February 21, 2024

Why insurance companies might be stuck paying ransoms to North Korean hackers

North Korean hackers make ransoms cheaper than backup and restoration costs, making it likely companies will pay up

The Lazarus Group, North Korea’s premier hacking team, appears to have started using ransomware to attack victims and extort money out of them, according to a recent analysis by Kaspersky Labs, a cybersecurity company.

Ransomware attacks typically involve deploying malware on a computer system that blocks access to it unless a ransom is paid. While DPRK hackers have been linked to ransomware attacks before, the tactics have changed — and so have the rules around paying ransoms.