'Cryptojacking' in the financial sector climbs 269% in 2022
Cryptojacking
Modified Date:- Published Date:-Categories: Cryptocurrency
'Cryptojacking'in the financial sector climbs 269% in 2022
Cryptojacking refers to a cyber attack where a hacker uses malwareto covertly install crypto mining software on a victim's computer, commandingthe computer's resources to fraudulently mine crypto. This results in asignificant drop in computer performance and high power costs for the victim.
Finance andretail are the major targets
In previous years, the healthcare and education sectors hadbeen the primary victims of cryptojacking, but that recently changed after thereport's authors described 2022 as a "dramatic reshuffle".Global cryptojacking volume increased by 30 percent compared to the first halfof 2021.
The financial sector has suffered the brunt of massive growthand is now prone to five times more cryptojacking attacks than thesecond-ranked retail industry, which itself has seen a 63 percent year-on-yearincrease in attacks.
Last year, partly in response to the number of cyber attacksagainst home businesses, the Australian federal government introducedcontroversial, far-reaching legislation to increase its powers in the event ofa high-risk security attack. The Cryptojacking Growth Report Related to theDecline in Ransomware Attacks The massive increase in cryptojacking can bepartly attributed to scammers turning away from ransomware attacks.
“And for some cybercriminals feeling the heat, the low risk potentiallyhigh payday is worth sacrificing.” As crypto has been adopted intothe mainstream, organized criminals increasingly use new technology to runtheir illegal business. A 2021 report by Chainalysis estimated that US$33billion was laundered via crypto over the past five years.
Cryptojacking, Crypto, Cryptocurrency, Crypto mining software, Ransomware Attacks, Chainalysis, Cyber Attacks