Cryptojacking Attacks Skyrocketed 399%!

Key Points:

• Cybercriminals resort to cryptojacking servers/devices remotely to mine cryptocurrency and bitcoin without owners’ knowledge, with attacks rising by 399% globally in the past year.
• Increased law enforcement activity and heavy sanctions have led to cybercriminals pivoting to this more discrete method.
• The global increase of 399% in cryptojacking attacks has resulted in a greater accumulation of bitcoin by cybercriminals and nation-states.

Cybercriminals have recently shifted their focus to remotely hacking servers and devices in order to mine cryptocurrencies and bitcoin without the owners’ knowledge, a practice known as cryptojacking.

According to a report by SonicWall, these attacks have seen a global increase of 399% over the past year. This trend has become the new modus operandi for hackers, who are increasingly resorting to cryptojacking as a way to avoid the need for ransoms, according to Spencer Starkey, SonicWall EMEA vice president.

The data suggests that cybercriminals have pivoted to this more discreet method due to increased law enforcement activity and heavy sanctions. SonicWall CEO Bob VanKirk warns that the seemingly endless digital assault on enterprises, governments, and global citizens is intensifying, and the threat landscape continues to expand. Threat actors are relentless and opportunistic, targeting schools, state and local governments, and retail organizations at unprecedented rates.

This global increase of 399% in cryptojacking attacks has resulted in a greater accumulation of bitcoin by cybercriminals and nation-states, according to Starkey. In the UK, these types of attacks have risen 479% in the past year. In the US, there were 214 million attacks in 2023 alone, which represents an increase of 340%. It is worth noting that these attacks are not limited to a specific type of organization, and can affect enterprises, cities, airlines, and even schools.

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