- A new report found that cryptojacking attacks increased globally by 399% over the past 12 months.
- The data suggests that cybercriminals have pivoted to this more discrete method because of increased law enforcement activity and heavy sanctions.
- Cryptojacking is a type of cybercrime involving attackers’ illegal use of people’s devices.
In a new report by cybersecurity firm SonicWall, cryptocurrencies are still being used to extort unsuspecting victims. As such, a staggering 332.3 million cryptojacking attacks have been recorded in the first half of 2023 (a 399% increase) compared to last year.
Cryptojacking involves exploiting servers and devices belonging to other people to mine digital assets. One of the most popular includes privacy-centric Monero. Most individuals do not notice that they are victims of cryptojacking. However, they realize later that their machines are running slower than usual.
The Vice president of EMEA for SonicWall, Spencer Starkey, explained to Decrypt via an email some of the most extensive symptoms of cryptojacking. Starkey said that they include a slower response on devices, surprisingly higher electricity bills, and excessive fan use brought on by overheated batteries.
Starkey asserted:
“As cryptojackers aim to go undetected for as long as possible, it can be perceived as a ‘victimless’ crime, compared to impactful malware such as ransomware or banking trojans.”
On the other hand, while some individuals may think that declining Bitcoin prices would prompt malicious actors to move away from their criminal activities, SonicWall’s research suggests that market downturns have had the opposite effect. This comes as many attacks surge and criminals strive to make the same profits.
SonicWall’s president and CEO, Bob VanKirk, noted in an email that:
“Threat actors are relentless, and our data indicate they are more opportunistic than ever, targeting schools, state and local governments, and retail organizations at unprecedented rates.”
Cryptojacking attacks on the increase
Further, in SonicWall’s midyear report, the US, Denmark, Germany, France, and the United Arab Emirates are the countries most affected by cryptojacking. The report also suggests that Europe is witnessing a 788% rise in incidents.
The research paints a picture of cybercriminals continually shifting their tactics to avoid being caught. In recent months, one standard method for targeting victims has been distributing HonkBox cryptojacking malware in cracked versions of the video editing software Final Cut Pro.
SonicWall’s vice president of product security, Bobby Cornwell has said:
“Hackers search for the weakest points of entry, with the lightest possible repercussions, limiting their risk and maximizing their potential profits.”
Starkey has warned that cryptojacking has been adopted by nation-state-backed threats, down to employees deploying miners on corporate infrastructure without permission. He said:
“Because of its covert detection footprint and return on investment for actors—adoption will likely continue to grow across the threat actor ecosystem.”
It is worth noting that individuals should be careful as it might be too early to write off the ransomware threat. In 2017, ransomware brought the UK’s National Health Service to its knees. The latest data showed that this type of attacks rose 479% over the past year in the UK. In the US, meanwhile, there were 214 million attacks in 2023 alone, an increase of 340%, with the attacks plaguing enterprises, cities, airlines, and even schools.
These sobering figures indicate that crypto-hungry hackers aren’t going anywhere, calling for individuals to take caution as they run their activities in the crypto industry.
