‘Cryptojacking’ Attacks on Financial Firms on the Rise; Systems Used to Mine Cryptocurrencies, Report Says

The financial industry suffered five times as many cryptojacking attacks as retail, the second-most targeted sector, according to SonicWall.

‘Cryptojacking’ Attacks on Financial Firms on the Rise; Systems Used to Mine Cryptocurrencies, Report Says

Part of the overall increase in cryptojacking is due to the fact that governments are cracking down

Highlights
  • Criminals use malware to gain access to computer network
  • The financial industry suffered five times as many cryptojacking attacks
  • SonicWall did note some encouraging signs
Advertisement

Hackers are increasingly targeting financial firms such as banks and trading houses with attacks designed to use their computer systems to mine cryptocurrencies, according to cybersecurity firm SonicWall.

The number of so-called cryptojacking attacks on financial companies more than tripled in the first half from a year earlier, SonicWall said in a report published Tuesday. The overall number of such events rose 30 percent to 66.7 million, the report found.

In cryptojacking attacks, criminals use malware to gain access to computer networks, then use that computing power to mine cryptocurrencies like Bitcoin - a process that typically requires investing in costly state-of-the-art equipment and consumes vast amounts of electricity. The victim is often unaware of the intrusion.  

The financial industry suffered five times as many cryptojacking attacks as retail, the second-most targeted sector, according to SonicWall. As more finance firms move their applications to cloud-based systems, hackers are distributing malware across corporate servers and other devices, or hijacking Wi-Fi networks to gain access.

Part of the overall increase in cryptojacking is due to the fact that governments are cracking down on so-called ransomware attacks, causing some cybercriminals to switch methods, according to the report.

“Unlike ransomware, which announces its presence and relies heavily on communication with victims, cryptojacking can succeed without the victim ever being aware of it,” the report said. “And for some cybercriminals feeling the heat, the lower risk is worth sacrificing a potentially higher payday.”

SonicWall did note some encouraging signs. The second quarter saw the number of cryptojacking attacks drop by more than 50 percent from the previous three months, to 21.6 million. However, that trend follows a typical seasonal pattern where attacks slow down in the second and third quarters, only to pick up in the final three months of the year, according to the report.

© 2022 Bloomberg LP


Why is Oppo making strange choices with its flagship Reno series? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptojacking, Cryptocurrency
Audi India to Discontinue ICE Vehicles From 2033, Focus Only on EVs, Top Official Says
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »