One of the world’s largest sovereign wealth funds, Norfund has reportedly become the victim of hacking with an initially reported loss of $10,000,000. Norfund which comprises of assets worth close to $1 trillion from Norway’s oil reserves. According to Norfund, they suffered an “advanced data breach”.
According to information from their press release, hackers falsified information using a compromised email and exchanges were made between the hackers and the Norfund which was “realistic in structure, content and use of language”. The borrowing institute went on to reveal that $10,000,000 meant for a microfinancing company in Cambodia ended up in a Mexican Bank on 16th March 2020. The CEO of Norfund Tellef Thorlefsson said that “The Fraud clearly shows that we, as an international investor and development organization, through active use of digital channels are vulnerable”. He went on to comment that the current systems used by Norfund was insufficient for the job.
Cybercrimes of this nature has become a major problem for international organizations with massive data breaches compromising the personal data of millions of individuals and losses to major financial institutions. IT experts have repeatedly warned the public of such cybercrimes for the past few years with even major corporations failing to update their decades old systems