01398.HK) Over Ransomware Attack
Recommend 12 Positive 18 Negative 5 |
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The US Securities and Exchange Commission (SEC) has reached a settlement with a US subsidiary of ICBC (01398.HK) to resolve allegations of record-keeping violations following a ransomware attack in November 2023, and decided not to impose a civil fine on the company. The subsidiary was accused of failing to maintain updated books and records for nearly four months after the ransomware attack and failing to send written notifications to clients regarding security-related transactions. Considering the subsidiary's cooperation in the investigation and the extensive remedial measures taken, the SEC stated that it decided not to impose a fine. During the settlement process, the subsidiary neither admitted nor denied any wrongdoing. AAStocks Financial News |
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