North Korea is recognized as a significant state supporter of cybercrime. Their hacking groups, particularly the notorious Lazarus Group, target major cryptocurrency firms and affluent individuals. The funds derived from these activities are crucial for supporting an impoverished economy, with estimates from the United Nations indicating that cybercrime contributes significantly to 13% of North Korea’s GDP.

According to a recent assessment by Elliptic, a firm focused on combatting cybercrime, more than $2 billion has been illegally acquired by North Korean hackers within the current year. The firm notes that individuals are becoming appealing targets as they often lack robust security measures that businesses typically employ. Many individuals fall prey due to ties to companies that possess substantial amounts of cryptocurrency assets.

Hackers are increasingly depending on social engineering tactics rather than exploiting security vulnerabilities, which complicates efforts to gauge the scale of these activities as individuals are less likely to report incidents compared to companies.

“Other thefts are likely unreported and remain unknown as attributing cyber thefts to North Korea is not an exact science,” commented Dr. Tom Robinson, chief scientist at Elliptic.

For a more detailed read, check out the related articles on North Korea’s involvement in hacking and cyber extortion schemes.