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
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Should l Buy ?
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.
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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.
