The constant need for vigilance against emerging cybersecurity threats is highlighted by the ever-evolving nature of these threats. One particular threat that is gaining traction is crypto malware. Recent statistics reveal a concerning trend: in the first half of 2023 alone, there were over 300 million crypto malware attacks recorded, marking a nearly 400% increase compared to the same period in 2022.
These alarming statistics indicate a shift in the cybercrime landscape, with a growing focus on crypto malware. But what exactly is crypto malware? It is a type of malware that hijacks the processing power of computers or devices for the purpose of mining cryptocurrencies. This process, known as cryptojacking, usually involves using the stolen processing power to mine privacy-centric cryptocurrencies like Monero (XMR), which are difficult to track by authorities.
The first publicly available cryptojacking script was released by Coinhive in 2017. This script allowed webmasters to embed mining code on their websites to utilize the computing power of their visitors’ devices. This marked the beginning of a growing trend, with crypto malware attacks skyrocketing in subsequent years.
So, why are these attacks on the rise, and how are they carried out? Cybersecurity experts attribute this shift to several factors. Firstly, hackers are moving away from disruptive attacks like ransomware and focusing more on crypto malware attacks, which are considered more passive. This is because cryptojacking attacks are relatively low-risk and draw less attention from anti-crime agencies. The legality of crypto mining also remains a gray area, making it easier for malicious groups to evade scrutiny.
Another factor driving the increase in crypto malware attacks is their cost-effectiveness. Stealing processing power costs almost nothing, and the stolen cryptocurrencies can be easily converted into cash with minimal complications. Additionally, cryptojacking attacks use low-level exploits, such as browser loopholes, which are difficult to detect.
The widespread use of Internet-of-Things (IoT) devices is also contributing to the surge in crypto malware attacks. These devices often have weaker security safeguards compared to computers, making them more vulnerable to exploitation. This expands the attack surface for crypto malware attacks.
It is important to differentiate between crypto malware and ransomware. Crypto malware is used to mine cryptocurrencies without users’ consent, while ransomware encrypts files on computers and demands ransom payments for decryption.
To carry out crypto malware attacks, hackers have devised various strategies over the years. They install crypto-mining code on compromised devices by tricking victims into downloading malicious files or clicking on links that lead to infected websites. Compromised routers are also used to spread the malware, making detection and mitigation more challenging. Malicious scripts planted in ads and websites, as well as the exploitation of vulnerabilities in software and operating systems, are other common tactics employed by hackers. Cloud-based infrastructure vulnerabilities and malicious browser extensions are also exploited for crypto malware attacks.
There are several symptoms that indicate a crypto malware infection. These include increased CPU usage, slow performance, and unusual network activity. Protecting against crypto malware attacks can be achieved through various methods, such as keeping the operating system and software updated, installing reputable antivirus and anti-malware software, being cautious with email attachments and links, only downloading software from trusted sources, using a firewall, and installing anti-cryptojacking extensions.
Looking ahead, the number of crypto malware attacks is expected to increase in the future. Shifting law enforcement priorities and limited user awareness about cryptojacking contribute to this trend. Cybercriminals will continue to develop new techniques to exploit vulnerabilities in emerging technologies, making it challenging for traditional security solutions to detect and prevent these attacks. It is crucial to raise awareness and take preventive measures to combat the threat of crypto malware.