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Breaking News / Cryptocoins

Something In Crypto Is Up 956% But It’s Not As Good As It Seems

Over the past year, according to new reports, levels of cryptocurrency mining malware are up 956%. Generally in cryptocurrency, the world up followed by 956% is a good thing, however in this instance, as you can see, it’s not great news at all.

Cryptocurrency mining malware is software that illicitly mines cryptocurrency from a victim’s computer or mobile phone. It’s seen as a victimless crime by many, but it is still theft, and it’s on the rise too.

According to Infosecurity Magazine:

“There was a 956% increase in cryptocurrency malware detections versus 1H 2017, and a 250% increase in detections of small file malware, TinyPOS, compared to 2H 2017. The findings chime with other research into the threat landscape. Check Point, for example, warned last month that the number of global organizations affected by crypto jacking rose from just under 21% in the second half of 2017 to 42% in 1H 2018, with cyber-criminals making an estimated $2.5bn over the past six months.”

Furthermore, Bharat Mistry, the Principal Security Strategist for Trend Micro has added:

“The recent change in the threat landscape mirrors what we’ve seen for years — cyber-criminals will constantly shift their tools, tactics and procedures (TTPs) to improve their infection rates. This means once again, business leaders must evaluate their defenses to ensure sufficient protection is in place to stop the latest and most pressing threats.”

Mistry is indeed correct. A rise in crime in this area is expected as the general popularity of the industry rises too. Cyber criminals will always find new and innovative ways to commit their crimes. It is the responsibility of the business leaders and the security experts to work together to ensure that this sort of crime is kept to low levels. With these figures in mind, we could argue that the security experts have failed, however this isn’t the case, it’s simply just down to the fact criminals are currently one step ahead of the game. Once security technologies catch up, we’ll see less of this for sure.

We may even expect that in a years time, we could be reporting that crypto mining malware is now down 956% instead.

References

Infosecurity Magazine


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As a key writer for Crypto Daily, Nathan’s role entails the creation of cutting edge news articles, reviews, press releases and general content creation. Nathan’s stories strive to include the most up-to-date cryptocurrency news and affairs, contributing to Crypto Daily’s growing network. Nathans previous experience as a researcher, working on University standard projects means he has a wealth of experience in writing, from academic thesis publication to independent research projects. By applying these research skills to Crypto Daily, we can ensure the content creation team really do know what they are talking about.