North Korean Hackers target Gamers in $615m Crypto Heist

The cyber security landscape is becoming more volatile with widespread reports of cyber attacks. Late 2021 and early this year, experts predicted that there would be an increase in cyberattacks, ranging from supply chain troubles, crypto scams, to ransomware and identity thefts. There was an exponential increase in attacks last year, and the trend is expected to continue this year.?

In line with these predictions, there are several reports of scams such as crypto heists. The digital world is full of malicious actors that are continuously scouring the internet for vulnerable targets - individuals and organizations. While many of these scammers are private and motivated by financial gain, some are state-sponsored with either political or financial motives.

North Korea-Backed Massive Cryptocurrency Heist

In a recent report, the United States of America linked North Korea-backed hackers to a massive cryptocurrency heist that is worth a whopping sum of $615m last month from players of a very popular online game, Axie Infinity. Players on the gaming platform can be rewarded with crypto through gameplay or selling their avatars.

The incident is one of the biggest hacks in the crypto industry. And US experts said the attack is linked to Lazarus, a malicious group that is believed to be under the control of North Korea’s primary intelligence bureau. According to the FBI, investigations confirmed that Lazarus Group and APT38 are behind the massive breach.

In 2014, Lazarus Group became notoriously popular after they were linked to the hacking of Sony Pictures and the publishing of their confidential data. North Korea (NK), being globally accused of shady activities, has been accused by a United Nations panel that monitors sanctions on North Korea of sponsoring the development of lethal weapons with stolen money - as a strategy to avoid international sanctions.

According to a Treasury Department spokesperson (as quoted by Reuters), the United States is not ignorant of the fact that the DPRK uses funds generated from illegal activities, like cybercrime, to fund their weapon development programs. North Korea does this as a way of evading US and UN sanctions.

A report by the US military in 2020 revealed that NK has a hacking program that has been in existence since the mid-1990s. The group has expanded to a 6,00o cybercrime operation unit, called Bureau 121. The hacking program is spread across China, India, Belarus, Malaysia, and Russia. Chainalysis, a blockchain analysis organization, reported that NK hackers stole digital assets worth about $400m from a series of attacks on crypto platforms in 2021.?

In addition to NK’s hacking program, there are other state-sponsored and private malicious actors wreaking havoc globally. The question is, what should you do to avoid the effects of increased cyberattacks on your business?

The Effect of Increase in Cyberattacks & the Solution

No matter the source or motive of cyber attacks, they leave consumers worried about their safety online. This, if not properly handled by companies, translates to a drop in digital reliability and a lack of trust in businesses. A significant decrease in digital reliability deters consumers from purchasing online.?

And this results in revenue problems for organizations. If you want to escape the impending danger of drop-in online purchases due to cyber scams, you must be willing to do things differently. You need a robust strategy to build trust and make consumers willing to do business with you - without worries.

The solution to the fast-dropping digital trust is Advanced Digital Reliability Experience. You need digital reliability experience experts to help you institute strategies and solutions on how to build trust and make your audience excited about your offers.

How Does Advanced Digital Reliability Experience Prevent Cyberattacks and Improve Consumer Trust?

The primary goal of advanced digital reliability engineering is to build robust strategies and technology solutions to ensure the immutability and trustworthiness of your business infrastructures. You need hack-proof digital platforms to thrive; while your audience needs to be assured of their online safety.?

Digital reliability engineering is necessary for providing immutable digital infrastructure, stability, and dependability. That said, here is how digital reliability engineers can help you build a successful business:

Security

Digital reliability engineers use next-generation technologies to build a robust security architecture you need to thrive in the volatile cybersecurity space. Malicious cyber actors target businesses of all sizes. And if you do not want to be a victim, you have to be proactive when it comes to implementing immutable security frameworks. Consumers will find it easier to trust you when they are sure that your systems are secure.

Improving the Reliability of Your Platforms & Operations

In addition to leveraging relevant best practices and future-fit technologies to institute security solutions, reliability engineers help to improve the robustness of your business operations. No one wants to partner with a company that lacks reliable systems.?

Digital reliability experience experts reduce downtime and improve overall operational efficiency by preventing failures and reducing the frequency of failure where prevention is inevitable. They do this by analyzing your business to identify and fix the causes of failure. In addition, cutting-edge solutions are built to automate these processes. This enables your technical team to spot problems on time and fix them easily.

Failure Management

In some cases, failure occurs even when there are strategies on the ground to prevent them. When this happens, you need experienced engineers to revive systems, bring back operations, and look for a permanent fix. All these are what you get when you work with advanced digital reliability engineers. They help you ensure the optimal running of your business by instituting effective preventive and remediation security measures.

Why is Advanced Digital Reliability Experience Important in 2022?

Cyberattacks are expected to increase in volume. The global business space is unstable with prices of energy and natural resources fluctuating every day. Nations are going through severe economic challenges. And there are reports of outbreaks of social unrest across nations due to economic hardship.?

Consequently, consumers need companies that are reliable and trustworthy. And to make your target market confident in your offers and platforms, you need to first assure them that their personal information is safe. Hence the need to hire digital reliability engineers to help you build a secure, immutable business ecosystem.

Do you need a hack-proof infrastructure and secure development & deployment environments? You can rely on Bredec for top-notch advanced digital reliability engineering services. Get rid of the error-prone traditional scripting style and leverage Bredec’s comprehensive solutions and products to meet regulatory and legal requirements.?

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Contributors; Gray Oshin (content creator), Melanie Matt (concept and strategy), and Ralph Schneider (Head of Advanced Digital Reliability Experience at Bredec)