What is Crypto Jacking?
Crypto jacking, a type of cybercrime in which cryptocurrencies are mined through hacked computers, has reached a record high in 2022. According to a recent report, the number of global crypto jacking incidents has increased by approximately USD 66 million in the first half of 2022, compared to 2021. This increase in crypto jacking is despite a decrease in the number of digital assets.
What is Crypto Jacking?
Crypto jacking is a type of cybercrime in which cybercriminals develop and distribute crypto mining malware. When the malware gets loaded onto a compromised device, it mints new coins, but it also creates vulnerabilities in web browsers and browser extensions. Cybercriminals are generally using the Log4j vulnerability to attack the cloud. Crypto jacking is considered a lower-risk attack compared to ransomware or other types of cybercrimes.
Industries Affected
The financial industry has suffered multiple crypto jacking attacks, with retail being the second-most vulnerable industry. Victims of crypto jacking are often not aware that their computers or networks have already been compromised. Recent research has revealed that attackers have changed their preferred targets in recent months, moving from the government, education, and healthcare sectors to the retail and financial sectors. Crypto jacking attacks have increased by 200% in the financial sector.
Advances in Technology
Attacks have turned lucrative with recent advancements in technology. As such, investors are required to understand the volatility of crypto coins and ensure that they don’t fall prey to such scams.
Summary
Crypto jacking is a growing threat in 2022, with an increase in incidents despite a decrease in the number of digital assets. The financial and retail industries are the most vulnerable to these attacks, and cybercriminals have changed their targets in recent months. It is important for investors to be aware of the volatility of crypto coins and to take steps to protect themselves from falling prey to such scams.
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Month: Current Affairs - July, 2022
Category: Science & Technology Current Affairs