According to the internet security company Kaspersky, cryptojacking is an act of mining cryptocurrency by hacking into someone else’s computer, smartphone, and other electronic devices. It is typically done by gaining unauthorised access to the host’s computer and using its resources to mine cryptocurrency without the host noticing it or before it is too late.
Since the Proof-of-Work consensus using coins like Bitcoin (BTC) requires extensive computational power to generate new coins and mining rigs consume heavy electricity besides their high cost and maintenance expenses, hackers use the cryptojacking method to mine Bitcoin and other Proof-of-Work cryptocurrencies using the host’s resources.
Researchers at the Kaspersky Labs further explain that cryptojacking can infect even Android devices even though phones have low processing power than computers. In this type of attack, hackers pool the processing power of a large number of phones to mine Proof-of-Work cryptocurrencies.
Exponential Rise In Cryptojacking Attacks In 2022
According to a report titled ‘2022 SonicWall Cyber Threat Report’ by cybersecurity firm SonicWall, cryptojacking attacks in the financial sector has risen by 269 per cent year to date, about five times more than the cyber attacks targeting the retail industry.
The report noted that the finance industry has witnessed significantly higher cryptojacking incidences than any other sector. Overall, crypto-jacking cases went up by 30 per cent to 66.7 million in the first half of 2022, SonicWall said in the report.
“Despite a precipitous drop in the price of cryptocurrency, global cryptojacking volume rose to 66.7 million in the first half of 2022, up 30% over the first half of 2021. The number of attacks on the finance industry is five times greater than the second highest industry — retail, which used to be at the very bottom of the list,” the report noted.
What Is Cryptojacking Cases Rising?
SonicWall researchers noted that despite a sharp drop in Bitcoin prices since January 2022, cryptojacking cases kept…