Cyber-attack with Mining Malware Outperform Ransomware and Turn Hackers into Millionaires.
With the advance of technology, the methods used by cybercriminals have also evolved. Nowadays, with the rise of cryptocurrencies and with more and more companies joining the digital financial market, malware attacks have turned to a tendency to perform cryptojacking, which basically consists in the illegal use of the computing power of a device. of other users to mine digital currencies.
In this regard, a recent study by the firm Skybox Security highlights that cyber attacks with cryptocurrency mining malware present a higher risk than ransomware at present. The study estimated that cyber attacks with mining malware constitute 32% of all illicit incidents during 2018, while only 8% correspond to attacks with ransomware.
A ransomware (ransom, by ‘rescue’, and ware, by software) is a type of harmful program that restricts access to certain parts or files of the infected system, and asks for a ransom in exchange for removing this restriction. Ransomware encrypt operating system files by disabling the device and coercing the user to pay the ransom.
In turn, another study by the Systems Audit and Control Association (ISACA) revealed a growing rate of cyber attacks with malwares to mine cryptocurrencies, which even surpass those of ransomware. The report also noted that of the 2,366 leaders of security corporations that participated in the surveys, at least half said an increase in cyber attacks, especially during the last quarter of 2017 and the first half of 2018. In total, an 80 % of participants noticed the risk that the current market is running, particularly the one associated with cryptocurrencies.
Similarly, just a month ago, the security company Fortinet published a report, in which it indicates that attacks with malware and ransomware have become more sophisticated, both in terms of agility, speed and scale. Just as hackers have been improving their own protection, in order to make their attacks even more difficult to detect and prevent.
Recall that cryptojacking attacks use a code hidden in websites or devices that incites the use of the computing power of the users’ equipment, without their prior consent or even without their noticing. In accordance with what has been described above, it is emphasized that:
“Mining Malware can be the new kids in the neighborhood, but being a novice does not take away the control they’ve taken. With a great profit opportunity and few chances of being discovered or detained, this malware tool provides a safe haven for cyber criminals. “
In fact, “Every 10 minutes, Bitcoin adds a new block of transactions to its ledger and grants 12.5 BTC to its miner, which at the change of US $ 7,400, would make any miner out of millions every ten minutes.” With this potential for profitability, it is not surprising that acts of this kind are being committed, which have even surpassed attacks with ransomware.
In turn, study of the Chinese institute IFCERT reveals that there are 421 false cryptocurrencies. The investigation concludes that the recent interest in trading with cryptocurrencies has resulted in cybercriminals seeking alternatives to increasingly stealthy and effective cyber attacks.
Because of this, governments around the world have joined the work of regulating the emerging market to end these criminal acts, among which do not stop counting robberies, hacks and violent physical confrontations. This has become the main source of concern for governments at the international level and, in effect, many countries have already begun to seek the incorporation of new measures to strengthen their legislative frameworks, in order to guarantee the safety of the thousands of companies and users of the digital market.
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