Mining Malware is the Bigger Threat than Ransomware

Nishanth Shetty

July 19, 2018 10:07 am

Cryptocurrency News

Mining Malware is the Bigger Threat than Ransomware | Coindelite News
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According to the report by Skybox Security, the process of mining cryptocurrency illegally, or other ways like “Cryptojacking” has become more famous than cybercrimes and ransomware.

Skybox Security’s mid-year update reveals that crypto miners now account for 32 percent of all cyber attacks, but ransomware has been up with the 8 percent.

Cryptojacking uses code that is hidden on websites or devices for tackling the victims’ computing resources like their central processing unit and bandwidth for mining the cryptocurrencies.

Between the second half of 2017, Skybox found that the situation was almost exactly changed. Ransomware attacks where malware encrypts the data on an individual’s computer and only unlocked upon payment of a fee that is made up of 32 percent of all attacks, cryptojacking represented 7 percent of the total at the time.

The reason for the swap in demand might be down to the rise in the price of cryptocurrencies at the end of last year; Skybox described that ransomware model noticed decreasing returns as victims stopped paying up on reports where data was not being decrypted as promised. Increasing adoption of user protections, like data backups and better protective tools, were also mentioned as a factor.

The Computing’s report says:

“Cryptocurrency miners may be the new kid on the block, but they’re taking over. With high-profit opportunity and a low chance of being discovered or stopped, this malware tool provides a money-making safe haven for cybercriminals.”

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