On April 15, 2020, the US Departments of State, the Treasury, Homeland Security, and the Federal Bureau of Investigation issued a rare joint advisory alert on the cyber threat posed by North Korea, formerly known as the Democratic People’s Republic of Korea. The alert provides key guidance for financial institutions, a historical target of the DPRK’s destructive cyber activities, and other businesses to mitigate cyber risk, respond effectively to illicit cyber intrusions, and assess the effectiveness of their trade sanctions compliance programs. The agencies’ release of this alert during the global COVID-19 pandemic should serve as an important reminder for businesses—especially those increasingly shifting to large-scale remote operations—that the DPRK’s malicious cyber activities regularly target the private sector.
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US National Security Agencies Warn of Increased North Korean Cyber Threat
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