- The global volume of cryptojacking, as stated by the report, has risen by 66.7 million USD.
- A major reason why cyber attackers are able to attract private data is the Log4j framework.
- Earlier, the victimized targets were governments and educational institutions. Recently, this has shifted to retailers and the finance industry.
The Massive Surge in Cryptojacking
Recently, a major U.S based cybersecurity firm named SonicWall published their report on Cryptojacking. According to the report, Cryptojacking, which is an unauthorized usage of someone else’s computing power to mine cryptocurrencies, has surged by 30%, victimizing a large population. Just within the first half of 2022, cryptojacking has reached a record level.
The global volume of cryptojacking, as stated by the report, has risen by 66.7 million USD. If we compare it with the first half of the same timeframe last year, the volume has surged 30%. Currently, cryptojacking is one of the most dangerous hacks in the world. This is because the hackers gain remote access to the system and the victims don’t even know that they have been hacked. This unawareness cause, even more, harms to those affected.
A Massive Crypto Threat Explained by Paulo Ardoino
Cryptojacking recently rose 30% despite the crypto collapse. Thought you’d be interested in a comment from Paolo Ardoino on the growing threat of crypto hacking that we shouldn’t underestimate:
“The growing threat of cryptojacking – where hackers implant a piece of software that mines cryptocurrencies on a victim’s computer – further demonstrates that the ingenuity of cyber crooks should never be underestimated. Unsuspecting victims are left perplexed as their devices slow down to a snail’s pace, unaware of the criminal activity and where it emanates from. Whether you are a retail user or a business, you need to remain in a perpetual state of vigilance to guard against such threats.”
He continued: “Cyber scammers are always looking for new ways to commit fraud. One solution is to explore peer-to-peer solutions, where there is no centralized server, and so no need to store information with a third party. Combine that with password protection and basic anti-phishing controls, and resiliency to cryptojacking attempts rises.”
The Changing Target Market
A major reason why cyber attackers are able to attract private data is the Log4j framework. This protocol allows cybercriminals to compromise vulnerable systems with a single code injection. A very important warning to all the finance guys out there! Nowadays, the target market of crypto attackers is changing aggressively. Earlier, the victimized targets were governments and educational institutions. Recently, this has shifted to retailers and the finance industry.
This statement is in reference to the fact that cryptojacking in the finance sector has surged more than 269% in this particular time frame. This amounts to five times greater theft rates than retail, which is the second highest industry. The attack rate in the retail sector surged upwards by 63%.
Source: https://www.thecoinrepublic.com/2022/07/27/tether-cto-paulo-ardoino-explains-the-growing-threat-of-cryptojacking/