Cryptojacking is Now the New Threat to Cryptocurrency

IOT

Cryptojacking, defined as “the illegal use of another person’s computer to mine cryptocurrency,” is now one of the biggest threats to consumers and enterprises / Photo by: Marco Verch via Flickr

 

As the world of technology advances with every step it takes, so too do cybercriminals. As of late, it has been recorded that cryptojacking, defined by Economic Times Tech as “the illegal use of another person’s computer to mine cryptocurrency,” is now one of the biggest threats to consumers and enterprises.

 

As we all know, many are slowly moving in on the future that new tech can bring, and cryptocurrency has recently just made use of the ever-expanding internet of things (IoT). With the presence of these cryptojackers, though, it seems that there are only more dangers in new tech as much as there are advances.

 

Bengaluru, in particular, is facing the brunt of this force, as Sanjay Katkar, founder and chief technology officer of Quick Heal, says that Bengaluru is in the blast zone for cybercriminals like this.

 

What’s the evidence? According to Quick Heal’s findings, ransomware, which has been reported to victimize people 14 times per minute, is one of the earliest signs your crytocurrency might not be as safe as you thought.

 

It puts your devices at risk and exposes it to more tech problems in the future. The article defines ransomware as “a form of malware that locks a user out of files or devices and then demands online payment anonymously to restore access.”

 

Furthermore, it is reported that ransomware is actually responsible for “23% of the total malware detections,” and that as this number continues, people who rely on cryptocurrency will have to deal with an increased risk of being targeted.

 

973 million attacks were reported to have happened on Windows devices last year, while Androids remain relatively unscathed.

 

Although it’s sad, the IoT is actually how the cryptojackers are finding means to hack and wriggle their way into people’s cryptocurrency accounts. Its more fast-paced movement is giving consumers more chances to launch “larger scale” attacks with “stronger impact.”