North Korea’s Cyber Threats to Financial Institutions in Democratic People’s Republic of Korea Pose Significant Risk

A recent 12-page advisory issued by the U.S. Federal Bureau of Investigation, State Department, Treasury Department, and Homeland Security Department has sounded a warning about an increased threat of malicious cyber activity by North Korea against financial entities in the Democratic People’s Republic of Korea (DPRK).

Malicious Intentions

According to the advisory, North Korea’s cyber criminals have been attempting to steal over $1.1 billion from financial institutions worldwide, with the aim of generating revenue for the country’s weapons of mass destruction and ballistic missile programs.

Significant Threat to International Financial System

The advisory warned that North Korea’s malicious cyber activities pose a significant threat to the integrity and stability of the international financial system. The U.S. government entities also expressed concern about Pyongyang’s ability to conduct disruptive or destructive cyber attacks against critical infrastructure in the DPRK.

Accusations and Capabilities

North Korea has been accused of sponsoring cyber marauders, including hackers, cryptologists, and software developers, who have been conducting espionage, theft targeting financial institutions and digital currency exchanges, and politically motivated operations against foreign media companies. The advisory noted that the ability of these cyber criminals has increased significantly, with a wide range of sophisticated malware tools being used in attacks around the world.

Government Response

In response to the threat, the U.S. government is offering rewards for information about illicit DPRK activities in cyberspace through its Rewards for Justice program. The Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) is providing technical reports outlining the tools and infrastructure used by DPRK cyber actors, as well as documents on cybersecurity best practices to help organizations improve their cyber risk management.

Additional Measures

• The FBI is issuing Private Industry Notifications (PINS) and FLASH reports to provide current information about potential cyber threats and actionable intelligence to assist cybersecurity professionals and system administrators.
• The Department of Defense’s U.S. Cyber Command is actively searching for DPRK malicious cyber activities, including malware designed to exploit financial institutions.

Call to Action

The advisory urged the international community, network defenders, and the public to stay vigilant and work together to mitigate the cyber threat posed by North Korea.