According to South Korea’s National Intelligence Agency (NIS), state-sponsored North Korean hackers stole at least 1.5 trillion won ($1.2 billion) worth of digital assets since mid-2017.
The allegation concluded that 800 billion won ($626 million) of that was stolen this 2022 alone.
In all, $78 million of the funds were stolen from South Korea, according to reports.
According to the NIS, COVID-19 pandemic affected North Korea, just like how it affected anywhere else. However, the nation struggled more than most since its economy had already been weakened by the United Nations (UN) sanctions. Therefore, the country turned to illicit activities, including hacking, to support its economy and fund its nuclear program.
The conclusion was made following the fact that Supreme Leader Kim Jong-un managed to carry out a record number of missile tests during 2022, despite his country's worsening economic condition.
An NIS spokesperson said:
The NIS also expects North Korea to intensify its cyber offenses to target South Korea and steal information on advanced technologies.
Particularly, the South Korean spy agency concluded that the North Korean will likely focus on stealing technologies related to nuclear plants, chips, space programs, and the defense industry.
NIS thinks that the state-sponsored hackers will also collect information on South Korea and the United States' policy on the North.
Among the methods being used, include targeting venture capital firms, cryptocurrency startups and banks.
Hackers also target foreign policy experts in the country, as well as attempting to steal NFT tokens.
According to reports, Lazarus, the most notorious hacking group from North Korea, has shown a spike in activity.
South Korea's main spy agency said North Korea’s capacity to steal digital assets is considered among the best in the world.
This happens because the country that is lead by Kim Jong-un has received UN economic sanctions, and that the sanctions were toughened in 2017 in response to its nuclear and missile tests.
The UN imposed sanctions to North Korea to ban its exports that include coal, textiles and seafood. The sanctions also led a number of member states to repatriate North Korean overseas workers.
The hacking attempts this 2022 marked the first time South Korea detected North Korean hackers using ransomware, the authorities said.
Realizing the extent of North Koreas cybercriminals, earlier this month senior diplomats from the United States, South Korea and Japan have agreed to increase efforts to curb illegal North Korean cyber activities.
The finding results in Seoul in doubling down its efforts to manage cybersecurity risks involving Pyongyang.
