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Banks Fearing North Korea Hacking to Fuel Global Cyber Security Market

06-Nov-2017 | Technology

Worldwide banks are gearing up to protect themselves in opposition to North Korea possibly increasing a years-long hacking bender by looking to cripple fiscal networks as Pyongyang considers the danger of the U.S. military action more than its nuclear program, experts of cyber security claimed. This will indirectly boost the global cyber security market. During the last 3 Years, attackers from North Korea have stolen millions of dollars from banks, comprising a robbery at Bangladesh Bank in 2016 that gave $81 Million, as per chief technology officer at cyber security company CrowdStrike, Dmitri Alperovitch.

Alperovitch claimed to the media in an interview that banks were worried that Pyongyang's hackers might turn out to be harsher by utilizing the similar kind of "wiper" viruses they used all over Sony Corp's Hollywood studio and South Korea. The Government of North Korea has frequently refused blames by the U.S. government and security researchers that it has conducted cyber assaults. Hackers from North Korea might leverage knowledge about fiscal networks collected at the time of the cyber heists to disturb bank processes, as per Alperovitch, who claimed that his firm has carried out "war game" workouts for various banks.

"The difference between destruction and theft is often a handful of keystrokes," Alperovitch claimed. Security groups at main U.S. banks have shared data on the cyber threat from North Korea in last few months, claimed a second expert of cyber security well known with those discussions. "We know they assaulted banks of South Korea," claimed the source, who claimed that fears have developed that banks in the U.S. will be aimed next. Tensions between Pyongyang and Washington have been developing after a sequence of missile and nuclear tests by North Korea and aggressive verbal exchanges between North Korean leader Kim Jong Un and U.S. President Donald Trump.

A former assistant attorney general of the U.S., John Carlin, claimed to the media that other companies, among them retailers, defense contractors, and social media firms, were also worried. "They are imagining 'Are we going to witness a growth in assaults from North Korea?'" claimed Carlin, chairman of global crisis and risk management team at Morrison & Foerster international law company.

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