According to sources, the North Korean government has been using a deep network of dark cyber-criminals for conducting financial breaches. Such an organized crime is carried out on behalf of Kim Jong Un’s authority. In fact, as per the reports, these hackers have already attempted a robbery of about $1.1 billion from global banks. The cyber threats are certainly building tension among the administrative leaders.
According to a report published by a reputed journal, a group named ‘APT38’ has executed its criminal operations against a total of 16 organizations across 11 countries, at the same time. Simultaneous attacks on so many entities wouldn’t have been possible without an access to a larger group. The incident certainly indicates that the culprits have access to extensive resources, which makes them efficient enough to conduct offense of such scale.
In fact, the report also claims that the group has already targeted institutions in the past. Chances are high that this particular bandit group has been successful in stealing more than $100 million, since its operations; 2014.
The alleged group is indulging into bold attacks across the digital sphere, which has raised the concerns; considering that, the hermit nation is also rapidly progressing in terms of their nuclear and ballistic missile programs. What’s astonishing about their hacking attempt is that such operations have been carried out even when the USA and North Korea are undergoing diplomatic meetings.
The Trump administration has confirmed that the US would not lift any economic sanctions levied against North Korea, unless the latter achieves denuclearization. Indeed, this decision has prompted Pyongyang to figure out alternative revenue sources to carry out their business operations.
Recently, another report mentioned that North Korea has been using cyber attacking techniques for generating illegal funds by hacking cryptocurrency exchanges across the globe. The report further claims that the dictator ruled country carry out fraudulent inter-bank transfers to meet their financial demands.
It is assumed that North Korea might potentially utilize its cyber capabilities for attacking the US economy. Just recently, the Justice Department of America had filed cyber charges against a North Korean person. The accusations are linked to the hacking of Sony, back in 2014. Even the WannaCry ransomware attack is claimed to be executed by North Korean hackers.
It was North Korea’s attempts to hack Sony Pictures Entertainment that forced the Obama administration to impose significant economic sanctions against North Korea.
In February 2016, $101 million was mysteriously transferred out of Bangladesh central bank’s account to the New York Federal Reserve. The money ended up being transferred to Philippines.