SEC settles with ICBC unit over ransomware attack, imposes no fine
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FILE PHOTO: People stand at a booth of Industrial and Commercial Bank of China (ICBC) during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Tingshu Wang/File Photo
(Reuters) - The U.S. Securities and Exchange Commission has settled record keeping charges against an Industrial and Commercial Bank of China unit concerning a November 2023 ransomware attack, but decided not to impose a civil fine.
Monday's accord resolves accusations that for nearly four months after the attack, New York-based ICBC Financial Services failed to keep its books and records current, or send written notifications for securities-related transactions to customers.
The SEC decided against a fine in light of the ICBC unit's "meaningful cooperation and extensive remedial measures." It also said the causes of the attack included inadequate preparation for a potentially severe cybersecurity incident.
The ICBC unit did not admit or deny wrongdoing in agreeing to settle.
(Reporting by Jonathan Stempel in New York; Editing by Chris Reese)
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