According to cyber security company Kaspersky, cryptojacking is an act of mining cryptocurrency by hacking into another person’s computer, smartphone and other electronic devices. This usually happens by gaining unauthorized access to the host’s computer and using its resources to mine cryptocurrency without the host noticing or before it’s too late.
Since the proof-of-work consensus on coins like Bitcoin (BTC) requires extensive computing power to generate new coins and mining rigs consume a lot of electricity in addition to their high cost and maintenance costs, hackers are using the cryptojacking method to mine Bitcoin and mine other proof-of coins -process cryptocurrencies using the host’s resources.
Researchers from Kaspersky Labs further explain that cryptojacking can even infect Android devices, although phones have lower processing power than computers. In this type of attack, hackers pool the processing power of a large number of phones to mine proof-of-work cryptocurrencies.
Exponential increase in cryptojacking attacks in 2022
According to a report titled “2022 SonicWall Cyber Threat Report” by cybersecurity firm SonicWall, cryptojacking attacks in the financial sector are up 269 percent year-to-date, about five times the rate of retail cyberattacks.
The report found that the financial industry has seen significantly higher cases of cryptojacking than any other sector. Overall, cryptojacking cases rose 30 percent to 66.7 million in the first half of 2022, according to SonicWall in the report.
“Despite a steep fall in cryptocurrency prices, global cryptojacking volume surged to 66.7 million in H1 2022, a 30% increase from H1 2021. The number of attacks on the financial industry is five times higher than in the second highest industry – retail, which used to be at the bottom of the list,” the report said.
Why are cryptojacking cases increasing?
Cryptojacking cases continued to increase, showing that such cases persist regardless of price fluctuations
Researchers from SonicWall noted that despite a sharp drop in bitcoin prices since January 2022, cases of cryptojacking continued to increase, showing that such cases persist regardless of price fluctuations. In addition, changing careers is difficult even for cybercriminals; Hence, they continue to illegally mine proof-of-work cryptocurrencies like Bitcoin. Researchers also attributed the surge to the crackdown on ransomware attacks, making cryptojacking their preferred tool for illegal mining. Bitcoin prices fell 74 percent from their all-time high of $68,990 last year.
“After governments increased ransomware awareness and enforcement, and ransomware attacks like those against Colonial Pipeline and Kaseya led to high-profile outages, some ransomware operators have decided they’re ready for a quieter life,” the researchers noted Celebration.
In a ransomware-type attack, they said, the attacker must announce their presence and demand a ransom by communicating with the victim. But with cryptojacking, the entire attack is based on discretion and “without the victim ever realizing it. And for some cybercriminals feeling the heat, the reduced risk is worth sacrificing a potentially higher payday,” they said.
Current cryptojacking trends
Attack Incidents: SonicWall researchers observed that cryptojacking incidents increased by 30 percent to 66.7 million attacks in the first half of 2022 compared to the same period in 2021. The researchers also discovered a trend where they observed that the volume of cryptojacking attacks was often higher in Q1 than in Q2, and this has been the case since SonicWall started tracking cryptojacking.
Researchers at SonicWall recorded 45.1 million cryptojacking attacks in the first quarter of 2022, but by April 2022, incidents were down by half “from their peak and even lower in May, resulting in an attack volume of just 21.6 million in the second.” quarter led. less than half the amount seen in the previous three months.”
“While falling cryptocurrency prices could have a lot to do with it, keep in mind that what we’re seeing follows a well-established pattern,” the researchers said.
Bitcoin (BTC) price was $47,219.03 and on July 30, 2022 it fell to $23,797.00 according to Coinmarketcap data.
On January 1, 2022, Bitcoin (BTC) price was $47,219.03 and on July 30, 2022 it fell to $23,797.00 according to Coinmarketcap data.
Most Attacked Sectors: SonicWall researchers found that cryptojacking incidents in previously hardest-hit sectors such as government, healthcare, and education decreased in the first half of 2022, while cryptojacking incidents increased overall.
“This represents a long-awaited respite for educational customers, who have been among the least popular among most of the cryptojacking companies on our list.”
While cryptojacking cases in the financial industry increased by 269 percent, retail saw a 63 percent increase.
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