North Korean hackers breached overseas banks

North Korean hackers breached overseas banks

North Korean hackers breached overseas banks

Category : Blog

North Korean hackers breached overseas banks

North Korean hackers breached overseas banks to create a network of accounts to move around embezzled funds. CNN reported on Tuesday that “Funds from the operation are most likely being used to finance Pyongyang’s nuclear weapons development”.

According to Kaspersky, a Russian cybersecurity firm, North Korea is linked to cyberattacks on financial institutions in 18 countries, including Bangladesh, Ecuador, Philippines and Vietnam. Hackers were discovered to North Korea and a hacker from a group operation known as “Lazarus” connected from North Korea. Previously, the hackers had their pre-planned trap and routed their attacks from computer services in France, South Korea and Taiwan, making it hard for analysts to trace the origin of the breaches.

Lazarus did not begin to focus on banks until late 2015, right before North Korea conducted its fourth nuclear test then began to test-launch dozens of ballistic missiles in 2016.

North Korean hackers breached overseas banks

According to U.S. firm Symantec “Attacks on institutions in Vietnam, Gabon and Nigeria were mostly unsuccessful”.

“But Pyongyang has been linked to the theft from Bangladesh’s account at the New York Federal Reserve in 2016, and a researcher at FireEye, a U.S. cybersecurity firm”, said North Korea tried to move the money to a bank it infected in Southeast Asia. More sanctions have been placed against North Korea for its pursuit of nuclear weapons.

According to CNN ,“North Korea may have used electronics and shipping companies, for example, to transfer millions of dollars. The state also established front companies as subsidiaries in China and Malaysia”

The New York Times reported, “North Korea may also have begun selling surplus material that is being used to produce nuclear weapons”.


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