Cybercriminals are innovative - so watch out for Cryptojacking!

10 December 2019 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

HelpNetSecurity.com reported that “Cryptojacking is a breach where malware is installed on a device connected to the internet (anything from a phone, to a gaming console, to an organization’s servers). Once installed, the malware uses the hijacked computing power to “mine” cryptocurrency without the user’s knowledge.”  The December 6, 2019 article entitled “The hidden risks of cryptojacking attacks” includes these comments:

Unlike phishing or ransomware attacks, cryptojacking runs nearly silently in the background of the victim’s device, and as a result the increase in cryptojacking attacks has flown mainly under the radar.

Yet, new studies suggest that attacks of this type have more than tripled since 2017, generating concern as these undetected breaches siphon energy, slow down performance of systems and expose victims to additional risk.

The rise of cryptojacking has followed the same upward trajectory as the value of cryptocurrency. Suddenly, digital “cash” is worth actual money and hackers, who usually have to take several steps to generate income from stolen data, have a direct path to cashing in on their exploits.

In fundamental terms, cryptojacking attacks are about stealing… in this case energy and system resources.

The energy might be minimal (more about that in a moment) but using resources slows the performance of the overall system and actually increases wear and tear on the hardware, reducing its lifespan, resulting in frustration, inefficiency and increased costs.

Be careful out there since Cybercriminals way ahead of us!

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