Key Takeaways:
South Korea and the European Union have reached an agreement to enhance their collaborative efforts in cybersecurity, particularly in addressing the threats posed by North Korea’s cryptocurrency theft activities. Officials emphasized the importance of international cooperation, including intelligence sharing and alignment in global forums like the United Nations.
The commitment was made during a cybersecurity policy dialogue held in Seoul on Tuesday, where representatives from both sides discussed the growing complexity of cyberattacks and the pressing need for unified responses. This information was reported by Korea JoongAng Daily.
The discussions were led by Youn Jong-kwon, director-general for international security at South Korea’s Foreign Ministry, alongside Maciej Stadejek, director for security and defense policy at the European External Action Service.
Strengthening Cybersecurity Partnerships
According to a statement released by South Korea’s Foreign Ministry, the two parties “analyzed the expanding landscape of cyber threats, particularly those posed by key actors such as North Korea, which engages in cryptocurrency theft,” and expressed a commitment to deepen their collaboration.
The dialogue focused on strategies for enhancing cybercrime investigation techniques, cross-border intelligence sharing, and coordinated responses to cyberattacks that target critical financial infrastructure.
In addition, officials discussed aligning their positions in multilateral forums like the United Nations to strengthen global cyber norms and practices.
The EU and South Korea acknowledged the necessity to assist developing nations in building their cyber defense capabilities while reaffirming their commitment to maintaining an open, secure, and resilient cyberspace.
The meeting was attended by representatives from South Korea’s National Intelligence Service, the Supreme Prosecutors’ Office, and the National Police Agency, as well as officials from the European Commission’s cybersecurity division.
The urgency of the issue has escalated, especially with North Korean-backed groups like Lazarus continuing to target cryptocurrency platforms.
The two entities emphasized that their ongoing cyber policy consultations would provide a crucial platform to address not only crypto theft but other digital threats as well.
In a related incident, South Korean police recently arrested 25 individuals linked to a significant crypto scam that defrauded at least 48 victims of ₩734 million (approximately $540,000) by pretending to be cryptocurrency advisors.
These scammers operated fraudulent call centers and counterfeit crypto exchanges, showcasing false profits to persuade victims to make larger investments.
Growing Concerns Over North Korean Cyber Theft
Ha alleged that North Korean hackers have pilfered an additional $310 million in cryptocurrency from South Korean wallets since the $2 billion in cyber thefts reported by the UN in 2019.
He called for an overhaul of the Korea Internet & Security Agency (KISA), the nation’s primary cyber defense organization, suggesting it be restructured into a centralized agency under presidential control to enhance national defenses against cyber threats.
Security experts note that while crypto platforms have fortified their defenses, hackers are increasingly employing social engineering tactics to manipulate individuals.
The developments come amidst heightened scrutiny of how to effectively combat the evolving landscape of cyber threats and protect both individuals and institutions from growing risks.
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