North Korea’s Cyber-Attacks account for Half its Revenue: Report

North Korean Regime Earns Half of its Foreign Currency through Cyber-Attacks on Cryptocurrency:

A US diplomat has claimed that the North Korean regime earns around 50% of its foreign-currency income through cyber-attacks on cryptocurrency and other targets. According to a senior official from the Biden administration, attacks directed by the hermit nation had increased sharply since 2018, in lockstep with its nuclear and missile programs. “We’re very concerned that cryptocurrency heists, cyber-attacks, are a significant source of funding for the regime in Pyongyang, and we’re concerned that about 50% of their foreign-currency earnings comes from cyber theft,” the official reportedly told the media.

South Korean estimates:

Nikkei quoted South Korean estimates that the Kim Jong-un regime employs around 10,000 operatives to support an expansive campaign of financially motivated cyber-attacks. Thousands more IT workers are sent abroad with false documentation to work as freelancers in developed economies.

North Korean hackers and their methods:

North Korean hackers have been blamed for some of the biggest ever heists of cryptocurrency. They use increasingly sophisticated techniques to get what they want. The 3CX supply chain attacks, in which backdoor malware was embedded into a legitimate-looking software update from the eponymous comms provider, is thought to have been a targeted attempt at hitting crypto exchanges. A 2019 UN estimate claimed North Korea had amassed as much as $2bn through historic attacks on crypto firms and traditional banks.

Concerns about cyber-attacks:

The US and its allies around the world are very concerned about the cyber-attacks from North Korea and want to raise awareness of it. So, companies are more aware of the dangers of these cyber-attacks. “We’re very focused on countering it, working closely with our South Korean allies, and working with key allies and partners around the world,” added the official.

Editorial and Advice:

The North Korean regime’s cyber-attacks on cryptocurrency and other targets are a significant source of concern for the US and its allies. The fact that North Korea earns around 50% of its foreign-currency income through cyber-thefts is alarming. It is critical to ensure that all companies dealing with cryptocurrency make their systems more robust to counter such attacks effectively. The US and its allies should continue to work together to counter this grave problem. The companies should also strictly follow the cybersecurity protocols and stay updated. So, it is advised to invest in cybersecurity and disaster recovery measures because they are key to protecting businesses and their customers from these kinds of attacks.