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| Financial Gain
Data Theft |
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Overview
Bluenoroff, a financially motivated cybercriminal group, operates as a subgroup within the notorious Lazarus Group, which is widely believed to be based in North Korea. Emerging in 2016 and officially discovered in 2017, Bluenoroff has quickly gained a reputation for its highly targeted and sophisticated attacks on financial institutions worldwide. Unlike other threat actors, Bluenoroff’s primary focus is on stealing money, particularly from banks, fintech companies, cryptocurrency platforms, and ATMs. The group’s financial motives set it apart from other hacker collectives, as its operations are driven by the ambition to manipulate and exploit financial systems for large-scale monetary theft.
The techniques employed by Bluenoroff demonstrate a high level of technical expertise and precision. A core feature of their operations is their ability to reverse-engineer legitimate financial software, most notably SWIFT Alliance software, which is widely used by financial institutions globally. By exploiting vulnerabilities within these systems, Bluenoroff has carried out several high-profile attacks, including the infamous Bangladesh Central Bank heist, where they successfully siphoned large sums of money. Their ability to patch legitimate software and exploit it for their own financial gain reflects their technical acumen and determination to breach heavily guarded financial systems.
Common targets
- Finance and Insurance
- Australia
- India
- Peru
- Russia
- Mexico
- Norway
- Poland
Attack Vectors
Phishing
How they operate
One of Bluenoroff’s key operational tactics involves reverse engineering legitimate financial software, particularly SWIFT Alliance, which is widely used in global banking. This strategy allows the threat actor to discover vulnerabilities in the software and apply custom patches that can be exploited to steal money from banks. By infiltrating financial institutions with a seemingly legitimate update or patch, Bluenoroff can bypass standard security measures, giving them undetected access to critical systems. This targeted approach to software manipulation highlights the group’s technical expertise, as they often focus on specific vulnerabilities that allow them to execute complex financial theft operations.
In addition to reverse engineering, Bluenoroff employs sophisticated malware to gain and maintain access to targeted systems. Their preferred method of entry often involves watering hole attacks, which involves compromising websites that are frequently visited by employees of financial institutions. By infecting these sites with malware, Bluenoroff ensures that their malicious software will be downloaded onto the systems of employees as they access the compromised site. Once the malware is executed, it allows the group to establish a backdoor connection into the target’s network, providing persistent access even after the system is rebooted or security updates are applied.
Once inside a system, Bluenoroff uses various tools and techniques to exfiltrate data and execute financial transactions. The malware deployed by Bluenoroff often includes keylogging functions, allowing them to capture sensitive data such as passwords, account numbers, and other login credentials. This is typically followed by the use of money laundering techniques, such as moving funds through multiple accounts or cryptocurrencies to cover their tracks. Bluenoroff’s attacks are carefully planned, with each step designed to avoid detection and maximize financial gain. The group’s ability to remain undetected over extended periods allows them to siphon large sums of money from banks and financial institutions, as seen in the infamous Bangladesh Central Bank heist.
Despite the stealth and sophistication of their operations, Bluenoroff has made occasional missteps that have allowed investigators to trace their activities back to North Korea. These connections are typically revealed through unusual IP address ranges and other forensic evidence, which provide clues to their origins. Their choice to focus on high-value targets, such as financial institutions and cryptocurrency platforms, showcases Bluenoroff’s technical prowess and determination to exploit the global financial system. With each attack, they refine their methods, continually adapting to new security measures and emerging vulnerabilities. This persistence and technical sophistication make Bluenoroff one of the most dangerous and capable financial threat actors operating today.
