Tag Archives: MBC

Software used in South Korea cyberattack reportedly traced to US, Europe

Some of the malicious software used in the cyberattack that recently shut down tens of thousands of computers across South Korea originated in the United States and three European countries, the Washington Times reports, citing authorities in Seoul.

The cyberattack last week crippled six South Korean banks and media companies.

“We traced some IP (Internet protocol) addresses found on (affected) computer networks to overseas sources like the U.S. and a few European countries,” an official from the Korean Communications Commission purportedly said Monday.

Many first suspected North Korea was responsible for the attack, but South Korean officials have yet to assign blame and say they have no proof yet of North Korea‘s involvement.

South Korea has set up a team of computer security experts from the government, military and private sector to identify the hackers and is preparing to deal with more possible attacks, presidential spokesman Yoon Chang-jung told reporters Friday. He didn’t elaborate on the possibility of more attacks, but he said the prime minister later would hold a meeting to discuss ways to beef up cybersecurity at institutions overseeing infrastructure such as roads and electricity.

The cyberattack did not affect South Korea‘s government, military or infrastructure, and there were no initial reports that customers’ bank records were compromised. But it disabled cash machines and disrupted commerce in this tech-savvy, Internet-dependent country, renewing questions about South Korea‘s Internet security and vulnerability to hackers.

The attack disabled some 32,000 computers at broadcasters YTN, MBC and KBS, as well as three banks. The broadcasters said their programming was never affected.

All three of the banks that were hit were back online and operating regularly Friday. It could be next week before the media companies have fully recovered.

The Associated Press contributed to this report.

Click for more from the Washington Times.

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Source: FULL ARTICLE at Fox World News

South Korean Banks, Media Hacked

By 24/7 Wall St.

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Worries have heightened again about unfriendly governments. The U.S. government has accused China of hacking American companies, and potentially parts of the federal government, as a mean to gather data or disrupt Internet operations.

Now South Korea, a major U.S. ally, said that its media and banks have been broken into, probably by North Korean interests. The tension between the two neighboring nations has risen sharply over the past several months.

According to the Telegraph:

Authorities in Seoul were not immediately able to pinpoint the cause of the system failures and the national security office declined to speculate on where the attack may have originated, although suspicion immediately fell on North Korea.

“Reports have been made simultaneously, so we have dispatched investigators to the scene,” an official in the National Police Agency‘s cyber-terrorism department told Yonhap News.

National broadcasters KBS, MBC and YTN reported shortly after 2pm that their computer networks had inexplicably come to a complete halt. Editing equipment had also been affected, affecting broadcasts. Shinhan Bank and Nonghyup Bank reported that their systems had also been affected at the same time.

Filed under: 24/7 Wall St. Wire, China, Internet, Politics

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Source: FULL ARTICLE at DailyFinance

What's Important in the Financial World (3/20/2103)

By 24/7 Wall St.

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J.P. Morgan Management Downgrade

J.P. Morgan Chase & Co. (NYSE: JPM) suffered another blow to its reputation, as a government agency downgraded its rating of the financial firm’s management. What that means for the bank from a practical standpoint may be little. The Office of the Comptroller of the Currency lowered its rating on J.P. Morgan to a level that indicates heightened concern about Jamie Dimon, his key aides and the board. But if the ratings change has no consequences, why should the government bother at all. According to The Wall Street Journal:

The New York company’s management rating from the Office of the Comptroller of the Currency fell one notch last July to a level that signifies oversight “needs improvement,” following the revelation of what are known as the “London whale” trading losses, said people familiar with the regulatory assessment.

Grading is on a scale of 1 to 5, with 5 being worst. J.P. Morgan had been at level 2, indicating “satisfactory management.” The people said the downgrade to level 3 wasn’t solely related to a London employee’s large trades—in indexes tracking the health of a group of companies—that led to losses exceeding $6 billion.

South Korea Hacked

Worries have heightened again about unfriendly governments. The U.S. government has accused China of hacking American companies, and potentially parts of the federal government, as a mean to gather data or disrupt Internet operations. South Korea, a major U.S. ally, said that its media and banks have been broken into, probably by North Korean interests. The tension between the two neighboring nations has risen sharply over the past several months. According to the Telegraph:

Authorities in Seoul were not immediately able to pinpoint the cause of the system failures and the national security office declined to speculate on where the attack may have originated, although suspicion immediately fell on North Korea.

“Reports have been made simultaneously, so we have dispatched investigators to the scene,” an official in the National Police Agency‘s cyber-terrorism department told Yonhap News.

National broadcasters KBS, MBC and YTN reported shortly after 2pm that their computer networks had inexplicably come to a complete halt. Editing equipment had also been affected, affecting broadcasts. Shinhan Bank and Nonghyup Bank reported that their systems had also been affected at the same time.

What’s Next for Cyprus?

The debate over what will happen to Cyprus quickened as a rescue by the European Union, European Central Bank and International Monetary Fund appeared to fall apart after the small country’s parliament rejected plans to “tax” the savings accounts of most of it citizens. The EU does not want Cyprus to default, which would serve as proof that Europe still cannot manage its own financial matters. But another bailout of a country that almost certainly will never return to prosperity raises the chance there will be a precedent for future solutions to problems in nations such as Greece and Spain. Bloomberg reports:

Germany and its euro-area allies maintained pressure on the island’s politicians today to raise a planned 5.8 billion euros by drawing …read more
Source: FULL ARTICLE at DailyFinance

South Korean banks and media report computer network crash

Computer networks of several major South Korea broadcasters and banks have been paralyzed. Police and government agencies are investigating what appears to be a cyberattack.

The shutdowns in Seoul on Wednesday come days after North Korea blamed South Korea and the United States for cyberattacks that temporarily shut down websites in Pyongyang. Tensions between the countries are high over the North’s nuclear ambitions.

Officials at the two public broadcasters KBS and MBC said that all computers at their companies shut down at 2 p.m.

The officials declined to give their names saying they were not authorized to speak media.

YTN cable news channel reported the company’s internal computer network was completely paralyzed.

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Source: FULL ARTICLE at Fox World News