Cryptojacking, or using hardware that does not belong to you to mine cryptocurrencies, has now become a big cyber threat is some parts of the world.
According to a research conducted by cyber security firm, Kaspersky Lab, cryptojacking overtook ransomware as the biggest cybersecurity threat, particularly in the Middle East, Turkey and Africa. In Afghanistan and Ethiopia, almost one out of every four malware caught on computers are cryptocurrency miners.
Kaspersky’s research “shows crypto mining attacks have risen almost fourfold in the region, from 3.5 million in 2017 to 13 million this year.” The cybersecurity firm reportedly also claimed that cryptojacking incidents are “likely to continue given the increased use of digital currencies.”
As stated in report by Kaspersky dated November, the reason for the rise of cryptojacking malware compared to ransomware may “be due to the fact that people from developing markets are not so eager to pay a ransom.”
PCs are not the only hardware to get affected, Smartphones were/ are also getting jacked in the 2016-17, 2017-18 periods, which reportedly increased by 9.5 percent.
The report concluded:
“Last year we asked what tips the scales for cybercriminals? Today, this is no longer a question. Miners will keep spreading across the globe, attracting more people.”