‘Cryptojacking’ rises to record highs

Global cryptojacking volumes rose by $66.7 million, or 30%, in the first half of 2022 compared with the same period last year, a mid-year update by American cybersecurity company SonicWall.

Cryptojacking is a cybercrime whereby malicious actors seize and marshall a victim’s computer resources by infecting the machine with malware designed to mine cryptocurrencies.

The report attributed the rise in cryptojacking to a couple of factors: cybercriminals exploiting the Log4j vulnerability to deploy attacks in the cloud, and cryptojacking being a lower-risk attack than ransomware.

According to the report, Cryptojacking attacks targeting the finance sector skyrocketed 269% in the period, more than five times greater than the second highest industry, retail, which saw attacks increase by 63%.

The researchers, however, noted that the volume cryptojacking attacks began to fall alongside the crypto markets in the first half of the year, as attacks were becoming less lucrative.

This year’s summer decline has also been attributed to a fall in crypto asset prices, as markets have shrunk by 57% since the beginning of the year.