The U.S. Securities and Exchange Commission (SEC) has settled charges with ICBC Financial Services, a subsidiary of the Industrial and Commercial Bank of China (ICBC), following a ransomware attack in November 2023. The SEC opted not to impose a fine despite the cybersecurity breach, which has raised concerns about the company's incident management. The settlement reflects the SEC's approach to handling cybersecurity issues within the financial sector, particularly regarding foreign entities operating in the U.S. market. ICBC Financial Services, a state-owned banking giant, will continue to face scrutiny over its cybersecurity practices.