By Connor Hart
The Securities and Exchange Commission and an Industrial and Commercial Bank of China unit settled charges regarding its record keeping following a November 2023 ransomware attack, though the regulator declined to impose civil penalties.
The agency said Monday that the attack led to a disruption in ICBC Financial Services' access to, and ability to update, its books and records information in its various systems. Following the attack, the firm failed to keep its books and records current, and to give or send written notifications for securities-related activity to its customers, as required by the securities laws, the regulator said.
The root causes of the attack included the company's inadequate preparations for a potential cybersecurity incident, the SEC's order said.
The SEC decided against a fine due to the ICBC unit's "meaningful cooperation and extensive remedial measures."
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 02, 2024 18:49 ET (23:49 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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