Cryptojacking Surges 30%, Hits Record High Despite Bear Market

New research shows that despite falling digital asset prices, cryptojacking hit record levels in the first half of 2022.

According to a mid-year update on cyber threats from US cybersecurity firm SonicWall, global cryptojacking volumes increased by $66.7 million, or 30%, in the first half of 2022 compared to last year.

Cryptojacking is a cybercrime in which malicious actors hijack a victim’s computer resources by infecting a machine designed to mine cryptocurrencies with malware. Hackers often execute through vulnerabilities in web browsers and extensions.

According to the report, the increase in cryptojacking can be attributed to several factors.

First, cybercriminals take advantage of the Log4j vulnerability to deploy attacks in the cloud. In December 2021, a critical vulnerability affecting a java-based logging utility was discovered in the Open Source Library managed by software company Apache. Hackers exploit this vulnerability to gain remote access to the system.

Second, cryptojacking is a lower-risk attack than ransomware because ransomware needs to be public to succeed. Victims of cryptojacking often don’t know their computer or network has been compromised.

The attackers have recently changed their preferences, shifting from the government, healthcare, and education sectors to retail and finance.

The number of cryptojacking attacks targeting the financial sector spiked by 269%, more than five times that of the retail industry in the 2nd highest place – a 63% increase. The researchers note:

“The number of attacks on the financial industry is five times greater than that of the second-highest retail industry, which used to be at the bottom of the list.”

However, the researchers revealed that cryptojacking attacks decreased along with the crypto market in the first half of the year as attacks became less and less lucrative.

They found this category to have significantly higher volume in the first quarter, followed by a “cryptojacking summer dip” in Q2. The company said that based on past trends, volume in Q3 has the probability will also be low, and attacks will increase again in Q4.

This year’s summer drop has also been attributed to a drop in crypto prices as the market has shrunk 57% since the start of the year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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