The crypto industry is fraught with different malicious actors preying on unsuspecting users, especially the cryptojacking attackers. Many hacks and exploits occur in the industry, targeting crypto firms and individual investors.
According to data, crypto scams and exploits in 2022 amounted to $10.3 million from January to June. This shows that the industry is not safe to operate without caution.
Apart from exploiting exchanges and networks, cybercriminals also target individuals through cryptojacking. This targeted attack on someone’s computer resources to mine crypto without permission.
In cryptojacking, the lousy actor will infect the computer with mining malware through the target’s loopholes in extensions and browsers. This tactic might seem unpopular, but recent reports have shown that it increased by 30% in 2022, even with the failing crypto market.
Cryptocurrency market trends upwards on the day chart | Source: Crypto Total Market Cap on TradingView.com
This report emerged from SonicWall mid-year cyber threat update. According to the cyber-security company’s report, the volume of these exploits increased by $66.7 million compared to its figure in the first half of 2021.
Factors Increasing Crypto Scams
According to the company report, one of the factors that contributed to the increase in cryptojacking was the Log4j vulnerability. This flaw was discovered in December 2021, affecting a Java-based logging utility in Apache’s open source library. With this vulnerability, hackers can quickly access a system remotely and attack their targets.
Another factor leading to this increase is that cryptojacking is easier to perpetrate. This method of attack is not risky compared to ransomware in that the victim must be involved so he can pay the ransom. In cryptojacking, the target will never know that the network or computer is under attack.
Cryptojacking And The Financial Sector
From this data, it’s evident that everyone operating in the financial sector is at risk. People are more aware of ransomware attacks and have devised means to prevent them or decrypt their files. Also, cryptojacking wasn’t that common in the financial sector. But now, criminals have changed their targets from other sectors.
A recent report shows that finance and retail are at risk of this trend. The finance sector recorded a 269% increase, while retail saw a 63% increase in cryptojacking. This figure shows that attackers are targeting the finance sector more than retail.
Cyber-security researchers claim cyptojacking was intense in quarter one of 2022 when crypto prices were standard. The activities only began to drop after the crypto market crashed. As the sector lost massively, the targeted profits plummeted, causing the hackers to reduce their operations.
But judging by past trends, the researchers revealed that the volume of cryptojacking in Q3 will reduce but increase by quarter four.
Featured image from Pixabay, chart from TradingView.com