As per the Security Endpoint Threat Report 2019 of Microsoft, India has recorded five times the global average cases of cryptojacking, attaining the second-highest position in the APAC region behind Sri Lanka. The report advocated that Indian web users suffer from crypto-mining malware attacks at the rate of approximately 5 times that of the global average.
Cryptojacking is one of the deadliest cyber attacks prevalent in the crypto space. Unauthorized participants utilize the computer, tablet, mobile phone, or any other electronic device to mine cryptocurrency. In this type of mining attack, hackers silently sleep in the crypto-malware other’s devices to utilize its computing power for mining cryptocurrencies. As per the report, the mining encounter rate depends on the fluctuations in the price of the cryptocurrency. Presently, 0.05% of the total system faces crypto-mining attacks. Though the crypto-jacking cases saw the downfall since 2018 when the prices of Bitcoin hit the crypto exchanges with the highest ever peak in price. As per the team of Microsoft, cyber attackers exploit the nascent crypto space and the people having low cyber awareness.
As the crypto industry grows, the sophisticated techniques of cyber-attacks will also increase. Some of the common instances of crypto-jacking include the recent attack of Monero mining malware which was installed by Blue Mockingbird malware gang in more than thousands of systems; in November last year, over 80,000 computers were infected by malware known as “Dexphot”, etc. Not only the crypto-jacking but the other cyber attacks like DDoS attacks, ransomware, phishing, Man at the middle attacks, etc are also engulfing the crypto industry.
The Crypto community believes in the potential of the cryptocurrencies, which can revolutionize the financial systems. Startups, enterprises, and organizations are developing the new products and services to encounter the attacks and carry forward the crypto industry for mass adoption.
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