US Authorities Offer $5 Million for Information on North Korean Hackers

The US Department of State, Department of the Treasury, Department of Homeland Security, and the Federal Bureau of Investigation have released a joint report warning the world about a “serious cyber threat” to banks and financial institutions posed by North Korean government-backed hackers. Authorities believe these attacks represent a “significant threat to the integrity and stability of the international financial system.”

The document provides a brief overview of recent North Korean cybercrimes and is based on last year’s United Nations Security Council report, which detailed Pyongyang’s tactics. North Korea frequently uses hackers to circumvent international sanctions and commits cybercrimes as a way to raise funds. According to the UN, North Korean hackers use the following tactics:

• Attacking banks and other financial organizations to steal funds
• Targeting cryptocurrency exchanges and stealing assets
• Cryptojacking: compromising servers worldwide to mine cryptocurrency
• Ransomware campaigns: infiltrating organizational networks and demanding ransom payments
• Hacking websites on behalf of third-party clients and exploiting the targets
• Forcing victims to pay for “consultations” that supposedly help prevent future attacks

Many of these attacks have targeted the financial sector, from which North Korean hackers have stolen over $2 billion. However, US authorities are not just issuing another warning about the dangers of North Korean hackers. As part of the Rewards for Justice program, the US government is offering a reward of up to $5,000,000 for any information that helps disrupt the financial mechanisms and individuals “engaged in certain activities supporting North Korea.” These activities include money laundering, sanctions evasion, cybercrime, and the development of weapons of mass destruction.

Officials hope that publishing the joint report will improve the security and awareness of companies and help impact Pyongyang’s “hacker” profits and, indirectly, the country’s weapons program.

“It is vital for the international community, network defenders, and the public to remain vigilant and work together to reduce the cyber threat from North Korea,” US representatives said.