North Korean hackers behind bank hacking

SAN FRANCISCO: With the Us-led sanctions damaging its economy, the North Korean government is using cyberattacks on banks to raise cash, according to US officials, the CNN reported.

A summit between US President Donald Trump and North Korean leader Kim Jong-un ended on Thursday with no agreement after Washington refused Pyongyang’s demands for economic sanctions relief. It is believed that the North Koreans are turning to cybercrime to steal money due to the increasing effectiveness of sanctions.

In just a few years, the North Korean intelligence services have grown capable of stealing large sums through sophisticated methods, Anthony Ferrante, a former Federal Bureau of Investigation (FBI) and White House cybersecurity official, was quoted as saying on Friday.

Unlike hackers from other countries like Russia, Iran or China who focus more on gathering intelligence, the North Korean hackers focus on acquiring cash, added John Demers, Assistant Attorney General for National Security at the US Department of Justice.

“The North Koreans have quickly become the world’s most advanced and persistent digital bank robbers,” said Ferrante, now Head of Cybersecurity at FTI Consulting, a business advisory firm. The Indian gems and jewellery industry comprises gold and silver jewellery, diamonds, coloured stones